Global Internal Combustion Engine (ICE) Market Set to Grow at Healthy CAGR of 5.

Posted by swamiv on November 4th, 2019

Global internal combustion engine (ICE) marketBy Fuel Type (Petroleum, Natural Gas), Application (Automotive, Non-Automotive), End-Use (Automotive, Marine, Aerospace)

Market Definition: Global Internal Combustion Engine (ICE) Market

Internal combustion engine is a power-generating source for various automobiles wherein the combustion of petroleum or natural gas occurs to generate heat thereby resulting in generation of power which is then used for the mobility of the automobiles they are installed in. The structure of this includes a chamber where the combustion process occurs with the interaction of an oxidizer.

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Market Drivers:

  •          Increasing collaborations and developments in the market resulting in the manufacturers presenting more fuel-efficient alternatives is expected to augment the growth of the market
  •          Integration of ICE with electric powertrains to improve the fuel efficiency of the vehicles is also expected to drive the growth of the market
  •          Increased demand of the product from the various end-use verticals such as construction, mining, agriculture, power generation is expected to augment growth of the market
  •          Lack of infrastructure availability for EV vehicles in the various developing regions of the world leaving ICE as the sole alternative is expected to augment growth of the market

Market Restraints:

  •          Strict regulatory presence in the market for ICE due to their environmental impact is expected to hinder the adoption rate
  •          Growing adoption rate of EV (electronic vehicles) is expected to restrict the growth of the market
  •          Lack of fossil fuel reserves resulting in higher costs of petroleum products is also expected to restrain the growth of the market


Market Analysis: Global Internal Combustion Engine (ICE) Market

Global internal combustion engine (ICE) market is expected to register a substantial CAGR of 5.5% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. This rise in market value can be attributed to the advancements in technologies inducing the development of low-temperature engines as well as development of hybrid engines.

Competitive Analysis:

Global internal combustion engine (ICE) market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of internal combustion engine (ICE) market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Segmentation: Global Internal Combustion Engine (ICE) Market

By Fuel Type

  •          Petroleum

o    Diesel

o    Gasoline

o    Others

  •          Natural Gas

o    CNG

o    LNG

o    Others

By Application

  •          Automotive
  •          Non-Automotive

By End-Use

  •          Automotive

o    50-200 HP

o    200-300 HP

o    Greater than 300 HP

  •          Marine

o    258-1000 HP

o    400-1400 HP

o    730-1800 HP

  •          Aerospace

Key Developments in the Market:

In March 2018, Groupe Renault announced that they had developed a new 1.3TCe petrol engine in collaboration with the Daimler AG. The engine available in the “Scénic” and “Grand Scénic” range of Renault is designed to offer greater engine capability in comparison to the older model of TCe while improving the driving comfort as well as significantly reducing the emissions of CO2 as well as reducing fuel consumption. The engine available in 115hp, 140hp and 160hp variants will reduce the CO2 emissions on their vehicle range by 5.5% on “Scénic” and 8% on “Grand Scénic” models

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Joined: October 30th, 2019
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