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Internal Combustion Engine Market

Internal Combustion Engine Market Size, Share & Trends Analysis Report By Fuel Type (Petroleum, Natural Gas), By End-Use (Automotive, Marine, Aircraft) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRAT55616DR
Study Period 2019-2031 CAGR 5.2%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size 170,587.91 thousand units
Forecast Year 2031 Forecast Year Market Size 269209.20 thousand units
Largest Market North America Fastest Growing Market Europe
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Market Overview

The global internal combustion engine market size was valued at 170,587.91 thousand units in 2022. It is estimated to reach 269,209.20 thousand units by 2031, growing at a CAGR of 5.2% during the forecast period (2023–2031). Advantages like enhanced stability and drivability provided by internal combustion engines considerably accelerate industry expansion.

Fuel combustion takes place with the help of an oxidizer (often air) in a combustion chamber, a crucial component of an internal combustion engine's working fluid flow circuit (ICE or IC engine). In an internal combustion engine, a component is subjected to direct force due to the expansion of the high-temperature and high-pressure gases produced during combustion. Typically, the force is applied to a rotor (Wankel engine), a piston (piston engine), turbine blades (gas turbine), or a nozzle (jet engine). The component is propelled across a distance by this force, which converts chemical energy into kinetic energy that is then utilized to move or power whatever the engine is connected to.

Typically, when you hear the word "internal combustion engine," you're thinking of a machine with intermittent combustion, like the more well-known two- and four-stroke piston engines and variations like the six-stroke piston engine and the Wankel rotary engine. Continuous combustion is used by a second class of internal combustion engines, including gas turbines, jet engines, and most rocket engines, all operating on the same fundamental design as the one mentioned. Although they are so specialized that they are frequently considered a different category, weapons like mortars and anti-aircraft cannons are also a type of internal combustion engine.

Market Dynamics

Market Drivers

Technological Advancements

In the upcoming years, it is anticipated that the demand for engines will increase due to technological advancements that assist in designing efficient engines and optimizing the potential of fossil fuels. When coupled with hybrid electric powertrains, internal combustion engines often improve fuel economy and provide opportunities for industrial expansion. Additionally, advantages like enhanced stability and drivability provided by internal combustion engines also considerably accelerate industry expansion.

Significant technological advancements in this area, such as the addition of transmission gears, the ability to use lower numerical axle ratios, and the reduction of engine operation speed, contributed to improved engine efficiency and are also anticipated to fuel market growth throughout the forecast period. Over the projected period, it is anticipated that improving fuel efficiency and the development of plug-in hybrid engines will favor industry growth.

Rising Consumer Disposable Income and High Adoption in Developing Economies

Rising consumer disposable income will drive the worldwide internal combustion engine market in the coming years. Over the foreseeable period, internal combustion engines' low prices will boost demand. Car-buying consumers are projected to boost goods demand. Internal combustion engines will also benefit from robust economic expansion in Asia and Latin America. Customers prefer reliable, high-performing items. This should boost internal combustion engine use in the next years. Product demand is also expected to rise as internal combustion engine car fuel efficiency measures increase.

Market Restraint

Shift Toward Electric Powered Vehicle

Soon, it's anticipated that lower battery costs will increase sales of electric vehicles. Due to the significant advancements in EV technology over the past several years, electric vehicles (EVs) are now more inexpensive and efficient than diesel and gasoline vehicles. Early adopters who choose a new technology and try to lower their emissions drive the demand for electric vehicles. Battery Electric Vehicles (BEV), which only use batteries for power, and Plug-in Hybrid Electric Vehicles (PHEV), which combine conventional engines and rechargeable batteries, are the two different types of electric vehicles. The global market's expanded supply of brand-new, reasonably priced models is anticipated to boost sales of electric vehicles.

Due to advantageous legislative settings, including tax exemptions and subsidies for consumers and electric car producers in the European and Asia Pacific areas, the sales of electric vehicles have been increasing significantly. The sustainability and environmental goals motivate electric car legislation in various nations. The governments of various nations are developing policies specifically designed to encourage the expansion of the electric car market in each nation. The desire for electric vehicles is also fueled by increased battery range, falling prices, and many charging stations. Additionally, government laws and policies are having a positive impact on the development of this sector. Over the projected period, this trend of electrifying ICE vehicles is anticipated to severely impede the market's expansion for internal combustion engines.

Market Opportunities

Hybrid Powertrains and Performance and Specialized Vehicles

As a transitional technique toward full electrification, hybrid vehicles, which combine an internal combustion engine and electric power, have gained popularity. For ICE manufacturers, developing hybrid powertrains offers chances to improve efficiency, lower emissions, and increase vehicle range. These innovations may help bridge the gap between conventional ICE vehicles and electric automobiles. Heavy-duty applications, sports automobiles, and high-performance vehicles frequently need the power and torque that internal combustion engines can produce. There is a niche market for professionals and enthusiasts who want the distinct features and experience that ICE-powered automobiles provide. To serve this market, manufacturers can concentrate on creating customized ICE engines.

Regional Analysis

Based on region, the global motorcycle helmet market is bifurcated into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.

