Growing population along with higher disposable income has led to increase in the purchase of vehicles and passenger cars, ultimately leading to the rise of the automotive industry. This has contributed to the growth of the global automotive engine cover market.
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Factors such as increasing urbanization, innovations in engine cover with new technologies, and government regulations which demand light weight covers for engines are few aspects which contribute to the growth of the global automotive engine cover market. Europe region is expected to dominate the global market and grows at a steady rate.
The global automotive engine cover market is poised to reach a value more than US$ 1250 Mn by the end of 2024 and is anticipated to grow at a steady CAGR during the forecasted period of 2017 to 2024.
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5 Forecast Highlights on Global Automotive Engine Cover Market
- Europe is the most attractive region and it is expected from this region to retain its dominance during the period of 2017 to 2024. Asia Pacific excluding Japan (APEJ) is showing tremendous potential and a significant growth rate to register a CAGR of 3.6% and could come close to Europe in terms of market share by revenue during the year 2024
- Other segment by material type enjoys a large market share of 32.3% and grows at a steady rate. On the other hand, the thermoplastics segment is posed to grow at a higher rate during the period of forecast. The composites segment grows at a slow pace and is second in terms of market share
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- Injection molding segment is anticipated to grow at higher CAGR of 2.9% during the period of forecast as compared to others segment and casting segment by technology type. The injection molding segment not only experiences comparatively faster growth, but also enjoys a higher market share
- Luxury passenger cars segment by vehicle type grows at a higher rate to register a CAGR of 3.5% during the forecast period. The compact passenger cars segment grows at a moderate rate, less as compared to luxury cars segment, but reflects a higher market share by revenue
- OEM segment by sales channel is anticipated to grow in speed, posting a CAGR of 3.4% during the forecast period 2017-2022. The aftermarket segment by sales channel shows higher market share by revenue in 2017 and this segment might go slow owing to slow growth rate during the forecast period
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The report has also profiled leading players in the global market for automotive engine covers, which would remain active through 2024. These include companies like DSM, E. I. du Pont de Nemours and Co., Toyoda Gosei Co., Ltd, Rochling Group, Montaplast GmbH, The Mondragón Cooperative Corporation (MCC), Miniature Precision Components Inc., POLYTEC Holding AG and MAHLE GmbH.
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