The global internal combustion engine market was valued at 169,603.7 thousand units in 2021 and it is predicted to surpass around 370,693.0 thousand units by 2030 with a CAGR of 9.5% from 2022 to 2030.
Report Highlights
Rising disposable income in various nations and increased automobile use throughout the world are a major factor driving the market.
A spike in technological advancement in internal combustion engine (ICE) in terms of pollution, fuel efficiency, and performance is expected to boost demand by 2030. Additionally, the lack of electric vehicle charging infrastructure worldwide coupled with increasing output of shale gas and growing demand for ICE in defense vehicles such as submarines and ships is further driving the market growth. The demand for ICE is also experiencing enlargement due to the application in end use sectors such as mining and construction.
Due to rigorous legislative requirements for fuel efficiency, manufacturing companies are trying to produce high-speed and high-power engines with maximum customer satisfaction along with minimal environmental consequences and exhaust emissions. Despite these efforts, governments throughout the world, notably in the automobile sector, are raising the alert for IC engines.
For instance, the France, United Kingdom, India, Norway, and the Netherlands plan to prohibit the sale of ICE by 2025. Similarly, countries such as Germany and China are also planning to ban sale ICE but, they have not defined timeline. The petroleum segment is expected to develop by a steady growth rate due to the increasing automotive industry in the developing countries. Moreover, gasoline engines are also pushing the market growth as these engines produce less noise and vibration.
IC engines are now combined with hybrid electric power trains to improve fuel efficiency, owing to the advancement of electric vehicle technology. To increase the plug-in hybrid electric vehicle offering, these engines are also paired with plug-in hybrid electric systems.
Scope of The Report
Report Coverage | Details |
Market Size in 2021 | 169,603.7 thousand units |
Revenue Forecast by 2030 | 370,693.0 thousand units |
Growth rate from 2022 to 2030 | CAGR of 9.5% |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Segmentation | Fuel, end-use, application, region |
Companies Covered |
Volvo AB; Toyota Motor Corporation; Volkswagen AG; Rolls-Royce Holdings plc; Mahindra & Mahindra Limited, Renault SA, Mitsubishi Heavy Industries; MAN SE; General Motors; Ford Motor; Fiat SpA; Caterpillar Incorporated; Shanghai Diesel Engine Company Limited; Bosch; AGCO Corporation |
End-Use Insights
Based on end-use type, the ICE market is segmented into automotive, marine, and aircraft. The automotive segment held the highest market share of more than 60.07% in 2021. This expansion is linked to rising consumer disposable income, which has resulted in increased car usage throughout the world. The automotive manufacturers are focused on developing efficient internal combustion engines which provide high returns on the manufacturing investments. Furthermore, technological advancements that increase IC engine fuel economy, emissions, and performance are expected to propel the market's growth during the forecast period.
The aircraft segment is expected to witness a moderate CAGR of around 8.8% throughout the forecast period. This segment is primarily driven by the commercial aviation industry's favorable market dynamics. The application of ICE in aircraft used for tourism, logistics, and defense requires high-performing ICE, which has higher torque. This internal combustion engine application in various industries is expected to encourage market growth. Furthermore, technical developments like multi-fuel capability, which increases fuel mileage, will boost demand for the segment.
Fuel Insights
Based on fuel type, the ICE market is segmented into petroleum and natural gas. The petroleum segment dominates the market with the highest market share of more than 80.13% in 2021, due to the advantages offered by the petroleum internal combustion engine, such as less vibration and noise. Moreover, technological advancement in the automotive industry is expected to increase revenue flow for the segment. This growth can be attributed to the benefits offered by gasoline engines, such as they are efficient, cheaper, lightweight, and reducing emissions.
Although abundant availability and cost advantages, the natural gas segment has a lower market share. In comparison to petroleum, the fuel type will take years to gain broad adoption because diesel and gasoline are used in the majority of cars. Meanwhile, natural gas is expected to rise steadily in the foreseeable future as the gas is the cleanest burning-hydrocarbons that produce less emission, helping in reducing carbon emission. Additionally, LNG is used as an alternative to diesel and heavy fuel oil in transport due to its low carbon emission levels.
