by High speed engines are specially designed engines that can operate at higher rotational speeds compared to regular engines. They are used in applications such as motorcycles, high-performance automobiles, underwater vehicles, and drones among others. High speed engines provide enhanced power and torque at high rpm ranges. They use advanced technologies such as direct fuel injection, forced induction, and lightweight materials in their design and manufacturing. With growing concerns about environmental pollution, the demand for electric vehicles has increased significantly in recent years. Electric vehicles are equipped with high speed electric motors that require power sources such as lithium-ion batteries. Thus, the growing demand for electric vehicles is expected to drive the growth of the high speed engine market during the forecast period.
The global High Speed Engine Market is estimated to be Valued at US$ 19.83 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
One of the key drivers for the growth of the high speed engine market is the growing demand for electric vehicles. As mentioned in the heading, electric vehicles are equipped with high speed electric motors that acts as engines. With rising environmental concerns and government support in the form of subsidies, sales of electric vehicles have grown considerably in recent years. According to the International Energy Agency (IEA), the global stock of electric passenger cars passed 10 million in 2021 and is expected to grow over 26 million by 2026. The rapid adoption of electric vehicles will significantly drive the demand for high speed engines in the coming years. Additionally, the increasing demand for high-performance sports vehicles and recreational activities such as water sports is also fueling the need for high speed engines in applications such as speed boats, racing vehicles and drones.
Segment Analysis
The high speed engine market is segmented into gasoline and diesel engines. The diesel engine segment currently dominates the market and accounts for around 60% share owing to higher combustion efficiency compared to gasoline engines. Diesel engines provide better fuel efficiency and are suitable for heavy-duty applications in industries like mining, construction and agriculture.
PEST Analysis
Political: Stringent emission norms in regions like Europe have pushed automakers to focus on improving fuel efficiency of engines. Some countries also provide subsidies for electric vehicles.
Economic: Rising disposable incomes have increased sales of performance and luxury vehicles which use high speed engines. Growth in industries like manufacturing, mining is also driving demand.
Social: Increased preference for personal mobility and growing passion for racing/motorsports is supporting demand. However, rising environmental concerns push for sustainable powertrain technologies.
Technological: Advancements in materials, design and combustion technologies have allowed development of smaller and more efficient high speed engines. Integration with hybrid/electric systems improves performance further.
Key Takeaways
The global High Speed Engine Market Share is expected to witness high growth.
Regional analysis: The Asia Pacific region currently dominates the market and is expected to maintain its lead. China, India are major automobile producers with growing economic activities supporting demand.
Key players: Key players operating in the high speed engine market are Panasonic Corporation, Energizer Holdings, Maxwell Technologies Inc., Seiko Instruments Inc., Berkshire Hathaway Inc., Sony Corporation, Toshiba Corporation, Renata SA, Camelion Battery, and Varta AG.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
