Internal Combustion Engine Market 2028: Global Industry Future Demand, Economic Overview, Business Strategies with Top Key Players Caterpillar, Cummins, Fairbanks Morse, INNIO, Kawasaki Heavy Industries and MAN

According to our latest market study on “Internal Combustion Engine Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, and Application,” the market was valued at US$ 55,176.7 million in 2020 and is projected to reach US$ 73,842.5 million by 2028; it is expected to grow at a CAGR of 3.7% from 2021 to 2028.

The electric power, automotive, manufacturing, and transportation industries in developing countries, such as India, China, and Brazil, are highly dependent on fossil fuels. The rise in population and the lack of supporting infrastructure for electric technologies are the major factors propelling the growth of the internal combustion engine market. Electric motors, electric devices, solar plants, and wind projects are more expensive than conventional internal combustion engines. Therefore, diesel, gasoline, or gas-powered engines are preferred in numerous countries. Further, various industries are shifting to gas engines for low emissions owing to the improvements in the emission norms for diesel engines. According to The World Bank Group data for access to electricity, ~91.6% of the population has access to electricity in South Asia. Hence, South Asian countries are strongly adopting natural gas for power generation applications. Further, electricity consumption for basic applications in China and India is increasing with the surge in population, owing to which they are opting for various types of internal combustion engines—such as gas engines for electricity generation.

Request Sample Pages of This Research Study @ https://bit.ly/2STInXC

The internal combustion engine market is segmented on the basis of fuel type, power output, end-user, and geography. Based on fuel type, the market is segmented into diesel, gasoline, and natural gas. In 2020, the gasoline segment accounted for the largest market share. In terms of power output, the market is segmented into 100–300 kW, 300–500 kW, 0.5–1 MW, 1–2 MW, 2–5 MW, 5–10 MW, and 10–20 MW. In 2020, the 100–300 kW segment accounted for the largest market share. By end-user, the internal combustion engine market is segmented into industrial, marine, power generation, aerospace and defense, automotive, biogas, and others. In 2020, the automotive segment accounted for the largest share in the market. Geographically, the global internal combustion engine market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, APAC accounted for a significant share in the global market.

Impact of COVID-19 Pandemic on Internal Combustion Engine Market

Amid the COVID-19 outbreak pandemic worldwide, several business organizations have been pushed to reduce their operations due to lockdowns announced by several governments across the globe, which drastically affected businesses. Though the impacts on diverse businesses are well-known, the technology sector is also facing the largest disruption in recent remembrance. The lockdown also resulted in the temporary shutdown of offices, schools, cinema halls, manufacturing plants, and venues, which had negatively impacted the internal combustion engines market. For instance, according to the International Energy Agency (IEA) estimation, the global demand for electricity has been decreased by 2.5% in the first quarter of 2020. However, in the second half of 2020, with the relaxation of lockdown, the demand spiked due to the implementation of advanced technologies by automobile manufacturers to increase energy efficiency and the power generation plants to maintain the power supply.

Rising Demand for Power Production

Through various technological advancements and innovations, there is a gradual evolution in internal combustion engines, allowing them to offer high power outputs with improved fuel efficiency. Although there has been an increase in demand for electric engines and a consequent drop in the demand for internal combustion engines fueled by conventional sources, internal combustion engines will continue to be vital in the development of the automotive industry. Further, they have a potential for improvement in various areas, such as thermal efficiency, emission, and electrification.

The List of Companies - Internal combustion engine Market

Caterpillar Inc.
Cummins Inc.
Fairbanks Morse, LLC
INNIO
Kawasaki Heavy Industries, Ltd.
MAN SE
Rolls-Royce plc.
Wärtsilä Corporation
YANMAR HOLDINGS CO., LTD.
Scania
Hyundai Heavy Industries Co., Ltd.
Koenigsegg Automotive AB
Cosworth
Nissan Motorsports International Co., Ltd.

Order A Copy Of This Research Study @ https://bit.ly/2RfqjqB

The Internal Combustion Engine Market research study is designed to keep in focus all the major countries. Although all these countries & their market trends were accounted for while composing it, detailed sections are available for only the spearheads. In case if you would be interested in specific countries that are not covered in the current scope, kindly share the list & we can customize the study based on the geographical scope defined by you.

Contact US:

If you have any queries about this report or would like further information, please contact us:

North America: +1 646 491 9876

Asia-Pacific: +91 20 6727 8686

Email: sales@theinsightpartners.com

ABOUT US:

The Insight Partners is a one stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Our research model is very simple. We believe in client servicing and delivering best quality to our customers. Through our research content, we are making sure that our customers get the value of their money along with better quality data and analysis.

Our research content is majorly focused on market trends in terms of market sizing, competitive landscaping, company analysis, regional or country analysis etc. We provide a detailed break-up of segmentation in terms of geography, technology, product and services etc.; which helps our clients to get deeper analysis on various research topics.

This release was published on openPR.