Engine Downsizing Market: Introduction
Key Drivers of Engine Downsizing Market
- Shifting focus of APAC countries toward energy-efficient vehicles and government norms to promote fuel-efficient and environmental-friendly vehicles is driving the engine downsizing market. India’s dependence on imported fossil fuels is rising continuously due to the limited domestic petroleum resources, which has compelled the government to introduce Corporate Average Fuel efficiency (CAFE) norms. Under these norm, India seeks cars to be become 30% or more fuel-efficient from 2024, while 10% or more by 2024 end. Therefore, introduction these norms in the rapidly expanding automotive market such as India is estimated to further boost the adoption of engine downsizing technology in vehicles. Emissions regulations are scheduled to become the toughest, globally, in China?the largest automotive market in Asia. These new rules are expected to favor the development of gasoline turbocharged engines and propel the adoption of electrification. China is projected to be a prominent market for turbocharged light vehicles, globally.
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Challenges in Engine Downsizing Market
- The recent outbreak of COVID-19 pandemic has affected national as well as international automotive supply chains, manufacturing and R&D operations and consequently, hampered the automotive industry. Post first wave of COVID-19, global economies have started opening up automotive manufacturing and supply chain operations, thus the COVID impact on the industry have seems to reach a state of normalcy; however, a resurgence in COVID-19 cases in countries across Europe has prompted governments to impose a second round of lockdown restrictions and hence, the uncertainty in the automotive industry continues. A gradual recovery in the demand for automotive and ancillaries is anticipated in the next few months despite concerns around the risk of a second wave of infection in numerous countries and other geopolitical risks.
Opportunities in Engine Downsizing Market
- In April 2024, U.S National Highway Traffic Safety Administration and Environmental Protection agency has amended the Corporate Average Fuel Economy (CAFE) and greenhouse gas emissions standards for passenger cars and light trucks and established new less stringent standards, covering model years 2012 to 2016 in phase 1 and model years 2017 to 2025 in phase 2. Introduction of these standards is likely to act as a major opportunity for the adoption of engine downsizing technology.
- Major automotive players have been involved in enhancing the current engine technology through extensive R&D investments. This is likely to further boost the scope of improving performance and extending technology to a wide class of vehicle at a more compact size.
North America holds Dominant Share of Engine Downsizing Market
Dynamic changes in the heavy-duty industry, which include vertical integration of heavy-duty truck OEMs, tightening emission and fuel-efficiency regulations, and market adoption of natural gas and hybrid/electric vehicles, are driving engine downsizing in North America. In the U.S. market, automakers are leveraging advances in technology to dramatically shrink engines without compromising performance. This is estimated to help the industry to reduce carbon emissions and improve fuel economy in response to market and regulatory demands since smaller, more efficient engines consume less fuel. The benefits of engine downsizing are already appearing in the U.S. market. Sales of turbocharged vehicles jumped to 22% of total sales in 2016, up from 3.3% in 2010. Most automakers in the U.S. market offer downsized gasoline engines, and all of the world’s ten largest auto companies produce engines capitalizing on these technologies. Based on product planning estimates, the market share for downsized, boosted engines is projected to continue to increase.
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Key Players Operating in Engine Downsizing Market
The global engine downsizing market is moderately consolidated. A few of the key players operating in the global engine downsizing market are
- MAHLE Powertrain Ltd
- Robert Bosch GmbH
- Cummins Inc
- BorgWarner Inc.
- Continental AG
- EATON Corporation
- Honeywell International Corporation
- IHI Corporation
- Mitsubishi Heavy Industries
- Precision Turbo & Engine
- Rotomaster International
- Turbo Dynamics Ltd.
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