Internal combustion engines power the majority of vehicles worldwide, primarily converting the chemical energy stored in various fuels into mechanical energy. Internal combustion engines offer advantages such as high power density, reliability and ability to use a variety of fuels. Rising vehicle sales and need for affordable transportation have propelled the demand for internal combustion engines globally. However, stringent emission norms have necessitated technological advancements in engine design.
**The Global Internal Combustion Engine Market is estimated to be valued at USD 256.7 Bn in 2024 and is expected to reach USD 298.3 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
Key Takeaways
**Key players operating in the Internal Combustion Engine market are Cummins, Caterpillar Inc., Volkswagen AG, General Motors, Fiat S.p.A. Key players are focusing on developing advanced natural gas and dual fuel engines to reduce emission levels.
Rising vehicle ownership, infrastructure development and improved economic conditions in developing nations are fueling the Internal Combustion Engine Market Demand for commercial vehicles which use internal combustion engines. The global commercial vehicle stock is projected to double by 2050.
Technological advancements such as variable valve timing, direct fuel injection and turbocharging have enhanced engine efficiencies. Dual fuel technology allows engines to operate on more than one type of fuel such as compressed natural gas and gasoline. Alternative fuels like ethanol and biodiesel blends are also being utilized to reduce emissions.
Market Trends
Growing demand for natural gas vehicles: Governments across regions are promoting use of natural gas vehicles through fiscal incentives to reduce fossil fuel consumption. Bi-fuel or dual fuel engines capable of running on both petrol/diesel and natural gas are gaining traction. Countries like India and Brazil have large natural gas vehicle fleet.
Shift towards renewable fuels: Rising awareness about environmental impact is propelling research into production of renewable fuels from non-food biomass, municipal solid waste and agricultural residues. Drop-in biofuels compatible with internal combustion engines are being developed.
Market OpportunitiesAlternative fuel infrastructure development: Lack of refueling infrastructure remains a key challenge for widespread adoption of alternative fuel vehicles. Concerted efforts by public-private entities to set up wider network of CNG, LNG and biofuel pumps can boost NGV sales.
Technology transfer to emerging economies: Internal combustion engine technology companies have scope to expand presence in emerging markets of Africa and Asia through joint-ventures or manufacturing facilities. This will catalyze economic growth while meeting the surging demand for vehicles in these regions.
Impact of COVID-19 on Internal Combustion Engine Market growth
The COVID-19 pandemic significantly impacted the internal combustion engine market growth globally. During the initial months of the pandemic, most countries imposed strict lockdowns and movement restrictions to curb the virus spread. This led to a steep decline in industrial and manufacturing activities worldwide. As internal combustion engines are majorly used in automobiles, construction equipment, power generators, marine engines etc., the reduced demand from end-use industries negatively influenced the engine market.
With halted production lines and suspended operations, companies faced difficulties in sourcing raw materials and components. International trade restrictions further disrupted global supply chains. This led to project delays and postponed capital expenditures. The decline in disposable income and economic uncertainties also lowered consumer spending on vehicles and heavy equipment. All these factors cumulatively slowed down the internal combustion engine market expansion in 2020.
However, with mass vaccination drives and relaxation of lockdown measures in 2021, the market is gradually recovering. The resumption of construction activities and infrastructure projects has boosted the demand from off-road applications. Further, pent-up consumer demand and availability of finance schemes are stimulating automobile sales. Engine manufacturers are now focusing on developing advanced technologies to comply with stringent emission norms. They are increasingly adopting hybrid systems and integrating batteries to enhance engine efficiency. With continued economic recovery and strategic initiatives, analysts predict above-average growth rates for the internal combustion engine market in the coming years.
In terms of geographical value concentration, North America currently dominates the internal combustion engine market, accounting for over 30% of the global revenue share. This is attributed to large-scale automobile production and a strong presence of leading OEMs in the US and Canada. Meanwhile, the Asia Pacific region represents the fastest growing market for internal combustion engines globally. Countries like China, India, Indonesia, and Vietnam are experiencing robust industrialization and infrastructure development. With rising disposable incomes, growing vehicle fleet, and expanding manufacturing sector, the regional demand for engines is accelerating at a double-digit CAGR.
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The global Internal Combustion Engine market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the internal combustion engine (ICE)market includes AGCO Corporation, Bosch, Caterpillar Incorporated, Fiat SpA, Ford Motor, General Motors, Mahindra & Mahindra Limited, MAN SE, Mitsubishi Heavy Industries, Renault SA, Rolls-Royce Holdings plc, Shanghai Diesel Engine Company Limited, Toyota Motor Corporation, Volkswagen AG and Volvo AB.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Internal Combustion Engine Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/internal-combustion-engine-market/download-sampleMarket DynamicsThe growing demand from end-use industries such as automobile and aviation is driving market growth.
Ongoing penetration in emerging countries is again accelerating market growth.
On the other hand, stringent government regulations for combating environmental concern may restrict market growth.
The global internal combustion engine (ICE) market demand is expected to reach 229,439 thousand units by 2025 at a 4.9% CAGR during the forecast period, according to a new report by Grand View Research, Inc.
Rising need for fuel efficiency has resulted in engine downsizing and turbo charging, which is expected to escalate market growth over the coming years.
The automotive ICE segment is expected to witness significant growth owing to high vehicle demand over the forecast period.
Surging demand for high efficiency engines with low carbon emission is also expected to fuel segment growth.Availability of alternative-fuel options such as propane auto gas and compressed natural gas as well as and electric vehicles is anticipated to challenge industry growth.
