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Small Internal Combustion Engine (ICE) Market Worth US$ 5,280.83 Million, Globally, by 2027at CAGR of 4.5% - Exclusive Report by The Insight Partners

12-09-2022 08:50 AM CET | Business, Economy, Finances, Banking & Insurance

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The Small Internal Combustion Engine (ICE) Market was valued at US$ 4,450.14 million in 2019 and it is projected to reach US$ 5,280.83 million by 2027; it is expected to grow at a CAGR of 4.5% from 2020 to 2027. The small internal combustion engine market in Europe is further segmented into the UK, Germany, Italy, France, Russia, and Rest of Europe. Germany, the UK, France, and Italy are at the forefront of the European internal combustion engine market. Strong adoption of IC engines in commercial vehicles, passenger vehicles, and utility equipment is driving the Europe small IC engine market. The engine-manufacturing sector-led by Germany, owing to the presence of prominent engine manufacturers, such as Hatz, DEUTZ, and Yanmar Co., Ltd.-is the largest contributor to the market in Europe. Increasing pollution norms and growing concerns toward small IC engine pollution have increased the adoption of natural gases for engines in the market.

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Further, companies are developing advanced small IC engines, majorly for the small utility engine applications. For instance, in March 2020, Germany-based Motorenfabrik Hatz introduced new E1 technology for the single-cylinder industrial diesel engines. This new engine based on E1 technology delivers 14.7 horsepower (11 kilowatts) power with single-cylinder. Similarly, 1B50E and 1B30E engines offer 10.7 horsepower (8 kilowatts) and 6.7 horsepower (5 kilowatts) power outputs, respectively. Such increasing development in the solution offering is boosting the growth of the market in industrial sector and other end-use industries.

Although, the market is growing at a significant rate in Europe, the advent of electric motors in the region is likely to hamper the market growth. The automotive industry has already started to shift toward electric energy, which is hampering the IC engine market. In coming years, it would replace the small IC engines with battery-powered electric motors. For instance, the Opplysningsradet for Veitrafikken (OFV), Information Council for Road Traffic in Norway, has stated that new sale of electric cars accounted for 66.7%. Such rising shift of the customers toward clean energy solution might be the challenging factor for the market. The market is expected to hold a stronger position during the forecast period as certain countries are delaying electric energy adoption due to the lack of supporting infrastructure and sufficient energy supply. For instance, Germany is not putting ban on the IC engines till 2035 for supporting engine-manufacturing industry to develop advanced engines having lesser emission and help the country to meet low emissions targets.

The technological advancements across Asia pacific have led to a highly competitive market. Asia pacific attracts several technological developments from economically robust countries. The companies in the region are continuously enhancing the overall business processes to meet customers' demand for high-quality products and services in the best possible way. Presence of leading enterprises, such as Caterpillar, Yanmar Holdings Co., Ltd, and Kawasaki Heavy Industries among others, in the region, large presence of early technology adopters in the region, and extended adoption of lawnmower in the China and India are among the factors anticipated to boost the small internal combustion engine market growth. For instance, in April 2019, Honda Motor Europe Ltd. introduced a new range of premium HRX lawn mowers. The specifically designed lawn mowers are equipped with small engines having power output below 5 kW. Further, increasing demand form the industrial sector in Asian region is also supplementing the market growth. in October 2019, YANMAR HOLDINGS CO., LTD announced the development of 3TNV80FT Industrial Engine, which is supported by 2G Eco Governor turbocharging solution. Furthermore, strong dominance of IC engines in the region projected to fuel the market growth during the forecast period. According to the Bosch Ltd company, 80% or more vehicles sold in India by 2030 would still be powered by internal combustion engines. Nevertheless, expensive electric motors have further favored IC engines in developing nations.

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The global small internal combustion engine market is segmented on the basis of fuel type, cylinders, power output, end-use industry, and geography. The market, based on fuel type, the market is segmented into gasoline, diesel, and gas. On the basis of transmission network, the market is segmented into owned network, and leased network. The gasoline segment is further sub segmented into compressed natural gas (CNG), liquefied petroleum gas (LPG), and liquefied natural gas (LNG). In terms of cylinders, the market is segmented into 1, 2, 3, and 4. Based on power output, the market is segmented into 1-5 kW, 6-10 kW, and 11-20 kW. In terms of end-use industry, the market is segmented into power generation, manufacturing, oil and gas, transportation, and others. The small internal combustion engine market, by region, is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).

The current market is dominated by several small & medium market players in the regional market; however, the global market does comprise selected number of prominent market players. Few of the important market initiatives and contracts developments from the market are mentioned below:

Key Findings of Study:

Developing countries, such as India, China, and Brazil, are highly dependent on fossil fuels for electricity, automotive, manufacturing, transportation, and other sectors. Rise in population and the lack of supporting infrastructure for electric technologies are the major factors supporting the small internal combustion engine market. Electric motors, electric powered devices, and cars are still more expensive for customers over internal combustion engines. As a result, owing to price constraint, countries are not implementing any ban for internal combustion engines, which is supporting the market growth. According to The World Bank Group data for access to electricity, in South Asia, around 91.6% of population has access to electricity. Further, consumption of electricity for basic uses in countries-such as China and India-is increasing with rising population, owing to which countries are using fossil fuels to generate electricity. Such strong dominance of internal combustion engines in developing countries is creating opportunity for the market to offer advanced solutions. For instance, according to the Bosch Ltd company, 80% or more vehicles sold in India by 2030 would still be powered by internal combustion engines. Developing countries' dependency on fossil fuels and internal combustion engines is a strong growth opportunity for the market.

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Reason to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Small Internal Combustion Engine (ICE) market

Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the Small Internal Combustion Engine (ICE) market, thereby allowing players to develop effective long term strategies.

Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

Contact Us:
The Insight partners,
Phone: +1-646-491-9876

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services.

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