Internal Combustion Engine Market Size, Share, Trends, Growth Outlook

Internal Combustion Engine Market is estimated to increase at a growth rate of 5.7% CAGR over the forecast period from 2024 to 2030.

The global Internal Combustion Engine Market study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments including By Fuel (Petroleum, Natural Gas), By End-User (Automotive, Marine, Aircraft).

An Introduction to Global Internal Combustion Engine Market, 2024

The Internal Combustion Engine (ICE) Market in 2024 is witnessing steady growth and technological evolution driven by the increasing demand for power generation, transportation, and industrial applications worldwide. Internal combustion engines are mechanical devices that generate mechanical power by burning fuel within a combustion chamber, converting chemical energy into mechanical energy for various propulsion and energy conversion purposes. With advancements in engine design, fuel injection systems, and emissions control technologies, internal combustion engine manufacturers offer a diverse range of products that provide improved efficiency, performance, and emissions compliance compared to previous generations. Moreover, the integration of features such as turbocharging, direct fuel injection, and variable valve timing enhances the power density, fuel economy, and durability of internal combustion engines, enabling their continued relevance and competitiveness in today's automotive, marine, power generation, and industrial equipment markets. Additionally, the versatility and reliability of internal combustion engines make them suitable for a wide range of applications, including passenger cars, trucks, ships, locomotives, generators, and agricultural machinery, providing essential power solutions for various sectors of the economy. As industries continue to rely on internal combustion engines for their energy needs, the Internal Combustion Engine Market remains essential, driving innovation and technological advancement to meet the evolving demands of power generation, transportation, and industrial applications in the 21st century.

Internal Combustion Engine Competitive Landscape

The global Internal Combustion Engine market is highly competitive with a large number of companies focusing on niche market segments. Amidst intense competitive conditions, Internal Combustion Engine Companies are investing in new product launches and strengthening distribution channels. Key companies operating in the Internal Combustion Engine Market Industry include- AB Volvo, AGCO Corp, Caterpillar Inc, Ford Motor Company, General Motors Company, Mahindra & Mahindra Ltd, MAN Truck & Bus SE (MAN), Mitsubishi Heavy Industries Ltd, Renault Group, Robert Bosch GmbH, Rolls-Royce Holdings plc, SAIC Motor Corp Ltd, Stellantis NV, Toyota Motor Corp, Volkswagen Group.

Internal Combustion Engine Market Trend: Transition Towards Electrification and Alternative Powertrains

The most prominent trend in the Internal Combustion Engine Market is the transition towards electrification and alternative powertrains. With increasing concerns about air pollution, carbon emissions, and energy sustainability, there is a global shift towards cleaner and more efficient transportation solutions. As a result, there is a growing preference for electric vehicles (EVs), hybrid vehicles, and other alternative powertrain technologies over traditional internal combustion engines. This trend is driven by regulatory mandates promoting emission reductions, advancements in battery technology enabling longer range and faster charging, and changing consumer preferences for environmentally friendly vehicles. As the automotive industry evolves towards electrification, the market for internal combustion engines faces challenges but also opportunities to innovate and adapt to changing market dynamics.

Internal Combustion Engine Market Driver: Continued Demand for Internal Combustion Engine Vehicles in Emerging Markets

One of the primary drivers propelling the Internal Combustion Engine Market is the continued demand for internal combustion engine (ICE) vehicles in emerging markets. While electrification gains momentum in developed regions, ICE vehicles remain the dominant choice in many emerging economies due to factors such as affordability, infrastructure limitations, and long driving distances. Additionally, advancements in ICE technology, such as turbocharging, direct injection, and lightweight materials, continue to improve fuel efficiency, performance, and emissions control in ICE vehicles. This driver is fueled by rising incomes, urbanization, and increasing vehicle ownership in emerging markets, driving demand for ICE vehicles despite growing environmental concerns. As automotive manufacturers continue to invest in ICE technology and tailor their offerings to meet the needs of emerging markets, the demand for internal combustion engines persists, sustaining market growth and profitability in the Internal Combustion Engine Market.

Internal Combustion Engine Market Opportunity: Expansion into Hybrid Powertrain and Aftermarket Segments

An exciting opportunity within the Internal Combustion Engine Market lies in the expansion into hybrid powertrain and aftermarket segments. While electrification gains traction, there is still a market for hybrid vehicles that combine internal combustion engines with electric propulsion systems, offering a transitional solution towards full electrification. By developing hybrid powertrains that leverage both ICE and electric power sources, manufacturers can offer customers increased fuel efficiency, reduced emissions, and improved performance compared to traditional ICE vehicles. Moreover, investing in the aftermarket segment by providing engine upgrades, performance enhancements, and emission control solutions for existing ICE vehicles presents opportunities for revenue growth and market diversification. By embracing these opportunities, stakeholders in the Internal Combustion Engine Market can adapt to changing market dynamics, maintain competitiveness, and explore new avenues for business expansion in the evolving automotive landscape.

