Global Internal Combustion Engine (ICE) Market, By Fuel (Petroleum, Natural Gas), End-Use (Automotive, Aircraft, Marine), Application (Automotive, Non-Automotive) - Industry Trends and Forecast to 2029
Market Analysis and Size
The internal combustion (IC) engine manufacturing sector is witnessing high growth with the continuous developments in product offerings in order to support emission targets. Various government are implementing stringent regulations to reduce the amount of air pollution.
Global Internal Combustion Engine (ICE) Market was valued at USD 58,514.15 billion in 2021 and is expected to reach USD 93,615.18 billion by 2029, registering a CAGR of 6.05% during the forecast period of 2022-2029. Natural Gas is expected to witness high growth in the fuel segment of the market owing to the concerns regarding environment. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Internal combustion engine is a type of power-generating source for various automobiles wherein the combustion of petroleum or natural gas occurs to generate heat thereby resulting in generation of power which is then used for the mobility of the automobiles they are installed in. The structure of this includes a chamber where the combustion process occurs with the interaction of an oxidizer.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Forecast Period
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2022 - 2029
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Fuel (Petroleum, Natural Gas), End-Use (Automotive, Aircraft, Marine), Application (Automotive, Non-Automotive)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa
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Market Players Covered
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AGCO Corporation (US), ASHOK LEYLAND (India), Hino Motors, Ltd. (Japan), Bosch Limited (Germany), Caterpillar (US), Cummins Inc. (US), Ford Motor Company (US), Kirloskar Oil Engines Ltd. (India), General Motors (US), Mahindra & Mahindra Ltd. (India), Navistar, Inc. (US), Rolls-Royce plc (UK), Shanghai Diesel Engine Co., Ltd. (SDEC) (China), Volkswagen AG (Germany), TOYOTA INDUSTRIES CORPORATION (Japan), Volvo Car Corporation (Sweden), Groupe Renault (France), Doosan Infracore (South Korea), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), Fiat Chrysler Automobiles (UK), and Hyundai Heavy Industries Co., Ltd (South Korea), among others
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Market Opportunities
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Internal Combustion Engine (ICE) Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Government Initiatives
The rise in government initiatives towards emission reduction to control emissions acts as one of the major factor driving the growth of internal combustion engine (ICE) market. Manufacturers increasing their investments to meet government standards has a positive impact on the market.
- Concerns regarding toxic waste
The increase in the adoption of diesel oxidation catalyst (DOC) for the conversion of carbon monoxide (CO) and hydrocarbons into water and carbon dioxide (CO2) accelerate the market growth. This catalyst breaks down toxic waste in the exhaust stream from the engine, declining particulate matter (PM).
- Increase in demand for diesel engines
The surge in inclination towards diesel engines over gasoline engines owing to their superior fuel economy, durability, and reliability, associated with a favourable fuel tax situation further influence the market.
Additionally, expansion of the automotive sector, surge in investments and increased disposable income positively affect the internal combustion engine (ICE) market.
Opportunities
Furthermore, technological advancements and increasing modernization in the production techniques extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, research and development activities further escalate the growth of diesel engine catalyst market.
Restraints/Challenges faced by the Internal Combustion Engine (ICE) Market
On the other hand, strict regulatory presence in the market for ICE due to their environmental impact attacks, and rising adoption rate of EV (electronic vehicles) are expected to obstruct market growth. Also, increasing lack of fossil fuel reserves resulting in higher costs of petroleum products are projected to challenge the internal combustion engine (ICE) market in the forecast period of 2022-2029.
This internal combustion engine (ICE) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the internal combustion engine (ICE) market contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.
COVID-19 had a Major Impact on Internal Combustion Engine (ICE) Market
The COVID-19 had a negative impact on the internal combustion engine (ICE) market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand for diesel engine catalyst. The supply chain got hampered during the pandemic along with delay logistics activities. However, the diesel engine catalyst market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.
Global Internal Combustion Engine (ICE) Market Scope
The internal combustion engine (ICE) market is segmented on the basis of fuel, end-use and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Fuel
- Petroleum
- Natural Gas
End-Use
- Automotive
- Aircraft
- Marine
Application
- Automotive
- Non-Automotive
Internal Combustion Engine (ICE) Market Regional Analysis/Insights
The internal combustion engine (ICE) market is analyzed and market size insights and trends are provided by country, fuel, end-use and application.
The countries covered in the internal combustion engine (ICE) market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Asia-Pacific (APAC) dominates the internal combustion engine (ICE) market because of the increase in demand of the product from the various end-use verticals such as construction, mining, agriculture, power generation.
North America is expected to witness significant growth during the forecast period of 2022 to 2029 due to the high car adoption rate in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Internal Combustion Engine (ICE) Market Share Analysis
The internal combustion engine (ICE) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to internal combustion engine (ICE) market.
Some of the major players operating in the internal combustion engine (ICE) market are
- AGCO Corporation (US)
- ASHOK LEYLAND (India)
- Hino Motors, Ltd. (Japan)
- Bosch Limited (Germany)
- Caterpillar (US)
- Cummins Inc. (US)
- Ford Motor Company (US)
- Kirloskar Oil Engines Ltd. (India)
- General Motors (US)
- Mahindra & Mahindra Ltd. (India)
- Navistar, Inc. (US)
- Rolls-Royce plc (UK)
- Shanghai Diesel Engine Co., Ltd. (SDEC) (China)
- Volkswagen AG (Germany)
- TOYOTA INDUSTRIES CORPORATION (Japan)
- Volvo Car Corporation (Sweden)
- Groupe Renault (France)
- Doosan Infracore (South Korea)
- MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan)
- Fiat Chrysler Automobiles (UK)
- Hyundai Heavy Industries Co., Ltd (South Korea)
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