Global crate engine sales are set to be valued at over US$ 34 Bn in 2031, according to the latest research by Persistence Market Research, a research and consulting firm. The report estimates the market to expand at a steady CAGR of over 6% through the course of 2021-2031. Rebuilt engines, followed by remanufactured engines are the most sought-after across facilities and regions. High use in motorsports activities such as asphalt, drag racing, and dirt track racing across the globe has created increased demand for crate engines, with many small- and medium-sized businesses emerging in this space, especially in developing region.
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Key Takeaways from Market Study
- Increase in global vehicle racing activities, goods and passenger vehicle production, and use for transportation purposes are driving the market for crate engines.
- Development of new techniques are making market competition tougher; prime manufacturers are focusing a wide category of crate engines, such as low torque to high torque, and low RPM to high RPM.
- Crate engines offer extra performance to components in automotive with customizable options, which creates good demand from the industrial sector.
- Rapid urbanization and industrialization is also driving demand for crate engines.
- North America and Europe hold a significant share in the global crate engines market; the customer base in these regions are more inclined to buy rebuilt and remanufactured engines for their vehicles.
- >5000 CC crate engines are highly demanded; however, many manufacturers are creating updates in 3000-5000 CC engines to promote better performance and cost-efficiency.
- Due to the onset of COVID-19, the automotive industry was hit, and so was the demand for crate engines. 2020 witnessed a market growth rate of -4.2%. Demand is expected to pick up gradually in 2021 and ahead.
- The market in the U.S., U.K., and Germany is expected to expand at a CAGR of close to 6% through 2031.
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Competitive Landscape
The global crate engines market is highly competitive at regional as well as global levels, and highly consolidated in nature. Some of the key players included in the report are Chevrolet, American Honda Motors Co., Inc., Harley-Davidson, Edelbrook LLC, Jasper Engine & Transmission, and Ford Racing. Top companies operating in the market are occupying hefty shares in terms of revenue. With compliance to governmental standards and regulations, these companies have a global brand presence. Prime manufacturers are also updating their technologies to improve their market share.
Conclusion
Demand of crate engines has shown significant growth over the years. Increasing number of motorsports competitions has raised the number of manufacturers. Various manufacturers are aiming to provide crate engines that provide high performance, are cost-efficient, and low maintenance-based. North America and Europe hold significant market share. Demand for rebuilt engines is expected to remain high over the next ten years.
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