The global automotive engine market is anticipated to grow at a CAGR of 7.3% during the forecast period (2023–2030). The market growth is attributed to growing demand for a shift towards Electric Vehicles across the globe. Government initiatives and regulations along with the increasing public awareness of environmental issues, have led to a marked increase in the number of people buying and using EVs. According to the International Energy Agency (IEA), the rapidly developing global energy economy, and one of its driving reasons is the emergence of EV that are transforming the global auto sector. 60% of all electric car sales globally in 2022 are planned in China. China offers more electric vehicles compared to any other nation around the roads. The second and third-largest markets, Europe and the US, both had rapid growth in 2022, with EV sales rising by 15% and 55%, respectively. Although the global auto industry decreased in 2020, sales of EV defied the trend, increasing to 3 million units and accounting for 4.1% of all auto sales. Sales of EVs increased by a factor of two to 6.6 million in 2021, accounting for nearly 9% of the global auto market and more than tripling their market share from the previous year. EV accounted for the whole net increase in around-the globe auto sales in 2021. In the coming years, it is anticipated that ambitious governmental initiatives in major economies, such as the Fit for 55 package in the European Union and the Inflation Reduction Act in the US, will significantly further raise the market share for EV.
Browse the full report description of “Automotive Engine Market Size, Share & Trends Analysis Report by Component (Electronic Control Unit (ECU), and Sensors), by Sensor Type (Oxygen Sensor, Temperature Sensor, Position Sensor, Knock Sensor, and Others), by Fuel Type (Gasoline, and Diesel), by Communication Technology (Controller Area Network (CAN), Local Interconnect Network (LIN), Media Oriented Systems Transport (MOST), and Flexray Automotive Communication Bus), and by Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV)) Forecast Period (2023-2030)” at https://www.omrglobal.com/industry-reports/automotive-engine-market
In order to improve their capacity to compete in the EV market over the coming years, several economies have created initiatives to promote local industries. According to the EU's Net Zero Industry Act, domestic battery manufacturers are anticipated to meet about 90% of the yearly battery demand. The US Inflation Reduction Act emphasizes the creation of domestic supply chains for minerals, EVs, and batteries in a manner similar to this. Since the Inflation Reduction Act was passed in August 2022, major EV and battery producers have announced investments in North American EV supply chains totaling at least $ 52 billion between now and March 2023.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Component
o By Sensor Type
o By Fuel Type
o By Communication Technology
o By Vehicle Type
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes Eicher Motors Ltd., STELLANTIS NV, Ford Motor Co., General Motors, Honda Motor Co., Ltd., and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Automotive Engine Market Report Segment
By Component
By Sensor Type
By Fuel Type
By Communication Technology
By Vehicle Type
Global Automotive Engine Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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