The global Internal Combustion Engine Market is expected to reach 370,693.0 thousand units by 2030 registering a CAGR of 9.3% during the forecast period, according to a new report by Grand View Research, Inc. Rising disposable income in various nations and increased automobile use throughout the world are a major factor driving the market.
A spike in technological advancement in internal
combustion engine (ICE) in terms of pollution, fuel efficiency, and performance
is expected to boost demand by 2030. Additionally, the lack of electric vehicle
charging infrastructure worldwide coupled with increasing output of shale gas
and growing demand for ICE in defense vehicles such as submarines and ships is
further driving the market growth. The demand for ICE is also experiencing
enlargement due to the application in end use sectors such as mining and
construction.
Due to rigorous legislative requirements for fuel efficiency,
manufacturing companies are trying to produce high-speed and high-power engines
with maximum customer satisfaction along with minimal environmental
consequences and exhaust emissions. Despite these efforts, governments
throughout the world, notably in the automobile sector, are raising the alert
for IC engines.
For instance, the France, United Kingdom, India,
Norway, and the Netherlands plan to prohibit the sale of ICE by 2025.
Similarly, countries such as Germany and China are also planning to ban sale
ICE but, they have not defined timeline. The petroleum segment is expected to
develop by a steady growth rate due to the increasing automotive industry in
the developing countries. Moreover, gasoline engines are also pushing the
market growth as these engines produce less noise and vibration.
IC engines are now combined with hybrid electric power
trains to improve fuel efficiency, owing to the advancement of electric vehicle
technology. To increase the plug-in hybrid electric vehicle offering, these
engines are also paired with plug-in hybrid electric systems.
Related Press Release@ Internal Combustion Engine Market Report
Internal Combustion Engine Market Report Highlights
- The internal combustion engine market is expected to reach
370,693.0 thousand units by 2030 with a CAGR of 9.3% during the forecasted
period owing to the increase in passenger and commercial vehicle sale
- The petroleum segment is expected to grow at a steady growth rate
owing to the increasing automotive industry in the developing countries
- Additionally, growing technical developments, modernization of
production processes, and increased research and development efforts in
the industry will generate new possibilities for the IC engine market
during the upcoming years
- The increasing price of crude oil, stringent emission norms, fuel
supply security, and noise pollution have compelled OEM to shift their
focus toward the natural gas and hydrogen-based engines
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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