Automotive Engine Encapsulation Market Anticipated to Garner USD 5.5 Billion by 2025, with a CAGR of 5.7%- Report by Market Research Future (MRFR)
Increased Sales of Luxury Cars to Boost Automotive Engine Encapsulation Market Growth
New York US, May 02, 2022 (GLOBE NEWSWIRE) — Automotive Engine Encapsulation Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Automotive Engine Encapsulation Market” information by Type, by Vehicle Type, by Material, by Sales Channel and Region – Forecast to 2030” market size to reach USD 5.5 billion, growing at a compound annual growth rate of 5.7% by 2025.
Market Scope:
The increased need for fuel-efficient vehicles coupled with the stringent regulations for minimizing CO2 emissions and engine noise will offer robust opportunities for the market over the forecast period.
Dominant Key Players on Automotive Engine Encapsulation Market Covered are:
- Röchling Group (Germany)
- Adler Pelzer Holding GmbH (Germany)
- Autoneum (Switzerland)
- ElringKlinger AG (Germany)
- Greiner Foam International GmbH (Austria)
- Woco Industrietechnik GmbH (Germany)
- Carcoustics (Germany)
- Trocellen GmbH (Germany)
- SA Automotive (US)
- Continental Corporation (Germany)
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Market USP Exclusively Encompassed:
Market Drivers
Increased Sales of Luxury Cars to Boost Market Growth
Rising need for automobile engine encapsulation that is utilized as a passive treatment for the heat & noise generated via the car engine will result from increased sales of premium cars. When compared to its typical design, the device also aids to extend engine cooling time by almost 4 to 5 times, lowering commercial and passenger vehicle fuel consumption.
Growing Need for Hybrid and Electric Vehicles to act as Market Restraint
The growing need for hybrid and electric vehicles that eliminates the need for engine components and the increased vehicle weight & fuel consumption may act as market restraints over the forecast period.
High Cost related to Encapsulation Techniques to act as Market Challenge
The high cost related to encapsulation techniques and inclination of consumers for innovative and advanced products may act as market challenges over the forecast period.
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Segmentation of Market Covered in the Research:
The automotive engine encapsulation market has been bifurcated based on sales channel, material, vehicle type, and type.
By type, body mounted will lead the market over the forecast period.
By vehicle type, passenger car will dominate the market over the forecast period.
By material, carbon fiber will spearhead the market over the forecast period.
By sales channel, OEM will have the lions share in the market over the forecast period.
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Regional Analysis
Europe to Command Automotive Engine Encapsulation Market
With a market worth of USD 1.4 billion in 2019, Europe held the greatest market share of 35.7 percent, and is expected to grow at a 5.70 percent CAGR over the forecast period. Because of the presence of many well-established OEMs in Germany & the United Kingdom, the region is the fastest-growing market for automobile engine encapsulation. Increased need for engine encapsulation has stemmed from stringent pollution standards such as Euro 6 and engine reduction to reduce vehicle weight. The market in Europe is being propelled by the region’s high production of premium and sports cars. Because of the existence of major automotive manufacturing businesses in Europe, the market for car engine encapsulation is likewise growing at a rapid pace. The market for automotive engine encapsulation is predicted to rise significantly in Europe over the forecast period for an increase in the production and sales of electric vehicles. Because of the region’s well-established automotive industry, the European market is likely to grow at a significant rate. Spain, Russia, and Germany all produce a substantial amount of automobiles. The growth of the European automobile engine encapsulation market can be ascribed to stringent rules aimed at lowering carbon emissions and improving the engine’s cool-down performance. The automobile engine encapsulation industry in Europe is being propelled by the region’s high production of sports and luxury cars.
APAC to Have Significant Growth in Automotive Engine Encapsulation Market
In 2019, Asia-Pacific grabbed the second position, worth USD 1.2 billion, and is expected to grow at the fastest rate of 7.5 percent. Due to increased production in developing countries such as China and India, the automobile sector in the area grew rapidly until the beginning of 2020. With the rise of the ICT, automotive, & transportation industries, demand for technologically advanced cars has increased, resulting in increased demand for improved engine management systems. By both volume and value, the region is expected to lead the market. The Asia Pacific area now produces more than half of all automobiles produced worldwide. Emerging economies like China & India, as well as developed nations like Japan and South Korea, make up the area. The market in this area is being driven by rising disposable income especially in developing countries like India and China, as well as tightening emission laws. The rapid growth of the worldwide engine encapsulation market can be attributed to the rising vehicle manufacturing in Asia Pacific. Due to the massive volume of auto production & sales in this area, APAC has the maximum share of the automotive engine encapsulation market. In fact the rapid increase in car manufacturing is due to increased urbanization, a high demographic rate, an improvement in the living standard, developing infrastructure, and industrial expansion. In addition, as the population’s disposable income rises, there is a strong need for passenger cars in the region. Furthermore, increased production of high-performance and luxury automobiles in nations such as Japan, China, India, and Korea is boosting the region’s market growth. Due to rising automotive production and sales in China, India, and Japan, Asia Pacific is expected to hold a prominent market position in the automobile engine encapsulation industry. Increasing investment in automation and developments in the automotive industry will continue to fuel demand for automotive engine encapsulation over the forecast period. Key auto companies are outsourcing parts to Asia Pacific because of the low prices and the ability to serve the regional market. Due to the huge expansion of the auto sector in the region’s rising economies, combined with active research and development operations to produce high-performance encapsulation, Asia Pacific now dominates the global market and is predicted to do so over the projection period.
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COVID-19 Impact on the Global Automotive Engine Encapsulation Market
Supply chain disruptions, fluctuations in the share of demand, economic situations, and the immediate & long term effect of the novel coronavirus possessed a negative impact on the automotive engine encapsulation market growth. This outbreak has put a halt in the economic activity, thus pushing the economy across the globe in a steep recession. Further, with the roots being in China, the supply chain all over the world is facing shutdown & unprecedented disruption. With the relaxation in lockdowns & restrictions the world over, the market is likely to get back to usual in the days to come.
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