Internal combustion engine market size to grow by USD 27.2 billion from 2022 to 2027; Growth driven by growing demand to improve vehicle performance - Technavio

NEW YORK, April 18, 2023 -- The global internal combustion engine market size is estimated to increase by USD 27.2 billion between 2022 and 2027. The market's growth momentum will be progressing at a CAGR of 8.32% during the forecast period. The market is driven by the growing demand to improve vehicle performance. Internal combustion engine (ICE) manufacturers are focused on improving design characteristics by lowering the center of gravity (COG). For example, flat engines have a lower COG due to their horizontal positioning within the vehicle or a motorcycle compared to other engine types. They offer better-handling characteristics such as superior cornering and turning capabilities at high speed, better traction from the surface, and reduced chances of roll-over accidents. Also, as the piston moves in the opposing motion, the primary and secondary forces generated during engine work are canceled. This results in better balance characteristics with minimal engine vibrations. Such technological advancements will drive the growth of the market during the forecast period. Discover more significant insights on the market size for the historic period (2017 to 2021), and the forecast period (2023-2027) before buying the full report - Request a sample PDF.

Global Internal Combustion Engine Market – Vendor Analysis

The global internal combustion engine market is fragmented due to the presence of several international and domestic vendors. Vendors compete based on factors such as quality, price, service, brand image, distribution, and marketing. They are focusing on manufacturing IC engines that produce less emissions. Some vendors are announcing their initiatives to stop combustion engines and focus more on electric vehicles. Such factors intensify the competition in the market. Some of the key vendors covered in the report include:

• Cummins Inc. - The company offers hydrogen internal combustion engine which produces high specific energy, high flame speed, wide range of flammability and clean burning.
• Hyundai Motor Co. - The company offers petrol combustion engine which is designed to save fuel, improve performance, and reduce gas emission.
• Mahindra and Mahindra Ltd. - The company offers internal combustion engines that are designed to be used in powering tractors, cars, utility vehicles, and commercial vehicles along with numerous industrial and marine applications.
• Mitsubishi Heavy Industries Ltd. - The company offers internal combustion engines for are used in combined cycle power plant applications for electricity generation.
• DEUTZ AU
• Mercedes Benz Group AG -
• Navistar International Corp.
• Renault SAS
• Robert Bosch GmbH
• Rolls Royce Holdings Plc
• Shanghai Diesel Engine Co. Ltd.
• Toyota Industries Corp.
• Volkswagen AG
• Wacker Neuson SE
• Wartsila Corp.
• Yamaha Motor Co. Ltd.
• Yanmar Holdings Co. Ltd.
• Siemens AG

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Global Internal Combustion Engine Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on end-user (automotive, aircraft, and marine), type (petroleum and natural gas), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

• The market growth in the automotive segment will be significant over the forecast period. The automotive industry is the prime end-user in the market. The growth of the segment is driven by the increasing demand for automobiles, increased investments by automotive OEMs, and advances in automotive engine technologies. In addition, the establishment of new automobile production facilities by OEMs in developing regions such as APAC and South America will drive the growth of the segment.

Geography Overview
The report provides actionable insights and estimates the contribution of all regions to the growth of the global internal combustion engine market.

• APAC will account for 42% of the market growth during the forecast period. APAC has the presence of a large automobile production base. The low prices of components and the availability of more stable and advanced systems have attracted low-cost manufacturers to enter the global ICE market in APAC, especially in China. In addition, improvements in the standard of living and an increase in disposable income are driving the growth of the internal combustion engines market in APAC.

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Global Internal Combustion Engine Market – Market Dynamics

Key Trends –

The growing development in engine technologies is identified as the key trend in the market. The growing demand for enhanced efficiency and power is leading to the development of new engines with more performance. Some of the recent technological advancements include the development of hybrid engines and VDEs. These engines are expected to become more popular owing to their high-fuel efficiency even in heavy-traffic conditions. In addition, vendors are adopting inorganic growth strategies, which is expected to lead to the development of advanced engines. For instance, in February 2022, Cummins Inc. acquired Jacobs Vehicle Systems, an Altra Industrial Motion Corp. subsidiary, which supplies engine braking, cylinder deactivation, start and stop, and thermal management technologies. The acquisition brings the addition of new technologies and is expected to provide growth opportunities for Cummins's advanced diesel engine platforms. Such developments are expected to have a positive impact on the growth of the market during the forecast period.

