Internal Combustion Engine Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Fuel Type (Diesel, Gasoline, and Natural Gas), Power Output (100–300 kW, 300–500 kW, 0.5–1 MW, 1–5 MW, 5–15 MW, 15–25 MW, and 25 MW and above), End-User (Industrial, Marine, Power Generation, Aerospace and Defense, Automotive, Off-Road, and Others), and Cylinders (1, 2, 3, and 4)
The internal combustion engine market is expected to grow from US $ 55,176.7 million in 2020 to US$ 73,842.5 million by 2028; it is expected to grow at a CAGR of 3.71% during 2020-2028.
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.
The global internal combustion engine market is segmented on the bases of fuel type, power output, end user, cylinders, and geography. Based on fuel type, the market is segmented into diesel, gasoline, and natural gas. The gasoline segment led the market in 2020. Based on power output, the internal combustion engine market is segmented into 100–300 kW, 300–500kW, 0.5–1 MW, 1–5 MW, 5–15 MW, 15–25 MW, and 25 MW and above. The 100–300 kW segment led the market in 2020. By end user, the internal combustion engine market is segmented into industrial, marine, power generation, aerospace and defense, automotive, off-road, and others. The automotive segment led the global market in 2020. Based on cylinders, the internal combustion engine market is segmented into 1, 2, 3, and 4. The 4 cylinder segment led the market in 2020. The global internal combustion engine market is segmented into five major regions—North America, Europe, APAC, the MEA, and SAM. Asia Pacific led the market in 2020.
The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of industrial 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 manufacturing 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 industrial equipment is anticipated to gain pace from 2021, which is further foreseen to positively influence the industrial equipment manufacturing including internal combustion engine.
The overall internal combustion engine market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the internal combustion engine market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the internal combustion engine market. INNIO Jenbacher GmBH & Co OG; Caterpillar Inc.; Cummins Inc.; Fairbanks Morse, LLC; Kawasaki Heavy Industries, Ltd.; Liebherr; MAN SE; Mitsubishi Heavy Industries, Ltd.; R Schmitt Enertec GmBH; and Wartsila Corporation are among the key players operating in the market.
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