Regional Insights
Asia- Pacific market is anticipated to account for a significant revenue share in the global internal combustion engine market. The presence of several automotive manufacturers, as well as increased demand for the passenger automobiles in some of the region’s major countries, such as India and China, are the primary factors driving growth of the market. Furthermore, the lack of electric vehicle charging infrastructure and the expensive cost of electric motors support market growth. The use of natural gas in ICE due to low emission is also aimed at making ICE an alternative to EV. The aviation industry in the Asia Pacific is also booming, giving the aviation engines segment opportunities to expand during the forecast period.
North America is projected for growth in the internal combustion engine (ICE) industry due to the high rate of automobile adoption within the area. North America is a home for the major automobile manufacturers such as General Motors Company and Ford Motor Corporation; the car makers are constantly redefining the design and size of the ICE to make it lightweight and smaller in size and are more efficient in performance. Such technological iterations are making a positive impact on the market growth. Europe is expected to grow in the market for internal combustion engines due to stringent government laws relating to CO2 emissions, as well as an increasing emphasis on the usage of electric cars within the area.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Internal Combustion Engine Market
5.1. COVID-19 Landscape: Internal Combustion Engine Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Internal Combustion Engine Market, By Fuel
8.1. Internal Combustion Engine Market, by Fuel, 2022-2030
8.1.1 Petroleum
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Natural Gas
8.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Internal Combustion Engine Market, By End-use
9.1. Internal Combustion Engine Market, by End-use, 2022-2030
9.1.1. Automotive
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Marine
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Aircraft
9.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Internal Combustion Engine Market, By Application
10.1. Internal Combustion Engine Market, by Application, 2022-2030
10.1.1. Automotive
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Non-Automotive
10.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Internal Combustion Engine Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.1.2. Market Revenue and Forecast, by End-use (2017-2030)
11.1.3. Market Revenue and Forecast, by Application (2017-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.1.4.2. Market Revenue and Forecast, by End-use (2017-2030)
11.1.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.1.5.2. Market Revenue and Forecast, by End-use (2017-2030)
11.1.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.2.2. Market Revenue and Forecast, by End-use (2017-2030)
11.2.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.2.4.2. Market Revenue and Forecast, by End-use (2017-2030)
11.2.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.2.5.2. Market Revenue and Forecast, by End-use (2017-2030)
11.2.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.2.6.2. Market Revenue and Forecast, by End-use (2017-2030)
11.2.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.2.7.2. Market Revenue and Forecast, by End-use (2017-2030)
11.2.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.3.2. Market Revenue and Forecast, by End-use (2017-2030)
11.3.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.3.4.2. Market Revenue and Forecast, by End-use (2017-2030)
11.3.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.3.5.2. Market Revenue and Forecast, by End-use (2017-2030)
11.3.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.3.6.2. Market Revenue and Forecast, by End-use (2017-2030)
11.3.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.3.7.2. Market Revenue and Forecast, by End-use (2017-2030)
11.3.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.4.2. Market Revenue and Forecast, by End-use (2017-2030)
11.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.4.4.2. Market Revenue and Forecast, by End-use (2017-2030)
11.4.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.4.5.2. Market Revenue and Forecast, by End-use (2017-2030)
11.4.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.4.6.2. Market Revenue and Forecast, by End-use (2017-2030)
11.4.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.4.7.2. Market Revenue and Forecast, by End-use (2017-2030)
11.4.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.5.2. Market Revenue and Forecast, by End-use (2017-2030)
11.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.5.4.2. Market Revenue and Forecast, by End-use (2017-2030)
11.5.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Fuel (2017-2030)
11.5.5.2. Market Revenue and Forecast, by End-use (2017-2030)
11.5.5.3. Market Revenue and Forecast, by Application (2017-2030)
Chapter 12. Company Profiles
12.1. Volvo AB
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Toyota Motor Corporation
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Volkswagen AG
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Rolls- Royce Holding plc
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Mahindra & Mahindra Ltd.
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Renault SA
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Mitsubishi Heavy Industries
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. MAN SE
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. General Motor Company
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Ford Motors
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms