The engines market is forecast to reach USD 477.89 billion by 2029 from an estimated USD 377.84 billion in 2024, at a CAGR of 4.8% during the forecast period (2024-2029). Growth in the engine market is associated with increasing demand for reliable power across multiple industries. Among them include transportation, manufacturing, and energy. Advancements in technologies regarding engines that are aimed at improving their performance for energy efficiency alone keep encouraging their demand. Moreover, there is a push towards sustainability and cleaner alternatives to fuel that has encouraged innovation in the recent past by developing even more efficient engines that meet modern-day environmental standards.
The key players following the strategies between 2021 to 2024, Caterpillar (US), Cummins Inc (US), General Electric Company (US), RTX (US), and General Motors (US). The companies are majorly following product launches, investments, expansions, contracts, agreements, partnerships, funding, and acquisition as the strategy to grow and expand the market.
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General Motors is one of the world's leaders in engineering for automotive clients, holding a wide portfolio of high-performance advanced powertrain solutions. The company's engine division is actually highly innovative; this is because it produces very high performance engines, from gasoline and diesel to electric, powering a whole range of diverse vehicles, from trucks and SUVs to passenger cars. GM engines are engineered for the highest fuel efficiency, maximum output of power, and reliability so that they can meet strict emissions standards and deliver on performance. The company operates its business by 2 segments namely, Automotive and GM Financial. It offers engines through automobile segment and accounted for 91.7% of the revenue in 2023.
General Motors has global manufacturing operations in six continents, and has 1552 facilities across the U.S., including 15 assembly plants; 24 stamping, propulsion, component and battery plants; 21 parts distribution centers; and two engineering campuses. Additionally, GM has multiple office locations that include IT centers, call centers and GM Financial service centers.
Cummins Inc. (US) is a company that specializes in the designing, manufacture, sale, distribution, and servicing of diesel, natural gas, electric, and hybrid powertrains and their related components. It also provides electric power generation systems, batteries, electrified power systems, hydrogen generation, and fuel cell products. The company operates under four business segments, namely, Engine, Distribution, Components, and Power Systems. It offers engines through both, engines and power system segments.
The company conducts its business through a network of about 500 wholly owned joint ventures and independent distributor locations in reaching Cummins globally. It has above 10,000 Cummins certified dealer locations in more than 190 countries and territories. It operates multiple R&D facilities in addition to a number of global facilities related to marketing and administration, supply chain, distribution, and manufacturing.
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Engines Market by Fuel type (Gasoline, Diesel, Natural Gas), Speed (Low, Medium, High , and Very High), Power Rating, End User, & Region - Global Trends & Forecast to 2029
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