Crate Engines Market: Analysis and Forecast for 2024

The crate engines market size has grown strongly in recent years. It will grow from $24.76 billion in 2023 to $26.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to cultural influence and lifestyle trends, nostalgia and retro appeal, demand for comfortable riding, targeting a diverse consumer base, urban commuting and short trips, customization and personalization trends..

The crate engines market size is expected to see strong growth in the next few years. It will grow to $33.54 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to evolving consumer preferences, focus on sustainable transportation, increasing urbanization, promotion of recreational riding, global economic development.. Major trends in the forecast period include integration of advanced connectivity features, focus on lightweight and performance-oriented designs, customization and personalization options, introduction of adaptive cruise control, incorporation of advanced rider assistance systems (aras), development of retro-modern aesthetics..

Market Overview -
A crate engine refers to a complete, fully assembled, and often factory-built internal combustion engine that is sold as a standalone unit. These engines are designed to save time and money. They can be quicker to ship and install than waiting for parts and beginning a rebuild, reducing labor costs and downtime

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Motorsports Racing's Growing Influence on the Crate Engine Market
An upsurge in motorsports racing is expected to propel the growth of the crate engine market going forward. Motorsports racing is a broad phrase that refers to competitive athletic activities involving the usage of motorized vehicles. Crate engines have become integral to motorsports racing by providing a balance between affordability, performance, and reliability, while also contributing to the diversity and inclusivity of racing competitions. For instance, in March 2023, according to Motorsport Network, a US-based advertising and technological firm, the increasing enthusiasm for the international car championship proved apparent in a stated overall spectator attendance of 5.7 million for the Formula 1 car racing championship, a 36% increase over 2019. Similarly, F1 car racing revenues increased by 20%, from $2.136 billion in 2021 to $2.573 billion in 2022. Therefore, an upsurge in motorsports racing is driving the crate engine market.

Competitive Landscape -
Major companies operating in the crate engines market report are Bayerische Motoren Werke AG, American Honda Motor Company Inc., Hyundai Motor Company, Mahle GmbH, North American ATK Corporation, Harley-Davidson Inc. , Jasper Engines and Transmissions, Dart Machinery Ltd., Summit Racing Equipment, Edelbrock LLC., FCA US LLC, Roush Performance, Blueprint Engines, Yoshimura R&D of America Inc., Trick Flow Specialties, DSR Performance, West Coast Engines, Hennessey Performance Engineering, Texas Speed & Performance Ltd., Proformance Unlimited Inc, ATK High Performance Engines, Isky Racing Cams, Nelson Racing Engines NRE, Mast Motorsports LLC, S&J Engines Inc., Chevrolet Performance Parts, Ford Performance Parts, Custom Crate Engines, Speedmaster, Herrod Performance Engines

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