The Internal Combustion Engine (ICE) Market size is expected to reach USD 77.15 Bn by 2030, the value for the year 2022 was recorded USD 59.10 Bn the market is expected to grow at a CAGR of 3.2% over the forecast period 2023-2030.
An internal combustion engine (ICE) is a kind of heat engine that uses combustion of fuel inside a chamber to produce mechanical energy. These engines are frequently found in automobiles, industrial applications, and power generators.
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With more than 30 percent of global ICE vehicle sales expected in 2022, China is the largest ICE vehicle market in the world. Germany, Japan, and the United States are among the other important markets. In the upcoming years, it is anticipated that ICE car sales will continue to fall as EVs become more widely available and reasonably priced. Nonetheless, ICE cars will probably continue to be the most popular powertrain in the world's automobile industry.
Automakers are progressively incorporating electric drivetrains into their automobile models. Hybrid cars offer lower emissions and better fuel economy by combining an electric motor and internal combustion engine. Plug-in hybrids, complete hybrids, and mild hybrids are getting more popular. ICEs are occasionally utilized to increase the range of electric cars (like the BMW i3, which has a tiny gasoline engine). The goal of ongoing research and development is to make internal combustion engines more efficient. In order to improve fuel economy and lower emissions, technologies like variable valve timing, turbocharging, direct injection, and cylinder deactivation are being employed.
Alternative fuels for internal combustion engines (ICEs), like hydrogen and natural gas, are being investigated. When compared to conventional gasoline and diesel, these fuels may be more environmentally friendly. In order to lessen the harmful emissions from ICEs, stricter emissions regulations are driving the development and application of advanced emission control technologies, such as particulate filters and selective catalytic reduction. Developing and utilizing biofuels, like ethanol and biodiesel, has the potential to lessen the carbon footprint of internal combustion engine vehicles. These fuels require little modification to be used in engines that are currently in use and are made from renewable resources.
Driver
The rising percentage of demand for ICE vehicles
Particularly in developing nations, internal combustion engine (ICE) automobiles remain substantially less expensive than electric vehicles (EVs). Due to worries about range anxiety and the accessibility of charging infrastructure, many consumers are still reluctant to convert to electric vehicles. When it comes to towing or hauling large objects, customers still prefer internal combustion engine (ICE) vehicles. Internal combustion engines (ICEs) still power the great majority of commercial vehicles, including trucks and buses. Nonetheless, the growing proportion of ICE vehicle demand is still a noteworthy development. This is because there is a much greater market for ICE vehicles than EVs. In 2022, more than 99 percent of all new cars sold globally were internal combustion engines (ICE). Conversely, only 7.5% of all new cars sold globally were electric.
Restrain
The high entry barriers and the increase in operating expenses because of geopolitical pressures.
Opportunity
The extension by the government in terms of net zero guidelines and the adaptability issues by the people living in struggling economies.
Even though EVs are becoming a bigger threat to the ICE sector, there are still plenty of room for expansion. The ICE industry can continue to be competitive in the future by creating new applications, breaking into untapped markets, and creating new technologies. In addition to the aforementioned, the ICE sector has a chance to contribute to the shift towards a future in transportation that is more sustainable. For instance, vehicles powered by renewable fuels like hydrogen and biofuels could be powered by internal combustion engine (ICE) technology. ICE engines may also be utilized to produce electricity for automobiles through range extenders and hybrid powertrains, for example.
Challenge
The urge by the new entrants and incumbents for the implementation of renewable energy sources.
The worldwide economy, particularly the internal combustion engine (ICE) sector, has been significantly impacted by the protracted conflict in Ukraine. The war's most direct effect has been a sharp increase in the price of gas and oil. As a result, the cost of manufacturing and running ICE cars has increased. Some customers and companies have postponed or abandoned their plans to buy new internal combustion engine (ICE) vehicles as a result. The global supply chain for ICE vehicles and their components has also been affected by the war. This is due to Ukraine's significant exports of raw materials used in the manufacture of internal combustion engines, such as steel and aluminium.