Internal Combustion Engine Market Segmentation

By Fuel
Petroleum
Natural Gas
By End-User
Automotive
Marine
AircraftGeographical Analysis
North America (United States, Canada, Mexico)
Europe (Germany, France, United Kingdom, Spain, Italy, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa

Internal Combustion Engine Companies

AB Volvo
AGCO Corp
Caterpillar Inc
Ford Motor Company
General Motors Company
Mahindra & Mahindra Ltd
MAN Truck & Bus SE (MAN)
Mitsubishi Heavy Industries Ltd
Renault Group
Robert Bosch GmbH
Rolls-Royce Holdings plc
SAIC Motor Corp Ltd
Stellantis NV
Toyota Motor Corp
Volkswagen Group
*- List not Exhaustive

TABLE OF CONTENTS

1 Introduction to 2024 Internal Combustion Engine Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Analyzed
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain

2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations

3 Executive Summary
3.1 Global Internal Combustion Engine Market Size Outlook, $ Million, 2021 to 2030
3.2 Internal Combustion Engine Market Outlook by Type, $ Million, 2021 to 2030
3.3 Internal Combustion Engine Market Outlook by Product, $ Million, 2021 to 2030
3.4 Internal Combustion Engine Market Outlook by Application, $ Million, 2021 to 2030
3.5 Internal Combustion Engine Market Outlook by Key Countries, $ Million, 2021 to 2030

4 Market Dynamics
4.1 Key Driving Forces of Internal Combustion Engine Industry
4.2 Key Market Trends in Internal Combustion Engine Industry
4.3 Potential Opportunities in Internal Combustion Engine Industry
4.4 Key Challenges in Internal Combustion Engine Industry

5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Internal Combustion Engine Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook

6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts

7 Global Internal Combustion Engine Market Outlook by Segments
7.1 Internal Combustion Engine Market Outlook by Segments, $ Million, 2021- 2030
By Fuel
Petroleum
Natural Gas
By End-User
Automotive
Marine
Aircraft

8 North America Internal Combustion Engine Market Analysis and Outlook To 2030
8.1 Introduction to North America Internal Combustion Engine Markets in 2024
8.2 North America Internal Combustion Engine Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Internal Combustion Engine Market size Outlook by Segments, 2021-2030
By Fuel
Petroleum
Natural Gas
By End-User
Automotive
Marine
Aircraft

9 Europe Internal Combustion Engine Market Analysis and Outlook To 2030
9.1 Introduction to Europe Internal Combustion Engine Markets in 2024
9.2 Europe Internal Combustion Engine Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Internal Combustion Engine Market Size Outlook by Segments, 2021-2030
By Fuel
Petroleum
Natural Gas
By End-User
Automotive
Marine
Aircraft

10 Asia Pacific Internal Combustion Engine Market Analysis and Outlook To 2030
10.1 Introduction to Asia Pacific Internal Combustion Engine Markets in 2024
10.2 Asia Pacific Internal Combustion Engine Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Internal Combustion Engine Market size Outlook by Segments, 2021-2030
By Fuel
Petroleum
Natural Gas
By End-User
Automotive
Marine
Aircraft

11 South America Internal Combustion Engine Market Analysis and Outlook To 2030
11.1 Introduction to South America Internal Combustion Engine Markets in 2024
11.2 South America Internal Combustion Engine Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Internal Combustion Engine Market size Outlook by Segments, 2021-2030
By Fuel
Petroleum
Natural Gas
By End-User
Automotive
Marine
Aircraft

12 Middle East and Africa Internal Combustion Engine Market Analysis and Outlook To 2030
12.1 Introduction to Middle East and Africa Internal Combustion Engine Markets in 2024
12.2 Middle East and Africa Internal Combustion Engine Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Internal Combustion Engine Market size Outlook by Segments, 2021-2030
By Fuel
Petroleum
Natural Gas
By End-User
Automotive
Marine
Aircraft

13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
List of Companies
AB Volvo
AGCO Corp
Caterpillar Inc
Ford Motor Company
General Motors Company
Mahindra & Mahindra Ltd
MAN Truck & Bus SE (MAN)
Mitsubishi Heavy Industries Ltd
Renault Group
Robert Bosch GmbH
Rolls-Royce Holdings plc
SAIC Motor Corp Ltd
Stellantis NV
Toyota Motor Corp
Volkswagen Group

14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise

By Fuel
Petroleum
Natural Gas
By End-User
Automotive
Marine
Aircraft