Small Internal Combustion Engine (ICE) Market is expected to reach US$ 5,280.83 Mn by 2027


PRESS RELEASE BY The Insight Partners 29 Jan 2021

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Increase in Adoption of Small Off-Road Internal Combustion Engines to Lead Small Internal Combustion Engine (ICE) Market Growth

 

According to our latest market study on “Small Internal Combustion Engine (ICE) Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Fuel Type (Gasoline, Diesel, and Gas), Cylinders (1, 2, 3, and 4), Power Output (1–5 kW, 6–10 kW, and 11–20 kW), and End-Use Industry (Power Generation, Manufacturing, Oil and Gas, Transportation, and Others),” the market was valued at US$ 4,450.14 million in 2019 and it is projected to reach US$ 5,280.83 million by 2027. It is expected to grow at a CAGR of 4.5% from 2019 to 2027.

The report highlights the key factors driving the market, and prominent players and their developments in the market.

 

The internal combustion (IC) engine manufacturing industry is continuously evolving with innovations in product offerings to support emission targets. Rising demand for fuel efficient and low pollution emitting engines to reduce the amount of air pollution is propelling the market growth. However, advent of electric motors in transportation, automotive, and other sectors in the global market is hampering the market growth. However, small internal combustion engines still have an opportunity to sustain the growth owing to their improved fuel efficiency. Rising demand for miniaturization of power equipment to optimize space and design is being fulfilled with small internal combustion engines. This new power equipment needs to perform better within similar space or smaller space for which major companies are selecting small IC engines. The natural gas used in small engines combustion technology has a potential to resolve the high emission problems and it would help the manufacturers to meet new regulatory norms. There is an increase in adoption of small internal combustion engines in South America, Africa, and Asia, while North America and Europe would be moving toward electric motors during the forecast period. 

 

Increasing adoption of small IC engines in agriculture, residential, and construction sectors is supporting the growth of the small internal combustion engine market. The global small internal combustion engine market is segmented based on fuel type, cylinders, power output, end-use industry, and geography. Based on fuel type, the market is segmented into gasoline, diesel, and gas. The gasoline segment is further segmented into compressed natural gas (CNG), liquefied petroleum gas (LPG), and liquefied natural gas (LNG). In terms of cylinders, the market is segmented into 1, 2, 3, and 4. Based on power output, the market is segmented into 1–5 kW, 6–10 kW, and 11–20 kW.

           

Caterpillar; Cummins Inc.; Fairbanks Morse; INNIO; Kawasaki Heavy Industries, Ltd; Liebherr Group; MITSUBISHI HEAVY INDUSTRIES, LTD.; Rolls-Royce plc; Wärtsilä; and Yanmar Holdings Co., Ltd are among leading players operating in the small internal combustion engine (ICE) market. Several other players are also functioning and contributing significant revenues in the small internal combustion engine (ICE) market.

COVID-19 Impact on Small Internal Combustion Engine (ICE) Market

According to the World Health Organization report, the US, Spain, Italy, France, Germany, the UK, Turkey, Iran, China, and Russia are some of the worst affected countries due to COVID-19 outbreak. The COVID-19 crisis is affecting the industries worldwide. T `he outbreak has created significant disruptions in primary industries, such as consumer electronics, semiconductor, automotive, and IT infrastructure. All these industries are crucial for the growth of global small internal combustion engine (ICE) market as they are the major demand generation industries for small internal combustion engines. Factory shutdowns, travel bans, trade bans, and lockdowns to combat and contain the outbreak have affected both manufacturing and sales of various consumer electronic products and components. The global electronics & semiconductor industry is one of the major industries that is suffering serious disruptions due to supply chain issues and manufacturing shutdowns.

Small Internal Combustion Engine (ICE) Market Regional Growth 2020–2027

Small Internal Combustion Engine (ICE) Market Regional Growth 2020–2027


Small Internal Combustion Engine Market Forecast (2024-2031)

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Small Internal Combustion Engine Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Fuel Type [Gasoline, Diesel, Gas (CNG, LPG, LNG)]; Cylinder (1, 2, 3, 4); Power-Output (1-5 kW, 6-10 kW, 11-20 kW); End User (Power Generation, Manufacturing, Oil & Gas, Transportation, and Others); and Geography

 

The report segments the global small internal combustion engine (ICE) market as follows:

 

By Fuel Type
  • Gasoline
  • Diesel
  • Gas
By Cylinder
  • 1
  • 2
  • 3
  • 4
Power Output
  • 1–5 kW
  • 6–10 kW
  • 11–20 kW
End Use Industry
  • Power Generation
  • Manufacturing
  • Oil and Gas
  • Transportation
  • Others

By Geography
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of APAC
  • Middle East & Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America (SAM)
    • Brazil
    • Argentina
    • Rest of SAM

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