Global Internal Combustion Engine Market To Be Worth Around 230,134 Thousand Units By 2026: Acumen Research and Consulting
The global demand internal combustion engine is expected to reach 230,134 thousand units by 2026, in terms of volume.The market is projected to grow at 4.67% CAGR during the forecast period.
The increasing demand for usage of fuel efficient products has lead to engine downsizing and turbo-charging. This factor is expected to catalase the growth of global internal combustion engine market.
Developing several combustion modes using advanced technologies such as homogeneous charge compression ignition (HCCI) is expected to escalate the growth of global internal combustion engine market in the coming years. In global internal combustion engine market, the automotive ICE segment is expected to experience noteworthy growth anticipated by high vehicle demand over the period. Rising demand for efficient engines which have minimum carbon emission, is among the other prime factors driving the growth of global internal combustion engine market.
Stringent laws for exhaust emissions and fuel economy worldwide is compelling the industry players to continuously work and invest towards R&D in order to innovate and develop high-speed and more efficient engines that can optimally satisfy the customers need and also minimize the environmental hazards.However, the governing bodies across the globe is hinting to replace IC engines with more efficient and eco-friendly counterparts in the automotive sector. For instance, Norway, France, the U.K., India, the Netherlands are planning to ban IC engines sales by 2025. Germany and China are among the other countries who are also planning to enforce a ban on internal combustion engines but have not specified any time for the same.
In an optimistic scenario, just in case electric vehicles manufacturers can develop the electric vehicle in the above mentioned timeframe set by various countries, to ban IC engines, it may turn into reality. The internal combustion engine going out of market anytime soon is highly unlikely due to various factors including adoption among the consumers, lack of sophisticated charging infrastructure across the globe, price quotient of these vehicles being higher than the present scenario.
The global internal combustion engine market is segmented into fuel, end-use and region. On the basis of fuel the global internal combustion market is segmented into petroleum and natural gas. Petroleum is further sub-segmented into diesel, gasoline and others, whereas natural gas is sub-segmented into CNG, LNG and others. On the basis of the end-use the global internal combustion engine market is segmented into automotive, aircraft, and marine. Automotive segment is sub-segmented into 50-200 HP, 200-300 HP and >300HP. Marine segment is further sub-segmented into 258-1000HP, 400-1400HP and 730-1800HP. On the basis of region the global internal combustion market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
In 2017, the automotive segment among the end-use accounted the majority of the market share in terms of overall volume. Among the regions, Asia Pacific captured a significant volume share of over 42% in 2017. This is attributed to high automobile production in the region.The aviation industry in Asia Pacific market is booming and offers avenues for growth of the aircraft engines segment over the forecast years. Additionally, technological advancements such as multi-fuel capabilities that improves fuel mileage is expectedboost demand. The International Air Transport Association (IATA) forecasted anincrease in number of global flight passengers by 2030; in order to cater this demand, the aviation industry is expected to raise its output globally, which would subsequently drive the aircraft engines segment, leading to the increasing demand for internal combustion engine, driving the global internal combustion engine market.
The global internal combustion engine market is characterized by the presence of experienced and established players. Key companies include Toyota Motor Corporation, Volkswagen AG, Volvo AB, Rolls-Royce Holdings plc, Mahindra & Mahindra Limited, Renault SA, Mitsubishi Heavy Industries, MAN SE, General Motors, Ford Motor, Fiat SpA, Caterpillar Incorporated, Shanghai Diesel Engine Company Limited, Bosch, and AGCO Corporation. Industry participant battle on the basis of price, new innovated product launch, and expanding market presence. Manufacturers regularly lay emphasis on strengthening their global footprint in order to improve market presence and achieve a spirited advantage.
The report is readily available and can be dispatched immediately after payment confirmation.