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The global engine component market size was USD 268.4 Billion in 2022 and is expected to reach USD 412.3 Billion by 2032, and register a rapid revenue CAGR of 4.2% during the forecast period. Rising demand for fuel-efficient engines and strict emission rules everywhere in the world, and rapid growth in the automotive sector in developing nations, such as China and India, are major factors driving market revenue growth.
Engine components refers to all the various parts and individual components that form an engine. These parts are designed to be reliable, stable, and work cohesively with other engine parts so that the engine can perform effectively. Need to cut carbon emissions and rising fuel prices are rising demand for fuel-efficient engines. Composite materials, such as carbon fiber and fiberglass, are used in engine components, due to their lightweight nature.
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In addition, increasing popularity of hybrid and Electric Vehicles (EVs) is rising demand for engine parts such as electric motors and batteries. Government regulations and incentives promoting the use of Renewable Energy are what are causing an increasing usage of EVs, which will reduce carbon emissions.
There is a rising need for emission reduction solutions as a result of rules being implemented by governments all over the world to minimize harmful vehicle emissions. This is rising demand for engine parts such as diesel particle Filters, selective catalytic reduction systems, and exhaust gas recirculation systems.
Moreover, technological developments such as Internet of Things (IoT) and Artificial Intelligence (AI), is also expected to drive market revenue growth during the forecast period. The performance and efficiency of engines are being improved by the use of sensors in engine components such as crankshaft sensors and temperature sensors.
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The global market is further segmented into type and application:
By Component Type OutlookRegional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
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