The global internal combustion engine (ICE) market demand is expected to reach 229,439 thousand units by 2025 at a 4.9% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Rising need for fuel efficiency has resulted in engine downsizing and turbocharging, which is expected to escalate market growth over the coming years. Development of several advanced combustion modes such as homogeneous charge compression ignition (HCCI) is expected to catalyze the growth of the internal combustion engines market. The automotive ICE segment is expected to witness significant growth owing to high vehicle demand over the forecast period. Surging demand for high efficiency engines with low carbon emission is also expected to fuel segment growth.
Availability of alternative-fuel options such as propane auto gas and compressed natural gas as well as and electric vehicles is anticipated to challenge industry growth. However, a complete replacement by these substitutes may take a long time owing to the reliability and efficiency offered by IC engine technology.
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Further key findings from the study suggest:
The petroleum segment captured the largest share by fuel type in 2017 and is expected to register a CAGR of close to 5.0% from 2018 to 2025. This growth is ascribed to increasing demand for gasoline powered vehicles as well increasing production of shale gas
By end use, the automotive engines segment is projected to witness healthy growth over the forecast years, primarily on account of surge in demand for commercial as well as passenger vehicles
Rising demand for submarines and ships for military applications is expected to drive the marine engines segment from 2018 to 2025
The Asia Pacific internal combustion engines market accounted for over 40.0% of the overall market volume in 2017, fueled by high demand across the automotive segment
Key players in this market include Volkswagen AG, General Motors, Rolls-Royce, Caterpillar Inc., Cummins, Toyota Industries Corporation, and Volvo. The industry faces several challenges owing to frequent update in government rules and regulations, making value chain analysis significant.
Grand View Research has segmented the global internal combustion engine (ICE) market on the basis of fuel, end use, and region:
Internal Combustion Engine Fuel Type Outlook (Volume, Thousand Units, 2014 - 2025)
Internal Combustion Engine End-use Outlook (Volume, Thousand Units, 2014 - 2025)
Internal Combustion Engine Regional Outlook (Volume, Thousand Units, 2014 - 2025)
Middle East & Africa
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