Internal Combustion (IC) Engine Market To Reach USD 485.1 Billion By 2032 | DataHorizzon Research

The internal combustion (IC) engine market size was valued at USD 321.6 Billion in 2023 and is expected to reach USD 485.1 Billion by 2032 at a CAGR of 4.7%.

Fort Collins, Colorado, April 11, 2024 (GLOBE NEWSWIRE) —

IC engines are versatile for various applications across several industries.

Internal combustion engines exhibit remarkable versatility and adaptability across various applications, encompassing automotive, marine, aerospace, and power generation industries. Their capacity to operate on diverse fuels, including gasoline, diesel, natural gas, and biofuels, enhances their flexibility, rendering them suitable for a wide range of industries and environments. For instance, diesel engines are prevalent in heavy-duty trucks and construction equipment, while gasoline engines dominate the automotive sector.

The robust infrastructure supporting internal combustion engines, comprising fuel distribution networks, service centers, and manufacturing facilities, is firmly established globally. This extensive infrastructure minimizes business entry barriers and facilitates the widespread adoption of IC engine-powered vehicles and equipment. Gas stations, for example, are ubiquitous, ensuring convenient refueling for cars powered by gasoline or diesel engines. Furthermore, regulatory frameworks and emissions standards are pivotal in shaping the IC engine market.

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Segmentation Overview:

The internal combustion (IC) engine market has been segmented into fuel type, end-use, and region.

Automotive is the leading internal combustion (IC) engine market segment.

  • The end-user segment is differentiated into automotive, aircraft, marine, and others. The automotive segment leads the IC engine market and is expected to dominate during the forecast period. This growth is connected to global car usage, driven by rising consumer disposable income levels.

Gasoline engines influence the IC engine market and continue to retain a dominant position in the following years.

  • The IC engine market is categorized by fuel type into gasoline, diesel, natural gas, and others. Gasoline engines remain the dominant choice for passenger vehicles in many regions, particularly in North America, Europe, and parts of Asia. They balance performance, efficiency, and refinement, making them well-suited for various applications, from compact cars to high-performance sports cars. 

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Internal Combustion (IC) Engine Market Report Highlights:

  • The internal combustion engine market growth is anticipated at a CAGR of 4.7% by 2032.
  • Internal combustion engines are highly versatile and adaptable to various applications, including automotive, marine, aerospace, and power generation.
  • Asia-Pacific is the fastest-growing global market for internal combustion engines. Countries like China, Japan, and India significantly contribute to the region’s market growth, fueled by rapid industrialization, urbanization, and infrastructure development.
  • Some prominent players in the internal combustion engine market report include Mahindra & Mahindra Ltd., Renault Group, MITSUBISHI HEAVY INDUSTRIES, LTD., MAN, General Motors, Ford Motor Company, AB Volvo, TOYOTA MOTOR CORPORATION, Volkswagen Group, Rolls-Royce plc, FCA US LLC, Robert Bosch GmbH, AGCO Corporation, Caterpillar, and Shanghai Diesel Engine Co., Ltd. 

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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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