Major challenges – 

The imposition of stringent emission and fuel economy standards will challenge the growth of the market. Growing concerns over the greenhouse gas emissions caused by automobiles have forced legislative bodies to implement emissions and fuel economy standards. This is compelling engine manufacturers to build improved and efficient engine management systems to comply with the regulations. This has also forced automobile manufacturers to invest heavily in R&D to develop advanced engine management systems so that the automobile can run on minimum fuel intake. Such factors will hinder the growth of the market during the forecast period.

Drivers, trends, and challenges influence market dynamics and overall
businesses. Find such crucial insights in detail with a sample PDF report!

What are the key data covered in this internal combustion engine market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the internal combustion engine market between 2023 and 2027
• Precise estimation of the size of the internal combustion engine market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the internal combustion engine market industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of internal combustion engine market vendors

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The hybrid electric marine propulsion engine market size is expected to increase by USD 923.76 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.43%. The stringent emission regulations is notably driving the hybrid electric marine propulsion engine market growth, although factors such as the availability of substitutes and maintenance complexities may impede the market growth.

The marine auxiliary engine market size is predicted to exhibit a declining growth and estimate at a value of USD 431.35 million by 2026 at a CAGR of 4.51%. The growth of commercial shipping is notably driving the marine auxiliary engine market growth, although factors such as the impact of Brexit may impede the market growth.

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Table of contents:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global internal combustion engine market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global internal combustion engine market 2017 - 2021 ($ billion)

• 4.2 End-user Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 ($ billion)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments 
• Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Automotive - Market size and forecast 2022-2027
• Exhibit 34: Chart on Automotive - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Automotive - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Automotive - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Automotive - Year-over-year growth 2022-2027 (%)

• 6.4 Aircraft - Market size and forecast 2022-2027
• Exhibit 38: Chart on Aircraft - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Aircraft - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Aircraft - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Aircraft - Year-over-year growth 2022-2027 (%)

• 6.5 Marine - Market size and forecast 2022-2027
• Exhibit 42: Chart on Marine - Market size and forecast 2022-2027 ($ billion)
• Exhibit 43: Data Table on Marine - Market size and forecast 2022-2027 ($ billion)
• Exhibit 44: Chart on Marine - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Marine - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by End-user 
• Exhibit 46: Market opportunity by End-user ($ billion)
• Exhibit 47: Data Table on Market opportunity by End-user ($ billion)

7 Market Segmentation by Type

• 7.1 Market segments 
• Exhibit 48: Chart on Type - Market share 2022-2027 (%)
• Exhibit 49: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type 
• Exhibit 50: Chart on Comparison by Type
• Exhibit 51: Data Table on Comparison by Type

• 7.3 Petroleum - Market size and forecast 2022-2027
• Exhibit 52: Chart on Petroleum - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Petroleum - Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Petroleum - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Petroleum - Year-over-year growth 2022-2027 (%)

• 7.4 Natural gas - Market size and forecast 2022-2027
• Exhibit 56: Chart on Natural gas - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Data Table on Natural gas - Market size and forecast 2022-2027 ($ billion)
• Exhibit 58: Chart on Natural gas - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Natural gas - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 60: Market opportunity by Type ($ billion)
• Exhibit 61: Data Table on Market opportunity by Type ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 79: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 83: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 95: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 Japan - Market size and forecast 2022-2027
• Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.12 South Korea - Market size and forecast 2022-2027
• Exhibit 103: Chart on South Korea - Market size and forecast 2022-2027 ($ billion)
• Exhibit 104: Data Table on South Korea - Market size and forecast 2022-2027 ($ billion)
• Exhibit 105: Chart on South Korea - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on South Korea - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ billion)
• Exhibit 108: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 AB Volvo 
• Exhibit 115: AB Volvo - Overview
• Exhibit 116: AB Volvo - Business segments
• Exhibit 117: AB Volvo - Key news
• Exhibit 118: AB Volvo - Key offerings
• Exhibit 119: AB Volvo - Segment focus

• 12.4 Caterpillar Inc. 
• Exhibit 120: Caterpillar Inc. - Overview
• Exhibit 121: Caterpillar Inc. - Business segments
• Exhibit 122: Caterpillar Inc. - Key offerings
• Exhibit 123: Caterpillar Inc. - Segment focus

• 12.5 Cummins Inc. 
• Exhibit 124: Cummins Inc. - Overview
• Exhibit 125: Cummins Inc. - Business segments
• Exhibit 126: Cummins Inc. - Key offerings
• Exhibit 127: Cummins Inc. - Segment focus

