Chicago, March 02, 2023 (GLOBE NEWSWIRE) — Automotive engine market is expected to grow from $23.0 billion in 2022 to $28.7 billion in 2027, at a CAGR of 4.5%, according to a new report by MarketsandMarkets™.
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| report attributes | details |
| Market size value in 2022: | $23.0 billion |
| Expected by 2027: | $28.7 billion |
| CAGR: | 4.5% |
| Considered base year: | 2021 |
| Forecast period: | 2022-2027 |
| Biggest Market: | Asia Pacific |
| Covered Region: | North America, Europe, Asia Pacific and Rest of the World |
| Covered segments: | Motor Type, EV Motor Type, Vehicle Type, EV Type, Function (ICE Vehicle), Function (EV), Application and Region |
| Covered companies: | Among others Bosch (Germany), Denso (Japan), BorgWarner (USA), ZF Group (Germany), Continental AG (Germany). A total of 25 important company profiles were recorded and made available. |
Factors such as the recovery in automobile sales around the world, along with rising fuel prices, rising demand for better fuel efficiency in automobiles, and growing demand for low-emission transportation, will boost demand for the use of automobile engines in internal combustion engines and electric vehicles. The growing demand for safety and comfort features in automobiles as well as government regulations to increase safety in automobiles will further boost the demand for the automobile market.
The security segment is estimated to account for the fastest growing market during the forecast period
Safety motors are used in safety applications such as anti-lock braking systems (ABS) and electronic stability control (ESC). These include motors such as the adaptive headlight motor, electronic stability control motor, ABS motor, brake assist motor and electronic parking brake. The motors installed in the braking system help to…
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