However, a complete replacement by these substitutes may take a long time owing to the reliability and efficiency offered by IC engine technology.Request a Free Sample Copy of Internal Combustion Engine (ICE) Market Report @ https://www.radiantinsights.com/research/internal-combustion-engine-ice-market/request-sampleFurther key findings from the study suggest:• The petroleum segment captured the largest share by fuel type in 2017 and is expected to register a CAGR of close to 5.0% from 2018 to 2025.
This growth is ascribed to increasing demand for gasoline powered vehicles as well increasing production of shale gas• By end use, the automotive engines segment is projected to witness healthy growth over the forecast years, primarily on account of surge in demand for commercial as well as passenger vehicles• Rising demand for submarines and ships for military applications is expected to drive the marine engines segment from 2018 to 2025• The Asia Pacific internal combustion engines market accounted for over 40.0% of the overall market volume in 2017, fueled by high demand across the automotive segment• Key players in this market include Volkswagen AG, General Motors, Rolls-Royce, Caterpillar Inc., Cummins, Toyota Industries Corporation, and Volvo.
The Commercial Internal Combustion Engines market was valued at Million US$ in 2018 and is projected to reach Million US$ by 2025, at a CAGR of during the forecast period.
In this study, 2018 has been considered as the base year and 2019 to 2025 as the forecast period to estimate the market size for Commercial Internal Combustion Engines.This report presents the worldwide Commercial Internal Combustion Engines market size (value, production and consumption), splits the breakdown (data status 2014–2019 and forecast to 2025), by manufacturers, region, type and application.Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-commercial-internal-combustion-engines-2025-197This study also analyzes the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors and Porter’s Five Forces Analysis.The following manufacturers are covered in this report:Caterpillar IncorporatedAGCO CorporationGeneral MotorsBoschCumminsRolls-RoyceVolvoYanmarDoosanKawasakiAshok LeylandMAN SERenaultMitsubishiKirloskar Oil EnginesToyota Industries CorporationVolkswagen AGHyundaiFord MotorCSSCMahindra Heavy EnginesShanghai Diesel Engine Company LimitedCommercial Internal Combustion Engines Breakdown Data by TypePetroleum Internal Combustion EnginesNatural Gas Internal Combustion EnginesCommercial Internal Combustion Engines Breakdown Data by ApplicationMarineAutomotiveAircraftOtherCommercial Internal Combustion Engines Production by RegionUnited StatesEuropeChinaJapanOther RegionsCommercial Internal Combustion Engines Consumption by RegionNorth AmericaUnited StatesCanadaMexicoAsia-PacificChinaIndiaJapanSouth KoreaAustraliaIndonesiaMalaysiaPhilippinesThailandVietnamEuropeGermanyFranceUKItalyRussiaThe study objectives are:To analyze and research the global Commercial Internal Combustion Engines status and future forecast?involving, production, revenue, consumption, historical and forecast.To present the key Commercial Internal Combustion Engines manufacturers, production, revenue, market share, and recent development.To split the breakdown data by regions, type, manufacturers and applications.To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.To identify significant trends, drivers, influence factors in global and regions.To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.In this study, the years considered to estimate the market size of Commercial Internal Combustion Engines :History Year: 2014–2018Base Year: 2018Estimated Year: 2019Forecast Year: 2019–2025This report includes the estimation of market size for value (million USD) and volume (K Units).
Both top-down and bottom-up approaches have been used to estimate and validate the market size of Commercial Internal Combustion Engines market, to estimate the size of various other dependent submarkets in the overall market.
Key players in the market have been identified through secondary research, and their market shares have been determined through primary and secondary research.
All percentage shares, splits, and breakdowns have been determined using secondary sources and verified primary sources.For the data information by region, company, type and application, 2018 is considered as the base year.
Whenever data information was unavailable for the base year, the prior year has been considered.Get the Complete Report & TOC @ https://www.grandresearchstore.com/manufacturing-and-construction/global-commercial-internal-combustion-engines-2025-197Table of content1 Study Coverage1.1 Commercial Internal Combustion Engines Product1.2 Key Market Segments in This Study1.3 Key Manufacturers Covered1.4 Market by Type1.4.1 Global Commercial Internal Combustion Engines Market Size Growth Rate by Type1.4.2 Petroleum Internal Combustion Engines1.4.3 Natural Gas Internal Combustion Engines1.5 Market by Application1.5.1 Global Commercial Internal Combustion Engines Market Size Growth Rate by Application1.5.2 Marine1.5.3 Automotive1.5.4 Aircraft1.5.5 Other1.6 Study Objectives1.7 Years Considered2 Executive Summary2.1 Global Commercial Internal Combustion Engines Market Size2.1.1 Global Commercial Internal Combustion Engines Revenue 2014–20252.1.2 Global Commercial Internal Combustion Engines Production 2014–20252.2 Commercial Internal Combustion Engines Growth Rate (CAGR) 2019–20252.3 Analysis of Competitive Landscape2.3.1 Manufacturers Market Concentration Ratio (CR5 and HHI)2.3.2 Key Commercial Internal Combustion Engines Manufacturers2.3.2.1 Commercial Internal Combustion Engines Manufacturing Base Distribution, Headquarters2.3.2.2 Manufacturers Commercial Internal Combustion Engines Product OfferedCONTACT US:276 5th Avenue, New York , NY 10001,United StatesInternational: (+1) 646 781 7170 / +91 8087042414Email: help@grandresearchstore.comFollow Us On linkedin :- https://www.linkedin.com/company/grand-research-store/