• 12.6 Hyundai Motor Co. 
• Exhibit 128: Hyundai Motor Co. - Overview
• Exhibit 129: Hyundai Motor Co. - Business segments
• Exhibit 130: Hyundai Motor Co. - Key news
• Exhibit 131: Hyundai Motor Co. - Key offerings
• Exhibit 132: Hyundai Motor Co. - Segment focus

• 12.7 Mahindra and Mahindra Ltd. 
• Exhibit 133: Mahindra and Mahindra Ltd. - Overview
• Exhibit 134: Mahindra and Mahindra Ltd. - Business segments
• Exhibit 135: Mahindra and Mahindra Ltd. - Key news
• Exhibit 136: Mahindra and Mahindra Ltd. - Key offerings
• Exhibit 137: Mahindra and Mahindra Ltd. - Segment focus

• 12.8 Mitsubishi Heavy Industries Ltd. 
• Exhibit 138: Mitsubishi Heavy Industries Ltd. - Overview
• Exhibit 139: Mitsubishi Heavy Industries Ltd. - Business segments
• Exhibit 140: Mitsubishi Heavy Industries Ltd. - Key news
• Exhibit 141: Mitsubishi Heavy Industries Ltd. - Key offerings
• Exhibit 142: Mitsubishi Heavy Industries Ltd. - Segment focus

• 12.9 Navistar International Corp. 
• Exhibit 143: Navistar International Corp. - Overview
• Exhibit 144: Navistar International Corp. - Business segments
• Exhibit 145: Navistar International Corp. - Key offerings
• Exhibit 146: Navistar International Corp. - Segment focus

• 12.10 Renault SAS 
• Exhibit 147: Renault SAS - Overview
• Exhibit 148: Renault SAS - Product / Service
• Exhibit 149: Renault SAS - Key offerings

• 12.11 Rolls Royce Holdings Plc 
• Exhibit 150: Rolls Royce Holdings Plc - Overview
• Exhibit 151: Rolls Royce Holdings Plc - Business segments
• Exhibit 152: Rolls Royce Holdings Plc - Key news
• Exhibit 153: Rolls Royce Holdings Plc - Key offerings
• Exhibit 154: Rolls Royce Holdings Plc - Segment focus

• 12.12 Shanghai Diesel Engine Co. Ltd. 
• Exhibit 155: Shanghai Diesel Engine Co. Ltd. - Overview
• Exhibit 156: Shanghai Diesel Engine Co. Ltd. - Product / Service
• Exhibit 157: Shanghai Diesel Engine Co. Ltd. - Key offerings

• 12.13 Toyota Industries Corp. 
• Exhibit 158: Toyota Industries Corp. - Overview
• Exhibit 159: Toyota Industries Corp. - Business segments
• Exhibit 160: Toyota Industries Corp. - Key news
• Exhibit 161: Toyota Industries Corp. - Key offerings
• Exhibit 162: Toyota Industries Corp. - Segment focus

• 12.14 Volkswagen AG 
• Exhibit 163: Volkswagen AG - Overview
• Exhibit 164: Volkswagen AG - Business segments
• Exhibit 165: Volkswagen AG - Key offerings
• Exhibit 166: Volkswagen AG - Segment focus

• 12.15 Wartsila Corp. 
• Exhibit 167: Wartsila Corp. - Overview
• Exhibit 168: Wartsila Corp. - Business segments
• Exhibit 169: Wartsila Corp. - Key news
• Exhibit 170: Wartsila Corp. - Key offerings
• Exhibit 171: Wartsila Corp. - Segment focus

• 12.16 Yamaha Motor Co. Ltd. 
• Exhibit 172: Yamaha Motor Co. Ltd. - Overview
• Exhibit 173: Yamaha Motor Co. Ltd. - Business segments
• Exhibit 174: Yamaha Motor Co. Ltd. - Key news
• Exhibit 175: Yamaha Motor Co. Ltd. - Key offerings
• Exhibit 176: Yamaha Motor Co. Ltd. - Segment focus

• 12.17 Yanmar Holdings Co. Ltd. 
• Exhibit 177: Yanmar Holdings Co. Ltd. - Overview
• Exhibit 178: Yanmar Holdings Co. Ltd. - Product / Service
• Exhibit 179: Yanmar Holdings Co. Ltd. - Key news
• Exhibit 180: Yanmar Holdings Co. Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 181: Inclusions checklist
• Exhibit 182: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 183: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 184: Research methodology
• Exhibit 185: Validation techniques employed for market sizing
• Exhibit 186: Information sources

• 13.5 List of abbreviations 
• Exhibit 187: List of abbreviations

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