Engine Components Market size is valued at USD 5,287.3 million in 2021 and is expected to grow at a significant CAGR of 5.3% during the forecast period 2022 to 2028. The global market provides a detailed overview of the Engine Components Market and that can be segmented by Components and Application. By components, the engine components market has been segmented into Valve Tappet/Roller Tappets, Screw Cap Assembly, Collet/Cotter, Retainer, and Others. The Valve Tappet/Roller Tappets segment is likely to be the largest and fastest-growing segment in terms of type. Based on the application, engine components market is segmented into Automotive, Agriculture, Construction and Mining Equipment, Marine, Stationary Engines, and Rolling Stock Diesel engines. Among these, the Automotive segment is expected to have the fastest-growing market during the forecast period 2022-2028 according to Precision Business Insights.
In December 2019, Mitsubishi Motors, a Japan-based automaker, announced its plans to eliminate diesel versions of its key car models by the end of 2021, and significantly reduce the size of its existing diesel vehicle business.