Motor Vehicle Engine Market

The article discusses the forecasted trends in the global motor vehicle engine market from 2022 to 2030, with a focus on consumption and value growth. It provides insights into the largest consuming and producing countries, as well as key trends in imports and exports of motor vehicle engines. The data highlights the fluctuations in market volume, value, and prices over the past decade, shedding light on the major product categories and average prices. Overall, the analysis points towards a relatively flat trend pattern in the market with some notable growth rates in specific countries and product categories.

Market Forecast

Driven by rising demand for motor vehicle engine worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.8% for the period from 2022 to 2030, which is projected to bring the market volume to 88M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market value to $132B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Motor Vehicle Engines (Spark-Ignition)

Global motor vehicle engine consumption reduced slightly to 83M units in 2022, stabilizing at the year before. Over the period under review, consumption recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 9.4% against the previous year. Over the period under review, global consumption attained the maximum volume at 85M units in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

The global motor vehicle engine market value declined modestly to $110.4B in 2022, shrinking by -1.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a relatively flat trend pattern. Global consumption peaked at $115.4B in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (21M units), China (13M units) and the United States (8.4M units), together accounting for 52% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by India (with a CAGR of +20.9%), while consumption for the other global leaders experienced mixed trends in the consumption figures.

In value terms, the largest motor vehicle engine markets worldwide were the United States ($22.1B), India ($16.5B) and Mexico ($10.9B), with a combined 45% share of the global market.

India, with a CAGR of +19.4%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of motor vehicle engine per capita consumption in 2022 were South Korea (80 units per 1000 persons), Mexico (43 units per 1000 persons) and Japan (39 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +19.4%), while consumption for the other global leaders experienced mixed trends in the per capita consumption figures.

Production

World Production of Motor Vehicle Engines (Spark-Ignition)

In 2022, global motor vehicle engine production reduced slightly to 83M units, therefore, remained relatively stable against the previous year's figure. Overall, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 9.4% against the previous year. Global production peaked at 85M units in 2019; however, from 2020 to 2022, production remained at a lower figure.

In value terms, motor vehicle engine production fell slightly to $102.5B in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 9.1%. Global production peaked at $112.4B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were India (22M units), China (16M units) and the United States (6.6M units), with a combined 54% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by India (with a CAGR of +21.3%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Motor Vehicle Engines (Spark-Ignition)

In 2022, approx. 19M units of motor vehicle engines (spark-ignition) were imported worldwide; surging by 6% against the year before. In general, imports, however, continue to indicate a mild descent. The pace of growth appeared the most rapid in 2016 when imports increased by 16% against the previous year. Global imports peaked at 23M units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, motor vehicle engine imports reached $35.4B in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 8.5% against the previous year. As a result, imports reached the peak of $39.5B. From 2019 to 2022, the growth of global imports failed to regain momentum.

Imports By Country

In 2022, the United States (3.8M units), distantly followed by Mexico (2.4M units), Canada (1.1M units), Turkey (1M units), Germany (0.9M units) and Russia (0.9M units) were the major importers of motor vehicle engines (spark-ignition), together constituting 54% of total imports. The following importers - Colombia (628K units), Spain (587K units), Malaysia (442K units), Morocco (377K units), Brazil (367K units), Italy (356K units) and Thailand (327K units) - together made up 16% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Morocco (with a CAGR of +26.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($9.3B) constitutes the largest market for imported motor vehicle engines (spark-ignition) worldwide, comprising 26% of global imports. The second position in the ranking was held by Germany ($3.4B), with a 9.6% share of global imports. It was followed by Canada, with a 9.2% share.

In the United States, motor vehicle engine imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (-3.4% per year) and Canada (-3.2% per year).

Imports By Type

Engines represented the major imported product with an import of around 13M units, which accounted for 70% of total imports. It was distantly followed by engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 50cc but not exceeding 250cc (3.4M units) and engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 250cc but not exceeding 1000cc (1.7M units), together committing a 27% share of total imports. Engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity not exceeding 50cc (520K units) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to engines imports of stood at -2.7%. At the same time, engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity not exceeding 50cc (+6.8%), engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 50cc but not exceeding 250cc (+5.3%) and engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 250cc but not exceeding 1000cc (+1.4%) displayed positive paces of growth. Moreover, engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity not exceeding 50cc emerged as the fastest-growing type imported in the world, with a CAGR of +6.8% from 2012-2022. Engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 50cc but not exceeding 250cc (+8.4 p.p.) and engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 250cc but not exceeding 1000cc (+2 p.p.) significantly strengthened its position in terms of the global imports, while engines saw its share reduced by -11.9% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, engines ($31.4B) constitutes the largest type of motor vehicle engines (spark-ignition) imported worldwide, comprising 89% of global imports. The second position in the ranking was taken by engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 250cc but not exceeding 1000cc ($3.1B), with an 8.6% share of global imports. It was followed by engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 50cc but not exceeding 250cc, with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of the value of engines imports was relatively modest. With regard to the other imported products, the following average annual rates of growth were recorded: engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 250cc but not exceeding 1000cc (+6.2% per year) and engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 50cc but not exceeding 250cc (+6.4% per year).

