Automotive Engine Market: Technological Advancements, Challenges, and Growth Opportunities
The global automotive engine market size is expected to reach USD 118.2 billion by 2030, registering a CAGR of 2.5% over the forecast period, according to a new report by Grand View Research, Inc. The consumer inclination for high-performing automobiles in the mid and high-end segment vehicles is prompting the manufacturers to develop prototypes of engines that are fuel-efficient and have higher torque. Regulatory standards for fuel efficiency and the development of technologically advanced powered engines for improved automobile performance are the major factors driving the demand in the market. The increasing sales of commercial and passenger cars in developing countries are propelling the demand for automobile engines in the region. Several companies, such as Ford Motor Corporation, Fiat Automobiles S.p.A., Honda Motor Company, Ltd., and General Motors, are developing compact engines with higher torque and lower emissions. The demand for improved engine perf...