Internal Combustion Engine Market Size, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3395
Internal Combustion Engine Market size is poised to gain massive proceeds over 2021 to 2027 driven by the escalating sales of passenger and commercial vehicles across various developed as well as developing nations. Stringent norms and standards imposed by various governments pertaining to the adoption of efficient technologies are slated to augment IC engine market in the coming years.
Additionally, increasing technological advancements, modernization in the production techniques, and elevating R&D activities in the market would further create new opportunities for IC engine market over the forecast period.
However, rising penetration of electric vehicles, increasing regulatory presence for ICE due to their toxic environmental impact, and dearth of fossil fuel reserves are challenging the market outlook over the recent years. Nevertheless, the lack of EV infrastructure and charging facilities would potentially prompt the expansion of the industry in the ensuing years.
Based on the fuel type, internal combustion engine market share is expected to observe tremendous gains from petroleum segment owing to the intrinsic advantages offered by these engines including less vibration and noise. Meanwhile, the natural gas segment is projected to grow at a steady pace in the near future.
The thriving automotive sector is projected to account for major growth in the overall internal combustion engine market growth. This can be attributed to the rising disposable income across various economies and increasing adoption of vehicles globally. As per OICA statistics, the world observed approximately 7 billion automobile sales during 2020. Meanwhile, a surge in technological developments that are resulting in advancements in IC engines in terms of emission, fuel efficiency, and performance is also likely to spur the product demand through 2027.
The aircraft segment is also observing significant growth over the recent years due to the elevating aircraft production on account of expanding passenger demand. Furthermore, a gradual increase in air cargo shipments on grounds of a rise in e-commerce business would gradually boost the demand for IC engines.
Regionally, Asia Pacific internal combustion engine market is poised to take over a considerable stake in the overall industry perhaps due to the rising demand for ICE from various end-use verticals like agriculture, mining, construction, and others. In fact, presence of a large number of automakers in the region, aligned with the escalating demand for passenger vehicles in some of the prominent countries like China and India, would further drive the revenue growth of the regional IC engine market.
Leading brand names operating in internal combustion engine market are Doosan Infracore (Doosan), Cummins, Caterpillar Incorporated, Rolls-Royce (Bayerische Motoren Werke AG), Hyundai machinery, Kirloskar Oil Engines Ltd, and Audi, amongst others.
These market vendors have been involved in novel strategic practices like acquisitions, collaborations, and partnerships, and product diversification, to gain a competitive edge in the global market space. For instance, Audi has recently publicized its plans of unveiling a final car equipped with an IC engine in 2026. In another instance, in April 2021, Toyota announced developing a combustion engine that runs on hydrogen and is meant for sports cars use.
Covid-19 analysis on internal combustion engine market outlook
Internal combustion engine market has been projected to witness a major blow during coronavirus pandemic time. This is mainly due to the declining automobile sales and production given the temporary halt in manufacturing and disruption of supply chains.
What Information does this report contain?
Customize this Report
Our Market Research Reports Include:
- Market snapshot
- Market Segmentation
- Value Chain Analysis
- Growth Dynamics
- Potential Market Opportunities
- Regulatory Overview
- Technology Evolution
- Innovation & Sustainability