Internal Combustion Engine Industry Demand By Segments & Region

(MENAFN- Straits Research) An essential part of the working fluid flow circuit of an internal combustion engine (ICE or IC engine) is the combustion chamber, where fuel is burned with the assistance of an oxidizer (typically air). An internal combustion engine component is subjected to direct force due to the expansion of high-temperature, high-pressure combustion gases. Usually, a rotor (Wankel engine), a piston (piston engine), turbine blades (gas turbine), or a nozzle (jet engine) are the objects to which the force is applied. This force propels the component over a distance, turning chemical energy into kinetic energy that can then be used to move or power whatever the engine is attached to.

A machine with intermittent combustion typically comes to mind when you hear the term "internal combustion engine," such as the more well-known two- and four-stroke piston engines and variants like the six-stroke piston engine and the Wankel rotary engine. A second class of internal combustion engines, which employ continuous combustion and share the same essential principles as the engine just discussed, includes gas turbines, jet engines, and most rocket engines. Weapons like mortars and anti-aircraft cannons are examples of internal combustion engines, even though they are so specialized that they are typically placed in a different category.

Market Dynamics Technological Advancements Drive the Global Market

The demand for internal combustion engines is projected to rise in the next years due to technical developments that help design effective engines and maximize the potential of fossil fuels. Internal combustion engines frequently increase fuel economy and create the potential for industrial growth when used with hybrid electric powertrains. Internal combustion engines also significantly speed up industry expansion because of benefits like improved stability and maneuverability.

Several significant technological developments in this area, including the addition of transmission gears, the ability to use lower numerical axle ratios, and the reduction of engine operation speed, helped to improve engine efficiency and are also expected to support market growth over the forecast period. It is anticipated that increasing fuel economy and the creation of plug-in hybrid engines will support industry growth over the forecasted timeframe.

Hybrid Powertrains and Performance and Specialized Vehicles Creates Tremendous Opportunities

Hybrid vehicles, which combine an internal combustion engine and electric power, have grown in favor of a transitional strategy toward full electrification. The development of hybrid powertrains presents opportunities for ICE manufacturers to extend vehicle range, reduce emissions, and enhance efficiency. These developments might make the transition from ICE vehicles to electric cars easier. Internal combustion engines can deliver the power and torque typically required by heavy-duty applications, sports cars, and high-performance vehicles. Professionals and enthusiasts seeking ICE-powered cars' distinctive features and experiences can find a niche market. Manufacturers might concentrate on designing specialized ICE engines to meet the needs of this industry.

Regional Analysis

North America's Internal Combustion Engine
industry share is estimated to exhibit a CAGR of 5% over the forecast period. There is a substantial market for cars with ICE engines, and the US and Canadian automotive industry is well-established. Despite the increased interest in EVs, trucks, SUVs, and high-performance cars remain popular in this region, supporting the ICE engine market. The development of cleaner and more efficient ICE engines has been pushed by Environmental Protection Agency (EPA) criteria and other rigorous emission regulations. There is also a push for alternative fuels like biofuels to mitigate the damaging impact of ICE vehicles on the environment.

Europe is anticipated to exhibit a CAGR of 4.8% over the forecast period. Thanks to strict Euro requirements pushing to adopt cleaner, more efficient ICE engines, Europe is now at the forefront of pollution regulations. Some European countries have banned the sale of brand-new gasoline and diesel cars in the next years, which will impact the long-term demand for ICE engines. There is still a substantial market for hybrid vehicles and cutting-edge ICE technology as a step toward full electrification. Germany, France, and Italy dominate the European automotive market, focusing on luxury and performance vehicles.

Key Highlights

• The global internal combustion engine market revenue was valued at 170587 units in 2022. It is estimated to reach 269209.20 thousand units by 2031, growing at a CAGR of 5.2% during the forecast period (2023–2031).
• Based on the fuel type, the global internal combustion engine 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.
• Based on end-use, the global internal combustion engine 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.
• North America is the most significant global internal combustion engine market shareholder and is estimated to exhibit a CAGR of 5% over the forecast period.

Competitive Players

The key players in the global internal combustion engine market are BASF SE, Herbalife Nutrition, Nutrigenomix, DSM, Amway, Atlas Biomed Group, DNAlysis, DNAfit, Care/of, DayTwo, Baze, Segterra, Supp Nutrition, mindbodygreen, Helix & Gene, Metagenics,
Vitagene, Nourished, Rootine, InstaFit, Viome, and Nutrino.

Market News

• In June 2023, Rolls-Royce opened an MTU combustion engine assembly plant for its MTU Series 2000 engines in Kluftern near Friedrichshafen, Germany. The new structure features a 1.2MW solar photovoltaic system, e-charging columns to promote greener mobility, and smart building control to maximize energy efficiency.
• In February 2023, RIL announced India's first hydrogen combustion engine technology for heavy-duty vehicles. Reliance claims that it is a "unique and affordable" domestically developed technology solution that could change the course of green mobility in the future.

Global Internal Combustion Engine Market: Segmentation By Fuel Type

• Petroleum
• Natural Gas

By End-Use

• Automotive
• Marine
• Aircraft

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

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