3.7% CAGR, Internal Combustion Engine Market to Outstrip ,842.5 Million by 2028: COVID-19 Impact and Global Analysis

Posted by Kaustubh Ravan on November 1st, 2022

According to our latest market study on “Internal Combustion Engine Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, and Application,” the market was valued at US$ 55,176.7 million in 2020 and is projected to reach US$ 73,842.5 million by 2028; it is expected to grow at a CAGR of 3.7% from 2021 to 2028.

Caterpillar Inc.; Cummins Inc.; Fairbanks Morse, LLC; INNIO; Kawasaki Heavy Industries, Ltd; MAN SE; Rolls-Royce plc; Wärtsilä Corporation; YANMAR HOLDINGS CO., LTD; Scania; Hyundai Heavy Industries Co., Ltd; Koenigsegg Automotive AB; Cosworth; and NISSAN MOTORSPORTS INTERNATIONAL CO., LTD are among the major companies operating in the internal combustion engine market.

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Surging Adoption of Gas-Powered IC Engines in Developing Countries to Provide Growth Opportunities for Internal Combustion Engine Market during 2021–2028

Technological advancements are bringing evolution in internal combustion engines, allowing them to offer high power outputs with improved fuel efficiency. Meanwhile, the engines will continue to be vital in the development of the automotive industry. Further, they have a potential for improvement in various areas such as thermal efficiency, emissions, and electrification. The internal combustion engine allows manufacturers to produce small form factor machine or tools, for example road vehicles, lawn cutters, chainsaws, etc. which has industrial application, motorboats and ships which has marine application while heavy power output engine used in power generation.

Impact of COVID-19 Pandemic on Internal Combustion Engine Market

The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of industrial engines and other related equipment. The emergence of the outbreak across the world caused lockdown in many countries, which has led the industry experts to analyze that the industry would face up to a quarter of lag in industrial equipment supply chain. The crisis is expected to create tremors through 2020 till mid-2021. The energy & power industry is likely to pick up pace sooner as governments across the globe lifted the various containment measures steadily to revive the economy. The production of the internal combustion engines is anticipated to gain pace from the second half of 2021, which is further foreseen to positively influence the industrial equipment manufacturing including internal combustion engine.

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A few developments by key players are listed below:

In 2021, Cummins Inc. launched a new heavy-duty powertrain for natural gas customers. The combination of the ISX12N near-zero natural gas engine and the endurant HD N 12-speed automated transmission from Eaton Cummins Automated Transmission Technologies is well suited for heavy-duty regional haul fleets looking to lower emissions and improve their sustainability profile.

In 2020, The Liebherr components division and Cummins Inc. started a cooperation in power generation. For the Cummins new C25G gas generator series, Liebherr would provide fully equipped gas engines, which comprise ignition and control systems for natural gas and off-road applications in 50Hz and 60Hz markets.

Rising Demand for Power Production

Through various technological advancements and innovations, there is a gradual evolution in internal combustion engines, allowing them to offer high power outputs with improved fuel efficiency. Although, there has been an increase in demand for electric engines and a consequent drop in the demand for internal combustion engines fueled by conventional sources, internal combustion engines will continue to be vital in the development of the automotive industry. Further, they have a potential for improvement in various areas, such as thermal efficiency, emission, and electrification.

Fuel Type Based Market Insights

Based on fuel type, the internal combustion engine market is segmented into diesel, gasoline, and natural gas. The gasoline segment led the market in 2020 and is expected to hold the largest market share in the forecast period.

End User Based Market Insights

By end user, the internal combustion engine market is segmented into industrial, marine, power generation, aerospace and defense, automotive, off-road, and others. Since automobiles are the biggest user of internal combustion engines, the automotive segment dominates the market.

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