Automotive Engine Covers Market: Size, Trends, Growth Factors, Challenges, Key Players, Global Demand & Opportunity Analysis By By Vehicles Type (LCV, HCV, Passenger Cars), By Material Type (Composites, Metals, Thermoplastics & Others) and By End-User with Regional Outlook for Forecast Period 2016-2024

Global Automotive Engine Covers Market

Market Overview

Automotive engine covers are used to cover the engine in order to protect the engine from vibrations, heat, etc. These covers ensure pressure regulation and efficient running of the engine. The material used in covers used in automotive engines are of different types, such as thermoplastic, metals, composites etc. These engine covers not only safeguard engines, but also protect other components from the vibrations and heat generated by the engine. In order to support automobile manufacturers and to meet the global demand for reducing automobile emission and to reduce noise. Component manufacturers have provided wide range of lightweight and noise-reducing multifunctional engine covers made of Theta-Fiber Cell. This key technology of using composites and thermoplastics to meet customer specific requirements such as optimal noise protection and thermal insulation will boost the demand of engine covers in automotive OEMs and aftermarket significantly. Moreover, technical advancement in automotive components industry like light weight engine covers, using advance methodology to utilize metal and plastics to reduce the cost of engine covers expected to provide various growth opportunities to the global automotive engine covers market. Mechanical parts and accessories of automobiles contribute to more than 56% of total automotive component industry. Mechanical parts such as filter, covers and brakes are the majority part of automobile components. In mechanical parts, engine covers constitute more than 20% share in global automotive components market.

Market Segmentation

By Vehicles Type

• Light Commercial Vehicles (LCV)
• Heavy Commercial vehicles (HCV)
• Passenger Cars

By Material Type

• Composites
• Metals
• Thermoplastics
• Other

By End-User

• Original Equipment Manufacturers (OEMs)
• Aftermarket

By Geography

• North America (US, Canada) {Market Share (%), Market Size (USD Million)}
• Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Million)}
• Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Million) }
• Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Million) }
• Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Million) }
• Rest of the World{Market Share (%), Market Size (USD Million) }

Growth Drivers and Restraints

Rising population along with higher disposable income led to high expenditures over purchasing vehicles and passenger cars, which eventually raise the growth of automotive sector. This significantly contributed to the automotive engine covers market growth. Developments in engine cover to provide better thermal insulation and noise reduction contributes to the growth of the global automotive engine cover market. Government policies to reduce vehicle emission, led the automobile manufacturers to reduce the weight of their vehicles in order to improve fuel efficiency significantly contributing to the growth of light weight engine cover market. Europe is home to the various automotive manufacturer giants such as Audi, BMW and Volkswagen among others shares more than 70% in terms of production of vehicles across the globe, which is expected to grow at steady rate in coming years.  China demonstrated the fastest growth with 12%, followed by European countries with 9% growth and North-America with growth of 3.1%. In North-America size of automobile components aftermarket surpassed USD 148 billion in 2016 and expected to reach USD 157 billion by 2024. However, rising electric vehicles sales expected to slow down the growth of automotive engine covers and related components market.        

Market Size and Forecast

The global automotive engine covers market accounted for USD 1.2 billion in 2015 owing to increased shipments across the globe and rising market of fuel cell electric vehicles. Global automotive engine covers market is projected to expand at compound annual growth rate of 5.9% over the forecast period i.e. 2016-2024 and expected to reach USD 1.9 billion by the end of 2024.

By end-users market, OEM segment projected to register compound annual growth rate of 3.7% over the forecast period. The aftermarket is expected to grow at slow pace during the forecast period.

Geographically, Asia-Pacific is the largest market for automotive engine covers. The region is also expected to witness highest growth during the forecast period owing to high automobile production. Europe is the prominent vendor of automotive engine covers, which is expected to grow at considerable rate over the forecast period. North-America is a mature market for the automobile industry with steady growth in automobile and automotive components. Increasing life span of automobile in United States expected to drive the growth of aftermarket automotive components sales in U.S.

Key Players

• Magna International Inc.

• Synopsis
• Business strategy
• Product Portfolio
• SWOT Analysis

• MAHLE GmbH
• Toyoda Gosei Co., Ltd.
• Montaplast GmbH
• Polytec Group
• The Mondragon Cooperative Corporation (MCC)
• Rochling Group
• Miniature Precision Components, Inc.
• Pioneer Corporation

Scope Background

Market Synopsis

Market Segmentation

The global automotive engine covers market is segmented as follows:

• By Vehicle Type (Market Size, Demand Analysis and Growth Analysis)
• By Material Type (Market Size, Demand Analysis and Growth Analysis)
• By End Users Type (Market Size, Demand Analysis and Growth Analysis)

Global Automotive Engine Covers Market Report covered insights of below mentioned regions:

• North America (U.S., Canada) {Market Size, Growth Analysis and Opportunity Analysis}
• Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis and Opportunity Analysis}
• Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis and Opportunity Analysis}
• Asia-Pacific (China, India, Singapore, Japan, Australia, New Zealand, South Korea and Rest of Asia Pacific) {Market Size, Growth Analysis and Opportunity Analysis}
• Middle East and North Africa (MENA) {Market Size, Growth Analysis and Opportunity Analysis}
• Rest of World  {Market Size, Growth Analysis and Opportunity Analysis}

Market Dynamics: Growth Drivers, Restraints and Opportunities

• Risk Factors
• Regional Variations
• Recent Trends and Developments

Key Market Players

• Synopsis
• Business Strategy
• Product Portfolio
• SWOT Analysis

Porter’s Five Force Model

Market Landscape: Competition and Beyond

Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem

Expert Analysis

Concluding Remarks