Internal Combustion Engine (ICE) Market Penetration, Growth Prospect Mapping and Research

Felton, Calif., USA, Jan 10, 2022 — /EPR Network/ —

The global internal combustion engine (ICE) market demand is projected to touch 229,439 thousand units by the end of 2025, according to a new report published by Million Insights. The market is anticipated to ascend at a CAGR of 4.9% over the forecast duration, 2018 to 2025. Growing focus on fuel efficiency has resulted in turbo charging and downsizing of engines, which, in turn, is augmenting the market growth. Further, the introduction of advanced models such as homogeneous charge compression ignition (HCCI) is anticipated to bolster the demand for ICE vehicles in the near future.

Owing to stringent emission norms, industry players are engaged in developing high-power and high-speed engines that can be environment-friendly. Despite these efforts, governments across the globe are focusing on banning the IC engine. For example, countries such as France, India, Netherlands, U.K, and Norway are emphasizing doing away with sales of IC engines by 2025. Other counties such as Germany and China are also focusing on banning these vehicles, although they have not set any specific timeline.

Growing penetration of electric vehicles is derailing the IC engine growth significantly and its electric vehicles target set by various manufacturers meet the timeline, then ban on IC engine can be a reality. Nevertheless, it is highly likely that the IC engine would be redundant anytime soon. Despite the considerable growth rate, electric vehicles have their own challenges that restrict their mass adoption.

Internal Combustion Engine (ICE) Market Share Insights

Several local and international players operating in the market. Key players in the market include Toyota Motor Corporation, Mahindra & Mahindra Limited¸ Mitsubishi Heavy Industries, Ford Motor, MAN SE, Fiat SpA, AGCO Corporation, Volvo AB, Rolls-Royce Holdings plc, General Motors, and Caterpillar Incorporated. Factors such as the introduction of new products, geographical presence, and price are the key competitive criteria for manufacturers.

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Fuel Insights

Based on the fuel used, the IC engine can be segregated into natural gas and petroleum. Of them, in 2017, the petroleum segment accounted for more than 80% of the market share. Further, this segment can be bifurcated into gasoline and diesel. The gasoline-based engine held 45% of the market share in 2017. Features such as less vibration and noise attribute to the growth of this segment.

On the other hand, despite the significant availability of natural gas, it accounted for a lower share in the market in 2017. This segment is projected to witness a CAGR of 4.0% over the forecast period. Owing to the widespread popularity of petroleum bases engines, it is expected that natural gas-based engines will considerable time in becoming popular.

End-use Insights

Based on end-users, the internal combustion engine market is categorized into automotive, aircraft, and marine. Of them, in 2017, the automotive engine held over 65.0% share by volume. In addition, this segment is anticipated to register the highest growth rate from 2018 to 2025. Growing infrastructural development coupled with rising purchasing power is propelling the growth of this segment. Further, technological advancements that led to the introduction of fuel-efficient vehicles are also bolstering the growth of this segment.

On the other hand, an aircraft IC engine is likely to witness a CAGR of 4.5% over the forecast period. The growing number of aircraft manufacturing is attributing to the growth of this segment. Further, technological advancements that result in the development of multi-fuel capability have significantly improved the mileage, thereby, propelling the market growth. As predicted by the International Air Transport Association (IATA), the world is projected to witness significant demand for aircraft by 2030.

Regional Insights

In 2017, Asia Pacific accounted for over 40% of the market share by volume. Considerably high production of the automobile, especially in China, is proliferating the market growth. Additionally, the region is witnessing high demand for aircraft, which, in turn, is projected to augment the market growth from 2018 to 2025.

North America, on the other hand, is anticipated to register significant growth owing to the rise in car sales in the regions, especially in the U.S. By volume, Europe accounted for nearly 25% of the market share in 2017. However, Europe’s share in the market is projected to decrease owing to stringent emission norms imposed by the federal government in the region. Further, the region is witnessing a considerable increase in the number of electrical vehicles.

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