Internal Combustion Engine (ICE) Market to Reach USD 268.8 Bn by 2032 Driven by Rising Demand in Developing Economies | According to SNS Insider Rport

Boosting Efficiency and Sustainability: The Evolution of Internal Combustion Engines in a Modern Market

Pune, July 05, 2024 (GLOBE NEWSWIRE) — The Internal Combustion Engine (ICE) Market Size was recorded at USD 113 Billion in 2023 and is expected to reach USD 268.8 Billion during 2032, growing at a CAGR of 10.1% over the forecast period 2024-2032

Rising demand for vehicles among consumers in various regions of the world is driving massive opportunities for the internal combustion engine (ICE) market.According to Data published related sales for new cars, shows that sales for Electric cars was recorded 13.8 Mn in 2023 as compared to Non- electric cars that is 62.8 Mn is same year. This rising demand is largely due to the continued technological innovation in engine efficiency and performance, alongside ongoing advancements of hybrid solutions that combine conventional internal combustion engines with electric powertrains. For Instance, Toyota is also planning to reveal launch a new internal combustion engine. The new version is laced with, fire-up with finesse 1.5- and four-liter cylinders that will be used on vehicles from July 2024. The innovations that drive this momentum are Variable Displacement Engines (VDE) and high-performance hybrid electric powertrains.

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The ongoing innovation and collaboration among the key players have made the growth and technological surge in the ICE Market. According to Current news published, TMTL (Tractors and Farm Equipment Limited), the company that manufactures TAFE tractors, has teamed up with German internal combustion engine manufacturer Deutz AG to manufacture a range of engines in India together they revealed today. The agreement allows Deutz to harness the manufacturing capabilities of Indian equipment maker TAFE Motors, a subsidiary of TAFE Ltd., as it seeks to increase its presence in India. The extended partnership is in line with the ‘Dual+’ strategy launched by Deutz which focuses on promoting alternative drive over advancing ICE business.

Recent Developments

 In June 2023: General Motors upgraded its Indiana facility for next-generation full-sized ICE trucks, a USD 632 million investment made as a commitment towards technology.

 In April 2023: Mercedes-Benz showed its last new gasoline E-Class model with the hybrid powertrain next to the conventional ICE engine, illustrating that industry is moving towards electrification.

Internal Combustion Engine Market Report Scope & Overview

Report Attributes Details
Market Size in 2023 USD 113 Billion
Market Size in 2032 USD 268.8 Billion
CAGR (2024-2032) 10.1%
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Market Driver The rising demand for ICE vehicles, boost the market revenue.

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Segment Analysis

Based on End-use: The automotive category held a substantial revenue share of over 67% in the market, by use in 2023. Such dominance is driven by expanding disposable incomes and surging reliance on cars around the world. The growing emphasis of automotive manufacturers on the development of high-efficiency internal combustion engines, accompanied by advancements in fuel economy and emissions control with improved performance are creating a positive environment for market growth.

Based on fuel type: the petroleum segment holds the dominant position of more than 80% revenue share. Gasoline engines offer many benefits, including noise and vibration reduction as well as further advancements in technology that guarantee increased revenue share across the segment. Such benefits as efficiency, cost-effectiveness, and environmentally friendly nature push the segment to its leading position.

Regional Analysis

Asia Pacific: Expected to hold over 40% revenue share in the market by 2023 and will witness a high growth rate throughout the forecast period. Countries like India and China that deal with many automotive manufacturers have a strong hold on the market which leads to an increase in demand for passenger vehicles. On the other hand, the aviation engines segment offers considerable expansion prospects within this outwardly recession-proof industry in the region.

Ex: To cope with increasing demand airlines from the regions are massively extending their fleets. Boeing has estimated that close to 17,900 new airplanes will be required in the Asia Pacific region by 2040 – which could possibly be driven by using conventional ICE motors.

In January 2024, Air India had placed an enormous order of 470 new aircraft, including both narrow-body and wide-body models. The large size of this order underlines the significant expansion efforts that airlines in the region began to recognize.

North America recorded notable growth in the region of the Internal Combustion engine market. General Motors Company and Ford Motor Corporation are two of the largest automobile manufacturers that lay their lead in North America. These technological recurrences have contributed to market growth. The internal combustion engine market in Europe is projected to rise owing to strict government regulations regarding CO2 emissions and a surge in focus on e-mobility across the region.

European regions are likely to register moderate growth due to increasing pressure from environmental regulations and the upcoming electric vehicle focus.

Key Takeaways

  • Investment of automotive manufacturers in engine technology improved performance and fuel efficiency.
  • Efficient petrol and diesel internal-combustion engines (ICEs), meanwhile, continue to dominate the market Segment.
  • Asia Pacific holds the largest market volume share on account of its strong automotive manufacturing base and demand.
  • The North American region is projected to gain a large share of the global also emerging as a substantially high market due to the adoption of technology & technological enhancements.

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Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

5. Porter’s 5 Forces Model

6. Pest Analysis

7. Internal Combustion Engine Market Segmentation, by Fuel

8. Internal Combustion Engine Market Segmentation, by End-User

9. Regional Analysis

10. Company Profiles

11. Competitive Landscape

12. Use Case and Best Practices

13. Conclusion

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