Internal Combustion Engine Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

Internal Combustion Engine Market size is projected to expand from 2023 to 2032 driven by increasing R&D activities, technological advancement, and modernization in automotive production techniques.
 

Passenger car and commercial vehicle sales is witnessing an upward trend in various developed and developing countries. Rigorous norms and standards implemented by governments for the adoption of efficient technologies will expand market trends in the coming years.
 

However, rising emission regulations, EV penetration, and lack of fossil fuel reserves due to the toxic impact of ICE vehicles on the environment may challenge the market growth. Nevertheless, the lack of electric vehicle infrastructure and charging facilities could drive the market expansion of  internal combustion engine by 2032.
 

According to fuel type, the industry size from the oil segment is expected to gain significant traction owing to the inherent advantages offered by these engines, including less noise and vibration. Meanwhile, the natural gas segment is expected to grow at a steady pace in the near future.
 

The automotive internal combustion engine market is anticipated to record massive growth by 2032. This can be attributed to the increase in disposable income in economies and the increasing use of vehicles across the world. Meanwhile, soaring technological developments leading to advancements in low emissions, fuel-efficient internal combustion engines could also drive segment growth.
 

The aircraft segment has also witnessed significant growth over the past few years owing to the booming aircraft production due to the increasing passenger demand. Moreover, with rapid expansion in the e-commerce businesses, the volume of air cargo has elevated massively, fueling the demand for new cargo planes. For instance, in 2022, Boeing announced that it delivered 51 passenger and cargo planes in June, marking its best month for deliveries in more than three years.
 

Asia-Pacific internal combustion engine market is predicted to account for a significant proportion of the worldwide business due to rising demand for these engines in different end-use industries such as construction, agriculture, and mining. Additionally, the presence of several manufacturers in the area, together with rising demand for passenger cars in important nations such as China and India, will fuel revenue progression.
 

Some of the major leading brands in the internal combustion engine business scenario include Rolls-Royce, Ltd, Caterpillar Incorporated, Kirloskar Oil Engines, Doosan Infracore (Doosan), Audi, Cummins, Hyundai machinery. These brands are actively working on developing more fuel-efficient and low-carbon-emitting engines for various sectors. For instance, in March 2023, Rolls-Royce announced plans to develop an internal combustion high-speed engine concept for ships by the end of 2025.
 

Impact of Russia Ukraine war on the internal combustion engine market

The Russia-Ukraine war is expected to have a negative impact on the internal combustion engine industry. The war caused severe disruption to the automotive value chain and urged OEMs and suppliers to discontinue trade with Russia. Due to a lack of parts from Ukrainian suppliers, many automotive OEMs in Eastern Europe and Europe have paused or reduced their production. However, steady improvement in the political and economic conditions across these nations is likely to benefit the market over the coming years.
 

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