Internal Combustion Engine Market Industry Analysis Report, Regional Outlook, Application Development, Competitive Market Share and Forecast, 2021 – 2027
Report ID: GMI3395
The global internal combustion engine market is anticipated to grow owning to increasing demand for vehicles along with high economic growth across the developing nations. Stringent emission standards & norms toward emission reduction along with ongoing adoption of energy efficient technologies will fuel the industry outlook. In addition, the recent adoption of modern and advanced technologies including hybrid and low temperature combustion systems will further complement the business growth.
Increasing energy demand across manufacturing and construction sector is anticipated to stimulate the diesel internal combustion engine market. These engines find extensive use in heavy duty commercial vehicles including buses, trucks, agriculture and marine applications. In addition, higher engine power output and better thermal efficiency are some of the key parameters which will positively influence the product demand.
IC engine is being widely used as a power source across automotive, power generation, industrial and aircraft sectors. Rapid urbanization coupled with improvement in standard of living across the emerging economies have increased the demand for automobiles, thereby enhancing internal combustion engine market growth. Furthermore, rising demand for energy efficient engines and reducing carbon emissions will positively influence the business landscape.
Increasing aircraft production on account of ever-growing passenger demand will positively influence the internal combustion engine market. Technological advancements including multi fuel capabilities, better mileage and low aircraft emissions will foster the industry growth. In addition, upsurge in air cargo shipments owing to rise in e-commerce business will boost the product demand.
Shifting trends toward sustainable energy sources along with accelerating demand for cogeneration technology will foster the internal combustion engine market. Increasing adoption of combined heat and power systems owning to favorable fiscal & financial incentives provided by respective government authorities will positively impact the product adoption. Furthermore, replacing and retrofitting of conventional power plants with new energy efficient systems will drive the industry growth.
China internal combustion engine market is projected to grow on account of rapid infrastructure development along with growing manufacturing sector across the nation. In addition, government initiatives for reduction of carbon emissions coupled with extensive innovation strategies will boost the industry growth. For instance, the government of China in 2019, introduced “China stage VI emission standards” for new gas-powered heavy-duty vehicles. The norm further aims to reduce greenhouse gas (GHG) emission by adopting stringent testing requirements and remote emission monitoring systems.
The key players operating across the internal combustion engine market includes Cummins, Doosan Infracore, Caterpillar Incorporated, Hyundai machinery, AGCO Power, MAN SE, Ashok Leyland, Bombardier, Briggs and Stratton, Cooper, Kirloskar Oil Engines Ltd., Cummins, Detroit Diesel, Eicher Motors and Rolls-Royce.
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