$324.2bn
$XX.Xbn
1m
5,063
$XX.Xbn
Revenue for the Global Automobile Engine and Parts Manufacturing industry, which produces motor vehicle engines and other engine parts such as valves, crankshafts, camshafts, fuel injectors and pistons, is expected to fall an annualized 3.9% to $324.2 billion over the past five years, including an expected 3.4% surge in 2023 alone. Ultimately, the industry is tethered to global car production, thus leaving automobile engine and part manufacturers vulnerable to a myriad of macroeconomic and political factors that affect the automotive sector in aggregate. Before COVID-19, an emphasis on engine efficiency and economic growth supported industry expansion. However, COVID-19 brought industry growth to a halt in 2020. Further, continued supply chain issues still pressure industry growth.Automobile engine part manufacturers, which are predominantly affiliated with downstream automakers, are reliant on expanding markets for automobiles. Emerging markets have experienced slower growth, while advanced economies, such as the United States, have experienced stagnating demand for new automobiles, depressing industry revenue. Furthermore, engine manufacturers have focused on producing emissions-compliant and fuel-efficient engines, which has put enormous cost pressures on manufacturers, leading to a decline in the industry profit margin over the past five years.A low base level, stemming from the effects of the coronavirus pandemic, will likely accelerate industry growth as the global economy continues to recover. IBISWorld expects industry revenue to increase an annualized 1.6% to $350.3 billion over the five years to 2028. Technological innovations in engines will continue. Hybrid and alternative fuel vehicles will increase in popularity, changing the type of engines required by motor vehicle manufacturers. Electric vehicle sales will gain a greater share of engine production, although this share is small among the auto industry. While global consumer tastes will continue to alternate between fuel efficiency and passenger space, governments have tightened regulations, creating challenges and opportunities for global manufacturers.
Industry revenue has declined at a CAGR of 3.9 % over the past five years, to reach an estimated $324.2bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Volkswagen AG | 26,991.1 | 1,817.4 | 6.7 | |
Mercedes-Benz Group AG | 23,471.8 | N/A | N/A | |
Toyota Motor Corporation | 21,852.8 | 2,594.0 | 11.9 |
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Industry revenue is measured across several distinct product and services lines, including New diesel and semidiesel engines, New gasoline and electric engines and Rebuilt engines. New diesel and semidiesel engines is the largest segment of the Global Automobile Engine & Parts Manufacturing.
New diesel and semidiesel engines represent the largest share of the new automobile engines segment
Operators in the Global Automobile Engine and Parts Manufacturing industry manufacture and rebuild motor vehicle engines and engine parts. Engine varieties include gasoline and diesel, in addition to engines used in alternative fuel and hybrid electric vehicles.
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Including values and annual change:
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The market size of the Global Automobile Engine & Parts Manufacturing industry in Global is $324.2bn in 2024.
There are 5,063 businesses in the Global Automobile Engine & Parts Manufacturing industry in Global, which has declined at a CAGR of 4.1 % between 2018 and 2023.
The market size of the Global Automobile Engine & Parts Manufacturing industry in Global has been declining at a CAGR of 3.9 % between 2018 and 2023.
Over the next five years, the Global Automobile Engine & Parts Manufacturing industry in Global is expected to grow.
The biggest companies operating in the Global Automobile Engine & Parts Manufacturing market in Global are Volkswagen AG , Mercedes-Benz Group AG and Toyota Motor Corporation
Engine assembly and Engine rebuilding are part of the Global Automobile Engine & Parts Manufacturing industry.
The company holding the most market share in Global is Volkswagen AG .
The level of competition is high and increasing in the Global Automobile Engine & Parts Manufacturing industry in Global.