Rising demand of light weight and safe engine covers owing to growing need to reduce vehicle overall weight to provide fuel efficiency driving the growth of automotive engine covers market.
Technical advancement to improve the flexibility and to provide better resistance from heat and noise are expected to provide boost to the global automotive engine cover market. Moreover, advance methodology to utilize plastics and other raw materials anticipated reduce the cost of engine covers will lift up the sales of engine covers.
Global automotive engine cover market is segmented into end-users such as original equipment manufacturers (OEMs) and aftermarket. Engine covers market is expected to grow significantly with automobile manufacturers owing to rising demand of automobiles across the globe.
The global market of automotive engine covers accounted for USD 1.2 billion in 2015 and further the market is estimated to reach USD 1.9 billion by the end 2024. Geographically, Asia-Pacific is the dominant market for automotive engine covers owing to rising demand of automobiles in Asia-Pacific region. Asia-Pacific region is closely followed by the Europe, due to presence of largest automotive industry in Germany and component manufacturers in Europe.
Growing Expenditures over Automobiles: Major Impel
Rising population coupled with growing income in emerging economies such as India, China and Russia led to the higher expenditures over purchasing new vehicles, which eventually aid the growth of automotive component industry. Technological advancements in engine covers and rising demand of lightweight engine covers driven by the government regulations and mandates, significantly contributed to the growth of engine covers market. To meet the strict North American automotive fuel efficiency and emission standards automobile manufacturers are using direct-injection engines which generates high level of heat and noise that impact the driving comfort. Car OEMs and suppliers are focusing on materials and engine covers to overcome these problems, which is expected to bolster the demand of advanced engine covers in the global market.
Global Automotive Engine covers Market Outlook 2024 contains detailed overview of the global automotive engine covers market in terms of market segmentation by vehicle types, by material types, by end user. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
This market report also includes competitive outlook of some of the major players of the global automotive engine covers market which includes profiling of companies such as Magna International Inc., MAHLE GmbH, Toyoda Gosei Co., Ltd., Montaplast GmbH, Polytec Group, The Mondragon Cooperative Corporation (MCC), Rochling Group etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global automotive engine covers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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