Berlin, March 08, 2023 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: Global demand for automotive engine covers accounts for a market valuation of US$ 1.3 billion in 2023 and is extrapolated to secure a revenue of US$ 1.8 billion by the end of 2033. The global automotive engine cover market is projected to exhibit expansion at 3.3% CAGR over the next ten years.
Automobile engine covers are placed over the engine for mostly aesthetic reasons, but they can also shield it from dust and other debris, as well as quiet down the engine while it's running. Moreover, some cutting-edge engine covers are employed to reroute airflow.
Future prospects for established as well as emerging automotive engine cover providers are anticipated to arise from the increased usage of acoustic dampening engine covers to decrease or eliminate engine noise in premium passenger automobiles. Growing demand for the reduction of noise pollution is also predicted to drive sales of acoustic-damping vehicle engine covers through 2033.
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Due to the following factors, the demand for vehicle engine covers is anticipated to increase in the upcoming years:
- Lightweight engine covers are in high demand, particularly in the automotive industry, due to their fuel efficiency and reduced carbon emissions. As a result, automotive manufacturers are focusing on lightweight materials such as composites, plastics, and aluminum to manufacture engine covers.
- Governments across the globe are imposing stringent regulations to reduce vehicular emissions. Engine covers help reduce engine noise and improve fuel efficiency, resulting in lower carbon emissions. As a result, the demand for engine covers has increased, particularly in developed countries with stringent emission norms.
- The production of passenger cars is increasing globally, particularly in developing countries such as China, India, and Brazil. This growth in production is driving the demand for automotive engine covers, as these covers are essential components of passenger cars.
- With the increasing disposable income of the middle class, there is a growing demand for luxury vehicles. These vehicles require high-quality engine covers that provide superior noise reduction and vibration control, driving the demand for premium materials such as carbon fiber.
- The trend of engine downsizing is gaining popularity in the automotive industry. This trend involves reducing the size of the engine without sacrificing performance. Engine downsizing has resulted in increased demand for lightweight engine covers that provide better fuel efficiency and reduced carbon emissions.
- With the growing concern for the environment and the need to reduce carbon emissions, there is a growing demand for electric and hybrid vehicles. These vehicles require engine covers that provide superior noise reduction and vibration control, driving the demand for premium materials such as carbon fiber.
There are several factors that can act as restraint for the automotive engine cover market. Here are a few examples:
- The global shift towards electric vehicles is expected to have a negative impact on the automotive engine cover market. Since electric vehicles do not have an engine, they do not require an engine cover.
- Governments across the world are introducing stringent emission regulations to reduce the carbon footprint of vehicles. These regulations are leading to the development of new engine technologies that require less thermal insulation, which in turn reduces the demand for engine covers.
- Engine covers are typically made of high-quality materials to withstand high temperatures and harsh environmental conditions. As a result, the cost of manufacturing engine covers is quite high, which can act as a restraint for the market.
- With the advent of new technologies, engines are becoming more compact and efficient, which may not require a full engine cover. This could lead to a decrease in demand for engine covers in the future.
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Competitive Landscape:
The competition in the automotive engine cover market is intense, with several global and regional players vying for market share. The competition is based on factors such as product quality, innovation, price, after-sales support, and customization capabilities.
Global players such as MAHLE GmbH, MANN+HUMMEL GmbH, and Magna International Inc. have a strong presence in the market and compete based on their ability to provide high-quality products and services to their customers. These companies invest heavily in research and development to create innovative products and solutions that meet the specific needs of their customers.
Key Companies Profiled
- Rochling Group
- Magna International Inc.
- Montaplast GmbH
- DuPont
- POLYTEC Holding AG
- The Mondragón Cooperative Corporation (MCC)
- Toyoda Gosei Co. Ltd.
- DSM
- Miniature Precision Components Inc.
- MAHLE GmbH
Regional Landscape:
- The Asia Pacific region is witnessing a rapid digital transformation across various industries, including financial services, e-commerce, healthcare, and education. This trend is driven by increasing internet and mobile phone penetration, as well as growing consumer demand for digital services and solutions.
- The United States is experiencing a rapid digital transformation across various industries, including financial services, e-commerce, healthcare, and education. This trend is driven by increasing internet and mobile phone penetration, as well as growing consumer demand for digital services and solutions.
Automotive Engine Cover Industry Research Segmentation
- By Material:
- Composites
- Metals
- Thermoplastics
- Others
- By Vehicle Type:
- Compact Passenger Cars
- Mid-sized Passenger Cars
- Luxury Passenger Cars
- Premium Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- By Technology:
- Injection Moulding
- Casting
- Others
- By Sales Channel:
- OEM
- Aftermarket
- By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Key Questions Covered in the Automotive Engine Cover Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will sales in the global Automotive Engine Cover Market grow until 2033?
- Which are the factors hampering the Automotive Engine Cover market?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Automotive Engine Cover Market during the forecast period?
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