Impact of Recession:
Due to budget cuts made by both consumers and businesses, the demand for internal combustion engine (ICE) vehicles is declining. Numerous factors, such as increased inflation, job losses, and future uncertainty, are to blame for this. However, the recession is also bringing about a drop in the price of raw materials like rubber, steel, and aluminium that are used to make internal combustion engines (ICEs). This is because the slowdown in the global economy has resulted in a decrease in the demand for these materials. The decline in demand for internal combustion engine vehicles is partially offset by the drop in raw material costs.
By Fuel
Petroleum
Natural Gas
By End-User
Automotive
Marine
Aircraft
-Market(1).png)
REGIONAL COVERAGE
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major key players are as follows Volvo AB, Toyota, Volkswagen, Renault SA, MAN SE, General Motors Co, Ford Motor, Fiat, Robert Bosch, and others.
Analysis of North America region for the ICE market, for automobiles with internal combustion engines (ICEs), North America is a significant market. More than 99 percent of all new cars sold in North America in 2022 were internal combustion engines (ICEs). This is caused by several things, such as the availability and affordability of internal combustion engines (ICEs), their high towing and range, and the absence of an extensive infrastructure for charging electric vehicles (EVs). However, as EVs become more accessible and affordable, it is anticipated that the demand for ICE vehicles in North America will decline in the upcoming years. North American governments are also putting policies in place to encourage the use of electric vehicles (EVs), including tax breaks and subsidies.
APAC is said to be the region with the highest share for ICE market, according to industry experts the world's largest market for internal combustion engine (ICE) vehicles is found in the Asia-Pacific (APAC) region. By 2022, more than half of all ICE vehicle sales worldwide came from APAC. Several of the biggest ICE car producers in the world, including Toyota, Honda, and Hyundai, are based in the area.
The world's population is concentrated in the APAC region, and growth in this area is predicted in the years to come. This will lead to an increase in the demand for transportation, including ICE vehicles. Some of the world's fastest-growing economies are found in the APAC region. The expansion of the economy is increasing disposable income and consumer spending, which in turn is driving up demand for new automobiles—including internal combustion engine (ICE) vehicles. There is a growing urbanization trend in the Asia-Pacific area. As a result of urbanization, there is an increasing need for ICE vehicles and other forms of transportation.
Recent Developments;
Ford: A $3.7 billion investment in new internal combustion engine (ICE) and electric vehicle (EV) projects was recently announced by Ford Motor Company. The investment will go toward creating updated models of the well-liked Ford Mustang and Ranger pickup truck.
Toyota: Toyota is making significant investments in the creation of fresh, more effective internal combustion engines (ICEs). The company recently declared that it will invest $383 million to build new four-cylinder internal combustion engines (ICEs) for hybrid and ICE-only vehicles at its plant in Huntsville, Alabama. It is anticipated that the plant will generate 900,000 engines annually.
| Report Attributes | Details |
| Market Size in 2022 | US$ 59.10 Bn |
| Market Size by 2030 | US$ 77.15 Bn |
| CAGR | CAGR of 3.2 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | By Fuel: Petroleum, Natural Gas By End-User: Automotive, Marine, Aircraft |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Volvo AB, Toyota, Volkswagen, Renault SA, MAN SE, General Motors Co, Ford Motor, Fiat, Robert Bosch, and others. |
| Key Drivers | The rising percentage of demand for ICE vehicles |
| Market Restraints | The high entry barriers and the increase in operating expenses because of geopolitical pressures. |
Ans: The Internal Combustion Engine (ICE) Market size is expected to reach USD 77.15 Bn by 2030, the value for the year 2022 was recorded USD 59.10 Bn the market is expected to grow at a CAGR of 3.2% over the forecast period 2023-2030.
Ans; The rising percentage of demand for ICE vehicles
Ans: The high entry barriers and the increase in operating expenses because of geopolitical pressures.
Ans; APAC region will be dominating the market during the forecasted period.
The major key players are as follows Volvo AB, Toyota, Volkswagen, Renault SA, MAN SE, General Motors Co, Ford Motor, Fiat, Robert Bosch, and others.
TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Internal Combustion Engine Market Segmentation, By Fuel
8.1 Infectious Mononucleosis (IM) Test
8.2 Epstein-Barr Virus (EBV) Test
8.3 Others
9. Internal Combustion Engine Market Segmentation, By End User
9.1 Hospitals
9.2 Diagnostic Laboratories
9.3 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Internal Combustion Engine Market by Country
10.2.2North America Internal Combustion Engine Market by Fuel
10.2.3 North America Internal Combustion Engine Market by End User
10.2.4 USA
10.2.4.1 USA Internal Combustion Engine Market by Fuel
10.2.4.2 USA Internal Combustion Engine Market by End User
10.2.5 Canada
10.2.5.1 Canada Internal Combustion Engine Market by Fuel
10.2.5.2 Canada Internal Combustion Engine Market by End User
10.2.6 Mexico
10.2.6.1 Mexico Internal Combustion Engine Market by Fuel
10.2.6.2 Mexico Internal Combustion Engine Market by End User
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Internal Combustion Engine Market by Country
10.3.1.2 Eastern Europe Internal Combustion Engine Market by Fuel
10.3.1.3 Eastern Europe Internal Combustion Engine Market by End User
10.3.1.4 Poland
10.3.1.4.1 Poland Internal Combustion Engine Market by Fuel
10.3.1.4.2 Poland Internal Combustion Engine Market by End User
10.3.1.5 Romania
10.3.1.5.1 Romania Internal Combustion Engine Market by Fuel
10.3.1.5.2 Romania Internal Combustion Engine Market by End User
10.3.1.6 Hungary
10.3.1.6.1 Hungary Internal Combustion Engine Market by Fuel
10.3.1.6.2 Hungary Internal Combustion Engine Market by End User
10.3.1.7 Turkey
10.3.1.7.1 Turkey Internal Combustion Engine Market by Fuel
10.3.1.7.2 Turkey Internal Combustion Engine Market by End User
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Internal Combustion Engine Market by Fuel
10.3.1.8.2 Rest of Eastern Europe Internal Combustion Engine Market by End User
10.3.2 Western Europe
10.3.2.1 Western Europe Internal Combustion Engine Market by Country
10.3.2.2 Western Europe Internal Combustion Engine Market by Fuel
10.3.2.3 Western Europe Internal Combustion Engine Market by End User
10.3.2.4 Germany
10.3.2.4.1 Germany Internal Combustion Engine Market by Fuel
10.3.2.4.2 Germany Internal Combustion Engine Market by End User
10.3.2.5 France
10.3.2.5.1 France Internal Combustion Engine Market by Fuel
10.3.2.5.2 France Internal Combustion Engine Market by End User
10.3.2.6 UK
10.3.2.6.1 UK Internal Combustion Engine Market by Fuel
10.3.2.6.2 UK Internal Combustion Engine Market by End User
10.3.2.7 Italy
10.3.2.7.1 Italy Internal Combustion Engine Market by Fuel
10.3.2.7.2 Italy Internal Combustion Engine Market by End User
10.3.2.8 Spain
10.3.2.8.1 Spain Internal Combustion Engine Market by Fuel
10.3.2.8.2 Spain Internal Combustion Engine Market by End User
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Internal Combustion Engine Market by Fuel
10.3.2.9.2 Netherlands Internal Combustion Engine Market by End User
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Internal Combustion Engine Market by Fuel
10.3.2.10.2 Switzerland Internal Combustion Engine Market by End User
10.3.2.11 Austria
10.3.2.11.1 Austria Internal Combustion Engine Market by Fuel
10.3.2.11.2 Austria Internal Combustion Engine Market by End User
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Internal Combustion Engine Market by Fuel
10.3.2.12.2 Rest of Western Europe Internal Combustion Engine Market by End User
10.4 Asia-Pacific
10.4.1 Asia Pacific Internal Combustion Engine Market by Country
10.4.2 Asia Pacific Internal Combustion Engine Market by Fuel
10.4.3 Asia Pacific Internal Combustion Engine Market by End User
10.4.4 China
10.4.4.1 China Internal Combustion Engine Market by Fuel
10.4.4.2 China Internal Combustion Engine Market by End User
10.4.5 India
10.4.5.1 India Internal Combustion Engine Market by Fuel
10.4.5.2 India Internal Combustion Engine Market by End User
10.4.6 Japan
10.4.6.1 Japan Internal Combustion Engine Market by Fuel
10.4.6.2 Japan Internal Combustion Engine Market by End User
10.4.7 South Korea
10.4.7.1 South Korea Internal Combustion Engine Market by Fuel
10.4.7.2 South Korea Internal Combustion Engine Market by End User
10.4.8 Vietnam
10.4.8.1 Vietnam Internal Combustion Engine Market by Fuel
10.4.8.2 Vietnam Internal Combustion Engine Market by End User
10.4.9 Singapore
10.4.9.1 Singapore Internal Combustion Engine Market by Fuel
10.4.9.2 Singapore Internal Combustion Engine Market by End User
10.4.10 Australia
10.4.10.1 Australia Internal Combustion Engine Market by Fuel
10.4.10.2 Australia Internal Combustion Engine Market by End User
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Internal Combustion Engine Market by Fuel
10.4.11.2 Rest of Asia-Pacific APAC Internal Combustion Engine Market by End User
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Internal Combustion Engine Market by Country
10.5.1.2 Middle East Internal Combustion Engine Market by Fuel
10.5.1.3 Middle East Internal Combustion Engine Market by End User
10.5.1.4 UAE
10.5.1.4.1 UAE Internal Combustion Engine Market by Fuel
10.5.1.4.2 UAE Internal Combustion Engine Market by End User
10.5.1.5 Egypt
10.5.1.5.1 Egypt Internal Combustion Engine Market by Fuel
10.5.1.5.2 Egypt Internal Combustion Engine Market by End User
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Internal Combustion Engine Market by Fuel
10.5.1.6.2 Saudi Arabia Internal Combustion Engine Market by End User
10.5.1.7 Qatar
10.5.1.7.1 Qatar Internal Combustion Engine Market by Fuel
10.5.1.7.2 Qatar Internal Combustion Engine Market by End User
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Internal Combustion Engine Market by Fuel
10.5.1.8.2 Rest of Middle East Internal Combustion Engine Market by End User
10.5.2 Africa
10.5.2.1 Africa Internal Combustion Engine Market by Country
10.5.2.2 Africa Internal Combustion Engine Market by Fuel
10.5.2.3 Africa Internal Combustion Engine Market by End User
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Internal Combustion Engine Market by Fuel
10.5.2.4.2 Nigeria Internal Combustion Engine Market by End User
10.5.2.5 South Africa
10.5.2.5.1 South Africa Internal Combustion Engine Market by Fuel
10.5.2.5.2 South Africa Internal Combustion Engine Market by End User
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Internal Combustion Engine Market by Fuel
10.5.2.6.2 Rest of Africa Internal Combustion Engine Market by End User
10.6 Latin America
10.6.1 Latin America Internal Combustion Engine Market by Country
10.6.2 Latin America Internal Combustion Engine Market by Fuel
10.6.3 Latin America Internal Combustion Engine Market by End User
10.6.4 Brazil
10.6.4.1 Brazil Internal Combustion Engine Market by Fuel
10.6.4.2 Brazil Africa Internal Combustion Engine Market by End User
10.6.5 Argentina
10.6.5.1 Argentina Internal Combustion Engine Market by Fuel
10.6.5.2 Argentina Internal Combustion Engine Market by End User
10.6.6 Colombia
10.6.6.1 Colombia Internal Combustion Engine Market by Fuel
10.6.6.2 Colombia Internal Combustion Engine Market by End User
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Internal Combustion Engine Market by Fuel
10.6.7.2 Rest of Latin America Internal Combustion Engine Market by End User
11 Company Profile
11.1 Volvo AB
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Toyota
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Volkswagen
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Renault SA
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 MAN SE
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 General Motors Co
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Ford Motor
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Fiat
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Robert Bosch
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Others
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Bench marking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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