Engine Components Market Is Set To Garner Staggering Revenues By 2030 November 11, 2021
Engine Components Market: Introduction
According to the report, the global engine components market is projected to surpass US$ 7.5 Bn by 2030, expanding at a CAGR of 1% during the forecast period, owing to a rise in the demand for lightweight automotive components to reduce vehicle emissions and comply with international emission standards. Continuous enhancement of automobiles and prototypes by major automakers and OEMs to match consumer preference for high-performance and fuel-efficient automobiles are driving the engine components market.
Expansion of Engine Components Market
Currently, sales of internal combustion engine-powered vehicles are the highest globally. Sales of electric vehicle (EV) sales are increasing; however, it may take a decade for sales of EVs to surpass the sales of IC engine vehicles. Presently, developed countries of North America and Europe are at the forefront in the adoption of EVs, while developing countries, except China, are in the initial stages of building the EV infrastructure. Meanwhile, the demand for IC engine components is estimated to increase at a steady pace led by the rising sales of IC engine-powered vehicles in developing countries and aftermarket sales.
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The automotive industry is on its way to witness fourth industrial revolution; automation is being followed by the digitization of production. The goal is to increase productivity, efficiency, speed, and quality, resulting in higher competitiveness for companies on their way to the future of industry. This is likely to create an opportunity for the global engine components market.
In terms of component, the cotter segment of the engine components market is expanding at a healthy growth rate. Cotters, also known as valve keepers, collets or locks, have the task of attaching the spring retainer. This component is utilized in