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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.
The electric power, automotive, manufacturing, and transportation industries in developing countries, such as India, China, and Brazil, are highly dependent on fossil fuels. Rise in population and the lack of supporting infrastructure for electric technologies are the major factors propelling the growth of the internal combustion engine market. Electric motors, electric devices, solar plants, and wind projects are more expensive than conventional internal combustion engines. Therefore, the diesel, gasoline, or gas-powered engines are preferred in numerous countries. Further, various industries are shifting to gas engines for low emissions owing to the improvements in the emission norms for diesel engines. According to The World Bank Group data for access to electricity, ~91.6% of the population has access to electricity in South Asia. Hence, South Asian countries are strongly adopting natural gas for power generation application. Further, electricity consumption for basic applications in China and India is increasing with the surge in population, owing to which they are opting for various types of internal combustion engines—such as gas engines for electricity generation.
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Key Players : 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.
The report segments the global Internal Combustion Engine market as follows:
By Fuel Type
By Power Output
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By End-User
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