Internal Combustion Engine Market Trends, Market Demands, Top Manufactures, Industry Growth Analysis and Forecast to 2030

The global demand for internal combustion engine accounted for 370,700 thousand units by 2030, in terms of volume. The market is projected to grow at 3.6% CAGR during the forecast period 2022-2030.

The market, over the years, has experienced friction due to high dependence on fossil fuels which are limited reserves, and expectation for improving the internal combustion engine's emission levels. However, the recent array of advanced technologies, including low temperature combustion engines and hybrid systems, have helped the industry gain traction, a trend expected to elevate industry growth over the forecast period.

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Various 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' needs and also minimize the environmental hazards. However, the governing bodies across the globe are hinting at replacing 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.

If 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. In an optimistic scenario, 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 and the price quotient of these vehicles being higher than the present scenario.

In the 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 emissions, is among the other prime factors driving the growth of the 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.

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. The 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.

The aviation industry in the 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 improve fuel mileage is expected to boost demand. The International Air Transport Association (IATA) forecasted an increase in the number of global flight passengers by 2030; in order to cater for 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 engines, driving the global internal combustion engine market. Other factors for which growth of the global internal combustion engine market is attributed to are rising consumer disposable income and the follow-on increasing adoption of vehicles worldwide. Technological developments resulting in improvements in IC engines in terms of performance, emission, and fuel efficiency will also ignite product demand over the coming years.

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 participants battle on the basis of price, new innovated product launches, and expanding market presence. Manufacturers regularly lay emphasis on strengthening their global footprint in order to improve market presence and achieve a spirited advantage.

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