North America is the most significant global motorcycle helmet market shareholder and is estimated to exhibit a CAGR of 5% over the forecast period. The automotive industries in the United States and Canada are well-established, and there is a sizable market for ICE-powered automobiles. Trucks, SUVs, and high-performance cars continue to be popular in this area despite the growing interest in EVs, which fuels the demand for ICE engines. Environmental Protection Agency (EPA) requirements and other strict emission rules have prompted the development of cleaner and more effective ICE engines. To lessen the negative effects of ICE vehicles on the environment, there is also a focus on alternative fuels like biofuels.

Europe is anticipated to exhibit a CAGR of 4.8% over the forecast period. Strict Euro criteria have pushed for adopting cleaner, more effective ICE engines, placing Europe at the forefront of pollution laws. The sale of new gasoline and diesel automobiles has been prohibited in some European nations in the upcoming years, affecting the long-term demand for ICE engines. As a step toward complete electrification, there is still a sizable market for hybrid cars and cutting-edge ICE technologies. Germany, France, and Italy dominate the European automotive market, emphasizing performance cars and luxury brands.

Asia-Pacific has emerged as one of the fastest-growing regions in the global market. The demand for ICE vehicles is driven by nations like China, Japan, and India, which together make up the largest automotive market in the world. ICE vehicles continue to rule the market despite increasing EV usage due to price and a lack of charging infrastructure. The government has enacted pollution limits and fuel efficiency requirements in China, the world's largest auto market, to promote the development of cleaner ICE engines that use less fuel. India presents prospects for ICE cars, notably in the commercial vehicle category, because of its expanding economy and infrastructure.

In LAMEA, the market for ICE-powered vehicles is sizable, particularly in nations like Brazil and Mexico. The region's propensity for ICE vehicles is influenced by economic issues, a lack of charging infrastructure, and price. However, alternative fuels like ethanol and flex-fuel vehicles are gaining popularity and offer prospects for ICE engine producers. The Middle East is a significant market for high-end and sporty vehicles, which frequently use ICE engines. The demand for ICE automobiles is supported by the region's oil-rich economies' relatively low fuel costs. Due to a lack of infrastructure for charging and financial limitations, ICE vehicles are more common in Africa.

Report Scope

Report Metric Details
Segmentations
By Fuel Type
  1. Petroleum
  2. Natural Gas
By End-Use
  1. Automotive
  2. Marine
  3. Aircraft
Company Profiles Ford AB Nissan Motor Company AG Volkswagen Royce Holding Plc Mahindra and Mahindra Ltd. Nissan SA Tokyo Heavy Industries MAN SE Company General Motors Automaker Ford Dodge Chrysler Bosch Robert GmbH Corporation AGCO Corporation Caterpillar Limited by Shanghai Diesel Engine
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global motorcycle helmet market is bifurcated into fuel type and end-user.

Based on the fuel type, the global motorcycle helmet market is bifurcated into petroleum and natural gas. 

The petroleum segment dominates the global market and is projected to exhibit a CAGR of 5.2% over the forecast period. Since petroleum-based fuels like gasoline and diesel are the main energy sources for internal combustion engines (ICEs), the market for these devices is strongly entwined with the petroleum sector. Petroleum fuels are heavily utilized in the ICE market for power production and combustion. Diesel fuels trucks, buses, and large machines, whereas gasoline is primarily utilized in passenger cars.

The number of ICE vehicles on the road and fuel consumption directly affect the demand for petroleum-based fuels. The expansion or development of the ICE market impacts the demand for petroleum products. The move to electric vehicles (EVs) and the general decline in petroleum use in the transportation sector may affect the long-term prospects of the petroleum industry and its connection to the ICE market. However, it's anticipated that ICE vehicles will continue to be used for several decades, particularly in some vehicle categories and geographical areas where EV adoption is slower. Therefore, the petroleum industry will continue to meet the demand for ICE engines and fuels in the short- to mid-term.

Based on end-use, the global motorcycle helmet market is divided into automotive, marine, and aircraft. 

The automotive segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 5.4% over the forecast period. This growth is related to rising consumer disposable income, leading to global automobile usage rise. Internal combustion engines with significant returns on manufacturing investments are the primary focus of vehicle manufacturers. Furthermore, the market is anticipated to rise during the forecast period due to technical developments that improve IC engine fuel efficiency, emissions, and performance.

Market Size By Fuel Type

Recent Developments

Top Key Players

Internal Combustion Engine Market Share of Key Players

Ford AB Nissan Motor Company AG Volkswagen Royce Holding Plc Mahindra and Mahindra Ltd. Nissan SA Tokyo Heavy Industries MAN SE Company General Motors Automaker Ford Dodge Chrysler Bosch Robert GmbH Corporation AGCO Corporation Caterpillar Limited by Shanghai Diesel Engine

Frequently Asked Questions (FAQs)

What is the growth rate of the internal combustion engine market?
The global internal combustion engine market is estimated to exhibit a CAGR of 5.2% during the forecast period (2023-2031).
Top 4 key players in the market include Ford AB, Nissan Motor Company, AG Volkswagen, and Mahindra and Mahindra Ltd.
The global internal combustion engine industry size was valued at 170,587.91 thousand units in 2022 and is estimated to reach 269,209.20 thousand units by 2031.
North America is the most significant global motorcycle helmet market shareholder and is estimated to exhibit a CAGR of 5% over the forecast period.
The shift toward electric-powered vehicles and the increasing focus on environmental sustainability pose challenges to the growth of the internal combustion engine market.
The market is segmented by fuel type (petroleum, natural gas) and end-use (automotive, marine, aircraft).


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