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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“Gasoline-run crate engines to hold bulk (approx. 85%) of overall market share,” says a Persistence Market Research analyst.
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.
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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The research report analyzes demand for crate engines. The market has been analyzed with the COVID-19 impact, macroeconomic factors, market trends, and market background. As per Persistence Market Research’s scope, the market has been analyzed on the basis of engine type, fuel, CC, and region. The report gives qualitative and quantitative information on various players in this space. It also tracks the market by both, supply side and demand side.
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