Import Prices By Type

In 2022, the average motor vehicle engine import price amounted to $1,891 per unit, waning by -1.6% against the previous year. Overall, the import price, however, showed modest growth. The most prominent rate of growth was recorded in 2020 when the average import price increased by 17%. As a result, import price attained the peak level of $1,985 per unit. From 2021 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was engines ($2,399 per unit), while the price for engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity not exceeding 50cc ($220 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 250cc but not exceeding 1000cc (+4.7%), while the other products experienced more modest paces of growth.

Import Prices By Country

In 2022, the average motor vehicle engine import price amounted to $1,891 per unit, falling by -1.6% against the previous year. Overall, the import price, however, continues to indicate mild growth. The pace of growth appeared the most rapid in 2020 an increase of 17% against the previous year. As a result, import price attained the peak level of $1,985 per unit. From 2021 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($3,824 per unit), while Colombia ($260 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+10.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Motor Vehicle Engines (Spark-Ignition)

In 2022, approx. 19M units of motor vehicle engines (spark-ignition) were exported worldwide; increasing by 3.6% against 2021. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 8.8% against the previous year. The global exports peaked at 22M units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, motor vehicle engine exports amounted to $35.7B in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 11% against the previous year. The global exports peaked at $41.4B in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports By Country

The shipments of the twelve major exporters of motor vehicle engines (spark-ignition), namely China, Poland, the United States, Mexico, Germany, Hungary, Indonesia, Japan, France, Canada, India and Austria, represented more than two-thirds of total export.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +42.5%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest motor vehicle engine supplying countries worldwide were Germany ($5.2B), the United States ($5.1B) and Mexico ($3.3B), with a combined 38% share of global exports. Hungary, Austria, Canada, Japan, Poland, China, France, Indonesia and India lagged somewhat behind, together comprising a further 42%.

In terms of the main exporting countries, India, with a CAGR of +28.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Engines was the major exported product with an export of about 13M units, which reached 72% of total exports. Engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 50cc but not exceeding 250cc (3.4M units) took an 18% share (based on physical terms) of total exports, which put it in second place, followed by engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 250cc but not exceeding 1000cc (7.5%). Engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity not exceeding 50cc (538K units) followed a long way behind the leaders.

Engines experienced a relatively flat trend pattern with regard to volume of exports. At the same time, engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity not exceeding 50cc (+8.5%), engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 250cc but not exceeding 1000cc (+3.6%) and engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 50cc but not exceeding 250cc (+2.8%) displayed positive paces of growth. Moreover, engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity not exceeding 50cc emerged as the fastest-growing type exported in the world, with a CAGR of +8.5% from 2012-2022. From 2012 to 2022, the share of engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 50cc but not exceeding 250cc, engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 250cc but not exceeding 1000cc and engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity not exceeding 50cc increased by +4.2, +2.1 and +1.6 percentage points, respectively.

In value terms, engines ($31.5B) remains the largest type of motor vehicle engines (spark-ignition) supplied worldwide, comprising 88% of global exports. The second position in the ranking was held by engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 250cc but not exceeding 1000cc ($3.2B), with a 9.1% share of global exports. It was followed by engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 50cc but not exceeding 250cc, with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of the value of engines exports was relatively modest. With regard to the other exported products, the following average annual rates of growth were recorded: engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 250cc but not exceeding 1000cc (+7.5% per year) and engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 50cc but not exceeding 250cc (+4.9% per year).

Export Prices By Type

The average motor vehicle engine export price stood at $1,903 per unit in 2022, remaining constant against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 10% against the previous year. The global export price peaked at $1,928 per unit in 2021, and then contracted slightly in the following year.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was engines ($2,344 per unit), while the average price for exports of engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity not exceeding 50cc ($187 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by engines; reciprocating piston engines, of a kind used for the propulsion of vehicles of chapter 87, of a cylinder capacity exceeding 250cc but not exceeding 1000cc (+3.7%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average motor vehicle engine export price amounted to $1,903 per unit, approximately equating the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 10%. Over the period under review, the average export prices hit record highs at $1,928 per unit in 2021, and then reduced modestly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($4,765 per unit), while Indonesia ($503 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+7.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform