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The Internal Combustion Engine (ICE) Market demand size was recorded at USD 113 Bn by 2023 and is expected to reach USD 268.8 Bn during 2032, growing at a CAGR of 10.1% over the forecast period 2024-2032.
This growth is driven by a growing focus on clean, sustainable energy solutions and increasing demand from sectors including cleaner transportation. Hydrogen ICE technology is a big improvement in reducing carbon emissions and increasing energy efficiency, so this innovative performance has enabled huge investments shaping technological development in automotive as well as the entire global energy consequences.
Moreover, because of the increasing adoption of ICEs in numerous automotive and non-automotive applications such as cars, motorcycles, aircraft, boats, diesel generators, lawnmowers locomotives ships airplanes in countries like China, Japan, India expected to hold substantial market share, thus further fuelling growth prospects in internal combustion engine market. The internal combustion engine (ICE) sector has recorded a lot of developments in recent times Low-temperature combustion, including Homogeneous charge compression Ignition (HCCI) and Premixed charge compression ignition(PCCI )has been able to improve engine efficiency by 20 % while emitting less toxins as well. For Instance, Low temperature Combustion(LTC) had made strategies to improve engine efficiency by up to 20% compared to conventional diesel engines. This is because LTC reduces emissions of particulate matter and nitrogen oxides by lowering combustion temperatures and avoiding fuel-rich regions. By helping engines meet increasingly stringent emissions regulations, LTC is enabling the continued growth and development of the ICE market.
The recent technological advancement in combustion engine design and material that leads to improvement in efficiency and effectiveness, have boosted the market in recent years .For Instance, Toyota is also planning to reveal a new in-built-powertrain (or internal combustion engine, ICE) which includes a 1.5- and four-liter cylinders that will be used in vehicles from July 2024. The new innovations that driving this momentum are Variable Displacement Engines (VDE) and high-performance hybrid electric powertrains.
Lightweight, high-strength composite materials and electronic controls are helping manufacturers improve engine. NVH as well as move advanced technologies into these fast-moving marine propulsion power plants for commercial fleet operations. In addition to electrification efforts, alternative fuels such as biofuels and hydrogen are becoming more widespread for fossil-fueled ICE technologies is helping the newest-generation internal combustion engines make up ground in a move toward sustainability.
Market Dynamics:
Driver
The rising demand for ICE vehicles, boost the market revenue.
The rising demand for vehicles globally and the growing need to expand transportation infrastructure, consequently projecting significant growth in the internal combustion engine market. Road vehicles are key in almost all trade since they play such an important role as facilitative agents for the global supply chain to provide regional connectivity and timely goods delivery. For Instance, Nearly 14 million new electric passenger cars were registered in the world during the year, making it a total of 40 million that are now driving on roads around almost at a sales-forecast movement track from last year's outcome, splitting up to two times the normal level. Almost 18% of cars sold were electric, compared to an average of just over 14% in 2022. These trends show that growth is healthy as electric car markets head out of the initial market phase in 2022.
On the other hand, Mercedes-Benz revealed its new efficient gasoline-powered E-Class model in April 2023 reflecting the industry's gradual shift towards electrification
Restrain
The high cost associated with purchase, fuel, and maintenance, reduces the demand for ICE vehicles.
Opportunity
The adoption of advanced technologies such as low-temperature combustion engines, provides the market a growth opportunity.
Challenge
Strict government regulation regarding emissions affects and balances efficiency and performance, hindering the market.
Market Segmentation
By Fuel
Petroleum
Natural Gas
The petroleum segment contributed to the largest share of more than 80% in 2023 and is anticipated to register the highest growth rate over the forecast period owing to benefits offered by petroleum internal combustion engines which include low vibration, noise among others In addition, the segment is anticipated to generate revenue due rise in technological developments within automobile industry. This growth is due to their efficiency, low cost, lightweight nature, and emission reduction capability as compared with other fuels that we use in engines.
By End-User
Automotive
Marine
Aircraft
By End-User, the automotive segment held the highest volume share of more than 68% in 2023 and is anticipated to grow with significant rate during forecast period. This growth is associated with the rising spending power of consumers. Vehicle makers are currently fine-tuning new efficient internal combustion engines that deliver the highest returns on manufacturing investments. Additionally, adopting advanced technology for enhancing IC engine fuel economy, emission and performance is anticipated to create growth opportunities in the market across its forecast period.
Asia-Pacific region dominates the Internal Combustion Engine market with more than 40% of the market share in the global market in 2023. The presence of a large number of automotive manufacturers and growing demand for passenger automobiles in major countries including China and India are expected to influence the growth prospects. Moreover, the non-availability of electric vehicle charging infrastructure due to the absence of power distribution agreements in countries is another major constraint, and the very high cost for development when compared with other car accessories is supporting market growth. In addition to considering that ICE emits less harmful gases, it is aimed at making itself a viable option as the next alternative over EVs by using natural gas in IC engines.
According to geography, North America is expected to increase at a rapid pace during the course of the projection period due to the country's growing automotive use. We should use the North American region, home to renowned automakers like General Motors Company and Ford Motor Corporation, as an example. The automotive industry is changing the way that cars are built, leading to fewer and smaller engines for better performance so similar it becomes lightweight which paves another reason for efficiency. Therefore, these innovations in technology fuel the growth of the market. European Government rules on emissions have been the strictest globally and more gravitate to electric cars will be found in Europe, thus it should see a higher internal combustion share.
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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.
Recent Developments
In June 2023, General Motors revealed plans to invest $632 million for the enhancement of its Fort Wayne Assembly facility located in Indiana. This investment will rebuild the plant to build America's next generation of full-size ICE pickups. This important strategic move is taken by company for expanding production capacities and meeting the changing requirements of one of its automotive customers
In April 2023, Mercedes' sixth-generation E-Class introduced the automaker's last new combustion engine model. The next generations of the E-Class will be based on a new platform designed to cater for electric powertrains but this current generation matters right now.
| Report Attributes | Details |
| Market Size in 2023 | USD 113.0 Bn |
| Market Size by 2032 | USD 268.8 Bn |
| CAGR | CAGR of 10.1 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| 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 268.8 Bn by 2032, the value for the year 2023 was recorded at USD 113 Bn the market is expected to grow at a CAGR of 10.1% over the forecast period 2024-2032.
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 Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Internal Combustion Engine Market Segmentation, By Fuel Type
7.1 Introduction
7.2 Petroleum
7.3 Natural Gas
8. Internal Combustion Engine Market Segmentation, By End-user
8.1 Introduction
8.2 Automotive
8.3 Marine
8.4 Aircraft
9. Regional Analysis
9.1 Introduction
9.2 North America
9.2.1 Trend Analysis
9.2.2 North America Internal Combustion Engine Market by Country
9.2.3 North America Internal Combustion Engine Market By Fuel Type
9.2.4 North America Internal Combustion Engine Market By End-user
9.2.5 USA
9.2.5.1 USA Internal Combustion Engine Market By Fuel Type
9.2.5.2 USA Internal Combustion Engine Market By End-user
9.2.6 Canada
9.2.6.1 Canada Internal Combustion Engine Market By Fuel Type
9.2.6.2 Canada Internal Combustion Engine Market By End-user
9.2.7 Mexico
9.2.7.1 Mexico Internal Combustion Engine Market By Fuel Type
9.2.7.2 Mexico Internal Combustion Engine Market By End-user
9.3 Europe
9.3.1 Trend Analysis
9.3.2 Eastern Europe
9.3.2.1 Eastern Europe Internal Combustion Engine Market by Country
9.3.2.2 Eastern Europe Internal Combustion Engine Market By Fuel Type
9.3.2.3 Eastern Europe Internal Combustion Engine Market By End-user
9.3.2.4 Poland
9.3.2.4.1 Poland Internal Combustion Engine Market By Fuel Type
9.3.2.4.2 Poland Internal Combustion Engine Market By End-user
9.3.2.5 Romania
9.3.2.5.1 Romania Internal Combustion Engine Market By Fuel Type
9.3.2.5.2 Romania Internal Combustion Engine Market By End-user
9.3.2.6 Hungary
9.3.2.6.1 Hungary Internal Combustion Engine Market By Fuel Type
9.3.2.6.2 Hungary Internal Combustion Engine Market By End-user
9.3.2.7 turkey
9.3.2.7.1 Turkey Internal Combustion Engine Market By Fuel Type
9.3.2.7.2 Turkey Internal Combustion Engine Market By End-user
9.3.2.8 Rest of Eastern Europe
9.3.2.8.1 Rest of Eastern Europe Internal Combustion Engine Market By Fuel Type
9.3.2.8.2 Rest of Eastern Europe Internal Combustion Engine Market By End-user
9.3.3 Western Europe
9.3.3.1 Western Europe Internal Combustion Engine Market by Country
9.3.3.2 Western Europe Internal Combustion Engine Market By Fuel Type
9.3.3.3 Western Europe Internal Combustion Engine Market By End-user
9.3.3.4 Germany
9.3.3.4.1 Germany Internal Combustion Engine Market By Fuel Type
9.3.3.4.2 Germany Internal Combustion Engine Market By End-user
9.3.3.5 France
9.3.3.5.1 France Internal Combustion Engine Market By Fuel Type
9.3.3.5.2 France Internal Combustion Engine Market By End-user
9.3.3.6 UK
9.3.3.6.1 UK Internal Combustion Engine Market By Fuel Type
9.3.3.6.2 UK Internal Combustion Engine Market By End-user
9.3.3.7 Italy
9.3.3.7.1 Italy Internal Combustion Engine Market By Fuel Type
9.3.3.7.2 Italy Internal Combustion Engine Market By End-user
9.3.3.8 Spain
9.3.3.8.1 Spain Internal Combustion Engine Market By Fuel Type
9.3.3.8.2 Spain Internal Combustion Engine Market By End-user
9.3.3.9 Netherlands
9.3.3.9.1 Netherlands Internal Combustion Engine Market By Fuel Type
9.3.3.9.2 Netherlands Internal Combustion Engine Market By End-user
9.3.3.10 Switzerland
9.3.3.10.1 Switzerland Internal Combustion Engine Market By Fuel Type
9.3.3.10.2 Switzerland Internal Combustion Engine Market By End-user
9.3.3.11 Austria
9.3.3.11.1 Austria Internal Combustion Engine Market By Fuel Type
9.3.3.11.2 Austria Internal Combustion Engine Market By End-user
9.3.3.12 Rest of Western Europe
9.3.3.12.1 Rest of Western Europe Internal Combustion Engine Market By Fuel Type
9.3.2.12.2 Rest of Western Europe Internal Combustion Engine Market By End-user
9.4 Asia-Pacific
9.4.1 Trend Analysis
9.4.2 Asia Pacific Internal Combustion Engine Market by Country
9.4.3 Asia Pacific Internal Combustion Engine Market By Fuel Type
9.4.4 Asia Pacific Internal Combustion Engine Market By End-user
9.4.5 China
9.4.5.1 China Internal Combustion Engine Market By Fuel Type
9.4.5.2 China Internal Combustion Engine Market By End-user
9.4.6 India
9.4.6.1 India Internal Combustion Engine Market By Fuel Type
9.4.6.2 India Internal Combustion Engine Market By End-user
9.4.7 japan
9.4.7.1 Japan Internal Combustion Engine Market By Fuel Type
9.4.7.2 Japan Internal Combustion Engine Market By End-user
9.4.8 South Korea
9.4.8.1 South Korea Internal Combustion Engine Market By Fuel Type
9.4.8.2 South Korea Internal Combustion Engine Market By End-user
9.4.9 Vietnam
9.4.9.1 Vietnam Internal Combustion Engine Market By Fuel Type
9.4.9.2 Vietnam Internal Combustion Engine Market By End-user
9.4.10 Singapore
9.4.10.1 Singapore Internal Combustion Engine Market By Fuel Type
9.4.10.2 Singapore Internal Combustion Engine Market By End-user
9.4.11 Australia
9.4.11.1 Australia Internal Combustion Engine Market By Fuel Type
9.4.11.2 Australia Internal Combustion Engine Market By End-user
9.4.12 Rest of Asia-Pacific
9.4.12.1 Rest of Asia-Pacific Internal Combustion Engine Market By Fuel Type
9.4.12.2 Rest of Asia-Pacific Internal Combustion Engine Market By End-user
9.5 Middle East & Africa
9.5.1 Trend Analysis
9.5.2 Middle East
9.5.2.1 Middle East Internal Combustion Engine Market by Country
9.5.2.2 Middle East Internal Combustion Engine Market By Fuel Type
9.5.2.3 Middle East Internal Combustion Engine Market By End-user
9.5.2.4 UAE
9.5.2.4.1 UAE Internal Combustion Engine Market By Fuel Type
9.5.2.4.2 UAE Internal Combustion Engine Market By End-user
9.5.2.5 Egypt
9.5.2.5.1 Egypt Internal Combustion Engine Market By Fuel Type
9.5.2.5.2 Egypt Internal Combustion Engine Market By End-user
9.5.2.6 Saudi Arabia
9.5.2.6.1 Saudi Arabia Internal Combustion Engine Market By Fuel Type
9.5.2.6.2 Saudi Arabia Internal Combustion Engine Market By End-user
9.5.2.7 Qatar
9.5.2.7.1 Qatar Internal Combustion Engine Market By Fuel Type
9.5.2.7.2 Qatar Internal Combustion Engine Market By End-user
9.5.2.8 Rest of Middle East
9.5.2.8.1 Rest of Middle East Internal Combustion Engine Market By Fuel Type
9.5.2.8.2 Rest of Middle East Internal Combustion Engine Market By End-user
9.5.3 Africa
9.5.3.1 Africa Internal Combustion Engine Market by Country
9.5.3.2 Africa Internal Combustion Engine Market By Fuel Type
9.5.3.3 Africa Internal Combustion Engine Market By End-user
9.5.2.4 Nigeria
9.5.2.4.1 Nigeria Internal Combustion Engine Market By Fuel Type
9.5.2.4.2 Nigeria Internal Combustion Engine Market By End-user
9.5.2.5 South Africa
9.5.2.5.1 South Africa Internal Combustion Engine Market By Fuel Type
9.5.2.5.2 South Africa Internal Combustion Engine Market By End-user
9.5.2.6 Rest of Africa
9.5.2.6.1 Rest of Africa Internal Combustion Engine Market By Fuel Type
9.5.2.6.2 Rest of Africa Internal Combustion Engine Market By End-user
9.6 Latin America
9.6.1 Trend Analysis
9.6.2 Latin America Internal Combustion Engine Market by Country
9.6.3 Latin America Internal Combustion Engine Market By Fuel Type
9.6.4 Latin America Internal Combustion Engine Market By End-user
9.6.5 brazil
9.6.5.1 Brazil Internal Combustion Engine Market By Fuel Type
9.6.5.2 Brazil Internal Combustion Engine Market By End-user
9.6.6 Argentina
9.6.6.1 Argentina Internal Combustion Engine Market By Fuel Type
9.6.6.2 Argentina Internal Combustion Engine Market By End-user
9.6.7 Colombia
9.6.7.1 Colombia Internal Combustion Engine Market By Fuel Type
9.6.7.2 Colombia Internal Combustion Engine Market By End-user
9.6.8 Rest of Latin America
9.6.8.1 Rest of Latin America Internal Combustion Engine Market By Fuel Type
9.6.8.2 Rest of Latin America Internal Combustion Engine Market By End-user
10. Company Profiles
10.1 Volvo AB
10.1.1 Company Overview
10.1.2 Financial
10.1.3 Products/ Services Offered
10.1.4 The SNS View
10.2 Toyota
10.2.1 Company Overview
10.2.2 Financial
10.2.3 Products/ Services Offered
10.2.4 The SNS View
10.3 Volkswagen
10.3.1 Company Overview
10.3.2 Financial
10.3.3 Products/ Services Offered
10.3.4 The SNS View
10.4 Renault SA
10.4.1 Company Overview
10.4.2 Financial
10.4.3 Products/ Services Offered
10.4.4 The SNS View
10.5 MAN SE
10.5.1 Company Overview
10.5.2 Financial
10.5.3 Products/ Services Offered
10.5.4 The SNS View
10.6 General Motors Co
10.6.1 Company Overview
10.6.2 Financial
10.6.3 Products/ Services Offered
10.6.4 The SNS View
10.7 Ford Motor
10.7.1 Company Overview
10.7.2 Financial
10.7.3 Products/ Services Offered
10.7.4 The SNS View
10.8 Fiat
10.8.1 Company Overview
10.8.2 Financial
10.8.3 Products/ Services Offered
10.8.4 The SNS View
10.9 Robert Bosch
10.9.1 Company Overview
10.9.2 Financial
10.9.3 Products/ Services Offered
10.9.4 The SNS View
10.10 Caterpillar
10.10.1 Company Overview
10.10.2 Financial
10.10.3 Products/ Services Offered
10.10.4 The SNS View
11. Competitive Landscape
11.1 Competitive Benchmarking
11.2 Market Share Analysis
11.3 Recent Developments
11.3.1 Industry News
11.3.2 Company News
11.3.3 Mergers & Acquisitions
12. USE Cases and Best Practices
13. Conclusion
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