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The motor vehicle engine power train and parts of a vehicle is defined by its performance, comfort and safety. It is undergoing a radical change, which is driven by the challenges facing the global market today. Motor vehicle engine manufacturers are producing engines that offer higher fuel economy and better performance. Efficient internal combustion engines improve the fuel economy of motor vehicles and enable motor vehicle manufacturers to meet the emission standards of many state and national governments around the world. Companies are using technologies such as advanced ignition, direct fuel injection, variable valve timing, and advanced transmission to reduce engine size and increase its power. The market growth can be attributed to the government regulations, growing demand for eco-friendly vehicles, and the technological improvements in motor vehicle engine power train and parts to enhance the overall efficiency. The introduction of stringent emission regulations in the European and North American countries has increased the demand for superior engine powertrains and parts which are lightweight, and hence, help in increasing fuel economy, decreasing emissions, and improving vehicle performance. is expected to increase investments in the markets.
COVID-19 Impact analysis
The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the motor vehicle engine, power train & parts market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. Commercial automotive manufacturers depend heavily on supply of parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of parts and components. Also, sales of new automobiles decreased significantly due to decline in consumer demand as many countries impose lockdowns. The outbreak is expected to continue to have a negative impact on businesses. However, it is expected that the motor vehicle engine, power train & parts market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Top Impacting Factors
The motor vehicle engine, power train & parts market trends are as follows:
All-wheel drive to gain traction
To boost the traction and control of the vehicle, power in the all-wheel-drive systems is transmitted to all the wheels. The system dispenses the torque equally to all the wheels, especially when turning, giving the automobile more grip and traction. Although, one big constraint for the increase of the luxury automobiles and the AWD systems is the drop-off in the Chinese automobile market. For instance, BMW showcased its new i-lineup, including a Roadster edition of the i8, along with the i3s powered by plug-in hybrid, as well as electric powertrain AWD. Also, Tata Motors showcased Tiago and Tigor with powertrains sourced from Electra EV. Improved safety, stability, fuel efficiency, and drive control are some of the factors, which may accelerate the automotive all-wheel drive the market growth.
Integration of internet of things (IoT)
Auto parts manufacturers are using the Internet of Things (IoT) to reduce unplanned downtime, thereby increasing operational efficiency. IoT is a system of "connected devices" with the ability to collect and exchange data over a network without any human intervention and help. The Internet of Things helps auto parts manufacturers improve efficiency by providing real-time information about the production process. Moreover, IoT can be used by automobile parts manufacturers to obtain wear and tear data that can prevent equipment failures. For example, German car parts maker Robert Bosch signed an agreement with software company SAP to connect its manufacturing machinery, tools and vehicles to SAP's back-end software. This IoT technology uses SAP's real-time database HANA to monitor and support the production of automobile parts. Thus, integration of internet of things will drive the growth of motor vehicle engine power train and parts market.
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Questions answered in the motor vehicle engine, power train & parts market research report:
Key Market Segments
Key Market Players