According to the new research report titled “Internal Combustion Engine Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 73,842.5 million by 2028, registering a CAGR of 3.7% from 2021 to 2028.
The internal combustion engine manufacturing industry is continuously evolving with innovations in various types of internal combustion engines offerings to support energy requirements and meet emission targets. Rising demand for low-emission, fuel-efficient engines to reduce air pollution, and the advent of special internal combustion engines in the manufacturing, utilities, and remote generation application sectors are the key factors propelling the internal combustion engine market growth.
The top five companies in the Internal combustion engine market include Cummins, Wartsila, Kawasaki Heavy Industries, Man SE and Rolls-Royce Power System AG. The above listing of key players is derived by considering multiple factors such as overall revenue, current Internal combustion engine portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. Major players operating in the global internal combustion engine market include Caterpillar Inc.; Cummins Inc.; Fairbanks Morse, LLC; Kawasaki Heavy Industries, Ltd.; INNIO Group; MAN SE; Wärtsilä Corporation; Rolls Royce plc.; Yanmar Holdings Co. Ltd.; and Scania, among others.
There is a rise in the usage of internal combustion engines in the North American region, owing to supporting policies and infrastructure. Further, requirement for internal combustion engine generators from utilities, such as power grids and IPPs, is supposed to see substantial growth due to rising demand for electricity.
The internal combustion engine market is segmented on the bases of fuel type, power output, end-user, and geography. Based on fuel type, the market is segmented into diesel, gasoline, and natural gas. In 2020, the gasoline segment accounted for the largest market share. In terms of power output, the market is segmented into 100–300 kW, 300–500 kW, 0.5–1 MW, 1–2 MW, 2–5 MW, 5–10 MW, and 10–20 MW. In 2020, the 100–300 kW segment accounted for the largest market share. By end-user, the internal combustion engine market is segmented into industrial, marine, power generation, aerospace and defense, automotive, biogas, and others. In 2020, the automotive segment accounted for the largest share in the market. Geographically, the global internal combustion engine market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, APAC accounted for the significant share in the global market.
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