Internal Combustion Engine Market Top Players are Fiat Chrysler and Robert Bosch GmbH

Posted on 2023-05-30 by researchinsights in Automotive, Industrial // 0 Comments

San Francisco, Calif., USA, May 30 2023 — /EPR Network/ —

Internal Combustion Engine Industry Overview

The global internal combustion engine market size was estimated at 169,603.7 thousand units in 2021 and is projected to register a compound annual growth rate (CAGR) of 9.3% from 2022 to 2030. The market witnessed tremendous growth and is expected to increase owing to a rise in demand for passenger and commercial vehicles in developed and emerging countries. Electric power trains are increasingly being combined with internal combustion engines (ICE) to improve vehicle fuel economy, which is a key factor driving the market’s growth. Demand for the product is increasing across the industry such as agriculture, construction, mining, and power generation. The lack of EV infrastructure availability worldwide is also responsible for the uptake of the ICE market. Also, the growing popularity of vehicles using gasoline and growing shale gas production are other factors driving the market growth.

Various strict laws and criteria relating to efficient technologies by the government are expected to boost the ICE market. For instance, the Indian government has made flex-fuel engine manufacturing mandatory for vehicle manufacturers. Thus, prompting manufacturers to increase the manufacturing of ICE. However, the absence of EV infrastructure and charging stations might lead to the industry’s rise in the forecast period.

Gather more insights about the market drivers, restraints, and growth of the Global Internal Combustion Engine Market

Technological advancements bring evolution to the internal combustion engine, allowing them to provide more power while using less fuel. Meanwhile, engines will continue to play an essential role in the automotive industry’s evolution. Also, they have the potential to improve in areas like thermal efficiency, emissions, and electrification. The introduction of the new concept of Low-temperature combustion (LTC) is a cutting-edge combustion idea for internal combustion engines that has recently gotten a lot of attention.

LTC technology has significant advantages in decreasing nitrogen oxides (NOx) and particulate matter (PM) and reducing specific fuel usage. However, controlling ignition time and heat release rate (HRR) are major obstacles to overcome before LTC technology can be widely adopted in vehicle engines. Internal combustion engines are no longer the only choice for vehicle power trains due to the development of alternative energy and hybrid vehicle technologies. Also, the rising adoption rate of EVs (electric vehicles) and the increasing shortage of fossil fuel reserves resulting in higher petroleum product costs are among the major factors restraining market growth.

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Internal Combustion Engine Market Segmentation

Grand View Research has segmented the global internal combustion engine market report based on fuel, end-use, or region:

Internal Combustion Engine Fuel Outlook (Volume, Thousand Units, 2018 – 2030)

Petroleum
Natural Gas

Internal Combustion Engine End-use Outlook (Volume, Thousand Units, 2018 – 2030)

Automotive
Marine
Aircraft

Internal Combustion Engine Regional Outlook (Volume, Thousand Units, 2018 – 2030)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Market Share Insights:

April 2021: Toyota announced that it is developing a hydrogen-fueled combustion engine that will be used in sports vehicles and seeks to create a thriving and sustainable mobility society.

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