The internal combustion engine market comprises engines that utilize combustion of fuel to generate energy which is then converted into mechanical energy. The key products under this market include gasoline engines, diesel engines, and natural gas engines. Internal combustion engines provide excellent mobility and are widely used for automobiles, power generators, marine vessels, and other industrial machineries. The Global Internal Combustion Engine Market is estimated to be valued at US$ 256.7 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the internal combustion engine are Volkswagen AG,Toyota Industries Corporation,Robert Bosch GmbH,Cummins Inc.,Caterpillar Incorporated,BMW. Key players Volkswagen AG and Toyota Industries Corporation have established dominance in the automobile engines market owing to their vast global production capacities and product range.
The increasing demand for personal vehicles and expansion of e-commerce sector has been driving the need for trucks, buses, light and heavy commercial vehicles which utilize internal combustion engines. However, stringent emission norms worldwide have prompted key players to increasingly focus on developing cleaner and more efficient engines.
The global internal combustion engine market is witnessing high growth in Asia Pacific region led by China and India on account of rising income levels, growing automotive demand and supportive government policies. Meanwhile, North America and Europe are exploring electrification of transportation which could hamper the growth of internal combustion engine market over the long run.
Market Key Trends
One of the key trends in the internal combustion engine market is increasing electrification. Strict emission regulations worldwide have prompted key players to increasingly focus on electrification of internal combustion engines through developments such as hybrid vehicles, micro-hybrid vehicles and 48V mild-hybrid vehicles. This helps improve the fuel-efficiency without compromising on performance. Further, developments are also underway to develop range-extender engines that can work alongside battery-electric drivetrains to enhance driving ranges.
Porter's Analysis
Threat of new entrants: New entrants face high initial costs of set up and technology investments. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of variety of engine options. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of component manufacturing capabilities globally. Threat of new substitutes: Electric vehicles pose a threat to internal combustion engines in the long run. Competitive rivalry: Competition is intense among established manufacturers.
Geographical Regions
North America currently holds the largest share of the internal combustion engine market in terms of value owing to the presence of major automotive companies and dominance in commercial vehicles.
Asia Pacific is the fastest growing region due to increasing vehicle production and sales in China and India.
What Are The Key Data Covered In This Internal Combustion Engine Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Internal Combustion Engine 's growth between 2024 and 2031.
:- Accurate calculation of the size of the Internal Combustion Engine and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Internal Combustion Engine Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Internal Combustion Engine vendors
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it