Press release
Global Commercial Internal Combustion Engines Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value | Toyota Motor Corporation, Ford Motor Company, MAN SE, Renault S.A
Commercial Internal Combustion Engines Global Market Report 2024
The commercial internal combustion engines market size is expected to see strong growth in the next few years. It will grow to $298.13 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to global infrastructure projects, evolving emission standards, energy transition challenges, adoption of alternative fuels, resilience in specific applications.. Major trends in the forecast period include adoption of advanced engine management systems, focus on sustainable and eco-friendly technologies, development of high-performance engines, enhancements in engine durability and longevity, globalization of commercial vehicle production..
Market Overview -
An internal combustion engine is a kind of engine that gains its energy from the heat released during the combustion of non-reacted working fluids within the engine. Commercial internal combustion engines are internal combustion engines that are used or applied for commercial purposes. They are used to power cars, ships, helicopters, and coal-fired trains.
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Demand For Fuel Efficiency Driving Growth In Commercial Internal Combustion Engine Market
The increasing demand for fuel-efficient vehicles is expected to propel the growth of the commercial internal combustion engine market going forward. Fuel-efficient vehicle refers to a vehicle that has 27 miles per gallon or higher of highway fuel economy. The fuel efficiency of a vehicle depends upon the speed and timing of internal combustion engines, which provide outstanding drivability and durability. Hence, the increasing demand for fuel-efficient vehicles will increase the demand for the commercial internal combustion engine market. For instance, according to International Energy Agency, a France-based autonomous intergovernmental organization, in 2021, 92% of light-duty vehicle sales worldwide were powered by fossil fuels while electric vehicles accounted for the remaining 6.8 million sales (including battery electric and plug-in hybrid vehicles). Also, the global sales of hydrogen-powered fuel cell electric vehicles totalled about 16 000. By the end of the decade, around 60% of new light-duty vehicle sales will be electric. Therefore, the increasing demand for fuel-efficient vehicles is driving the demand for the commercial internal combustion engine market.
Competitive Landscape -
Major companies operating in the commercial internal combustion engines market report are Toyota Motor Corporation, Ford Motor Company, MAN SE, Renault S.A., Mitsubishi Heavy Industries Ltd., General Motors Company, Fiat Chrysler Automobiles N.V., Caterpillar Inc., Rolls-Royce Holdings plc, Mahindra & Mahindra Limited, Robert Bosch GmbH, AGCO Corporation, Volkswagen AG, Yanmar Co. Ltd., Kawasaki Heavy Industries Ltd., Ashok Leyland Limited, Raytheon Technologies Corporation, General Electric Company, Cummins Inc., MTU Aero Engines GmbH, China Shipbuilding Industry Corporation, China State Shipbuilding Corporation, Mitsui E&S Holdings Co. Ltd., Daihatsu Motor Co. Ltd., Hyundai Motor Company, STX Engine Co. Ltd., Weichai Power Co. Ltd., Hitachi Zosen Corporation, IHI Corporation, Doosan Corporation, Wärtsilä Corporation, DEUTZ AG, Scania AB, Volvo Penta AB, Deere & Company, Kohler Co., Briggs & Stratton Corporation, Honda Motor Co. Ltd., Yamaha Motor Co. Ltd., Suzuki Motor Corporation, Isuzu Motors Limited, Hino Motors Ltd., Navistar International Corporation .
Product Innovations In The Commercial Internal Combustion Engine Market
Product innovations are the key trend gaining popularity in the commercial internal combustion engine market. Major companies operating in the commercial internal combustion engine market are focused on developing new solutions to increase their share in the market. For instance, in February 2023, JCB Power Systems Ltd., a UK-based developer, and manufacturer of industrial diesel engine solutions, launched a hydrogen combustion engine. The hydrogen combustion engine is developed based on combustion technology and it provides an inexpensive, emissions-free alternative resulting in zero CO2 emissions at the point of use. JCB's hydrogen engine has several advantages over diesel or gasoline alternatives. At the time of usage, the hydrogen fuel used in the engine produces just steam and no CO2 emissions. Also, the hydrogen-powered JCB prototype backhoe loader can carry out all the functions of its diesel-powered version.
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Key Segments -
The commercial internal combustion engines market covered in this report is segmented -
1) By Type: Petroleum, Natural Gas
2) By Power Output: 100-300 kW, 300-500 kW, 0.5-1 MW, 1-5 MW, 5-15 MW, 15-25 MW, 25 MW And Above
3) By Application: Marine, Automotive, Aircraft, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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