Internal Combustion Engine Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Fuel Type (Diesel, Gasoline, and Natural Gas), Power Output (100-300 kW, 300-500 kW, 0.5-1 MW, 1-5 MW, 5-15 MW, 15-25 MW, and 25 MW and above), End-User (Industrial, Marine, Power Generation, Aerospace and Defense, Automotive, Off-Road, and Others), and Cylinders (1, 2, 3, and 4)
Publication Month: May 2021 |
Report Code: TIPRE00022630
| No. of Pages: 219
| Category: Energy and Power
| Status: Published
The internal combustion engine market was valued at US$ 55,176.7 million in 2020 and is projected to reach US$ 73,842.5 million by 2028; it is expected to grow at a CAGR of 3.7% from 2021 to 2028.
Technological advancements are bringing evolution in internal combustion engines, allowing them to offer high power outputs with improved fuel efficiency. Meanwhile, the engines will continue to be vital in the development of the automotive industry. Further, they have a potential for improvement in various areas such as thermal efficiency, emissions, and electrification. The internal combustion engine allows manufacturers to produce small form factor machine or tools, for example road vehicles, lawn cutters, chainsaws, etc. which has industrial application, motorboats and ships which has marine application while heavy power output engine used in power generation.
Impact of COVID-19 Pandemic on Internal Combustion Engine Market
The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of industrial engines and other related equipment. The emergence of the outbreak across the world caused lockdown in many countries, which has led the industry experts to analyze that the industry would face up to a quarter of lag in industrial equipment supply chain. The crisis is expected to create tremors through 2020 till mid-2021. The energy & power industry is likely to pick up pace sooner as governments across the globe lifted the various containment measures steadily to revive the economy. The production of the internal combustion engines is anticipated to gain pace from the second half of 2021, which is further foreseen to positively influence the industrial equipment manufacturing including internal combustion engine.
Lucrative Regions for Internal Combustion Engine Providers
Internal Combustion Engine Market Insights
Rising Demand for Power Production
Through various technological advancements and innovations, there is a gradual evolution in internal combustion engines, allowing them to offer high power outputs with improved fuel efficiency. Although, there has been an increase in demand for electric engines and a consequent drop in the demand for internal combustion engines fueled by conventional sources, internal combustion engines will continue to be vital in the development of the automotive industry. Further, they have a potential for improvement in various areas, such as thermal efficiency, emission, and electrification.
Fuel Type Based Market Insights
Based on fuel type, the internal combustion engine market is segmented into diesel, gasoline, and natural gas. The gasoline segment led the market in 2020 and is expected to hold the largest market share in the forecast period.
End User Based Market Insights
By end user, the internal combustion engine market is segmented into industrial, marine, power generation, aerospace and defense, automotive, off-road, and others. Since automobiles are the biggest user of internal combustion engines, the automotive segment dominates the market.
Fuel Type , Power Output , End-User , and Cylinders
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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The players operating in the internal combustion engine market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market.
A few developments by key players are listed below:
In 2021, Cummins Inc. launched a new heavy-duty powertrain for natural gas customers. The combination of the ISX12N near-zero natural gas engine and the endurant HD N 12-speed automated transmission from Eaton Cummins Automated Transmission Technologies is well suited for heavy-duty regional haul fleets looking to lower emissions and improve their sustainability profile.
In 2020, The Liebherr components division and Cummins Inc. started a cooperation in power generation. For the Cummins new C25G gas generator series, Liebherr would provide fully equipped gas engines, which comprise ignition and control systems for natural gas and off-road applications in 50Hz and 60Hz markets.
Due to rising global warming, governments of various countries are imposing certain restrictions to control the emissions of diesel and petrol engines, thus compelling engine manufacturers to develop technologies to make internal combustion engines more efficient and produce less emissions. Manufacturers and customers are now shifting their focus towards the use of alternate fuel in internal combustion engines. For instance, natural gas power IC engines release less emissions to generate a sufficient amount of power with high efficiency. The emission monitoring and regulatory bodies from various countries are imposing stringent regulations on the use of diesel engines and generators. To meet these regulatory standards, various industries are deploying gas engine and generators for power generation.
The internal combustion engines that generate power by burning gasoline can meet the power-generation requirements for various application. The most important industries which use gasoline powered engines are automobiles, small marine units, moderate-sized stationary pumping, lighting plants, machine and power tools. Owing to the carbon-emissions from gasoline powered internal combustion engine being the highest, several countries are taking measures to shift to cleaner alternative fuels for power generation requirements. There has been tremendous rise in demand for electric vehicles leading to a consequent fall in the demand for gasoline fueled vehicles. Since the transportation industry is one of the largest consumers of gasoline powered internal combustion engines, this fall in demand for gasoline fueled vehicles will reduce the growth prospects of the market across the globe.
The electric power, automotive, manufacturing, and transportation industries, among others, in developing countries such as India, China, and Brazil are highly dependent on fossil fuels. Rise in population and the lack of supporting infrastructure for electric technologies are the major factors supporting the internal combustion engine market. Electric motors, electric devices, solar plants, and wind projects are more expensive than conventional internal combustion engines, which is driving the preference of various countries toward diesel, gasoline or gas powered engines. Further, improvements in the emission norms for diesel engines for which various industries are shifting on gas engines for low emissions. According to The World Bank Group data for access to electricity, only ~91.6% of the population has access to electricity in South Asia, while others are still lack access to electricity. Hence, south Asian countries are strongly adopting natural gas for power generation application. Further, electricity consumption for basic applications in countries such as China and India are increasing with the surge in population, owing to which they are opting for various types of internal combustion engines such as gas engines for electricity generation.
The List of Companies - Internal combustion engine Market
Fairbanks Morse, LLC
Kawasaki Heavy Industries, Ltd.
YANMAR HOLDINGS CO., LTD.
Hyundai Heavy Industries Co., Ltd.
Koenigsegg Automotive AB
Nissan Motorsports International Co., Ltd.
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