The Internal Combustion Engine Market size is projected to reach US$ 84,170.16 million by 2031 from US$ 59,807.81 million in 2023. The market is expected to register a CAGR of 4.4% % in 2023–2031. The fueling acceptance of natural gas for power generation in, industrial, and commercial sectors is likely to remain key internal combustion engine market trends.
Expanding demand for natural gas-powered engines in applications in heavy industries such as metal, food processing, and chemicals is driving the market significantly. Further, developing concerns regarding emissions and improving regulatory standards are assisting the market growth in the automotive sector. In the internal combustion engine market, automotive, mid-stream oil and gas, remote, heavy industries, light manufacturing, utilities, off-road, datacenters, MUSH, and commercial are end users.
Increasing global warming is a major environmental concern worldwide. The governments of various nations are imposing certain restrictions to control the emissions of diesel and petrol engines; thus, the growing emphasis on environment-friendly alternatives is compelling engine manufacturers to develop technologies to make internal combustion engines more effective and produce less emissions. Manufacturers and customers are now shifting their attention towards the application of alternate fuels in internal combustion engines. For example, natural gas-driven internal combustion engines emit less emissions to produce a necessary amount of power with high efficiency. The emission monitoring and regulatory agencies from various nations are enforcing stringent regulations on the usage of diesel engines and generators. To meet these regulatory standards, several industries are implementing gas engines and generators for power generation.
The demand for gas engines is increasing in the power generation sector with new emission control policies. The industrial sector, including metals, chemicals, and manufacturing industries, is a major contributor to the escalating demand for gas engines. The generation of natural gas, which is one type of fuel required for internal combustion engines, is growing at a significant rate. The industrial sector, including metals, chemicals, and manufacturing industries, is a major contributor to the accelerating demand for internal combustion engines. The generation of natural gas, which is necessary for operating internal combustion engines, is rising at a substantial rate. Major applications such as electricity generation, heating, and vehicle functioning are strengthening the requirement for natural gas internal combustion engines. Hence, to offer a resolution for sudden power outages, utility service companies are utilizing gas generators to manage peak loads. Thus, the constant surge in demand from developing countries is one of the key factors driving the internal combustion engine market growth.
The increase in population and the lack of supporting infrastructure for electric technologies are the major factors supporting the internal combustion engine market. Electric devices, electric motors, solar plants, and wind projects are more costly than gas engines, which is compelling the preference of various nations toward gas engines as an environment-friendly alternative. Further, developments in the emission standards for diesel engines for which various end-use industries are shifting to gas engines for low emissions. Emerging nations are effectively inclining towards adopting natural gas for power generation. Thus, the growing popularity of natural gas is anticipated to offer lucrative opportunities for the internal combustion engine market.
Key segments that contributed to the derivation of the internal combustion engine market analysis are fuel type, power output, and end-user.
The geographic scope of the Internal Combustion Engine Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
The internal combustion engine market in the Asia Pacific is segmented into India, Japan, Australia, China, South Korea, and the Rest of Asia Pacific. China is one of the leading internal combustion engine manufacturing countries in this region, while India and Japan are also considered substantial contributors to regional growth. Due to the increasing population in developing nations like India and China, there is an increasing demand for electricity; thus, end users such as power generating plants, remote plants and manufacturing industries are utilizing internal combustion engines for power generation. The rising number of manufacturing companies in India and China is characterized by the mass production of internal combustion engines for automobile and power generation, owing to the substantial availability of skilled human resources. Due to the high cost of electric energy engines and the lack of supporting infrastructure, there is a rise in the adoption of conventional internal combustion engines, which has supplemented the market growth. Moreover, governments of various nations in the region are majorly promoting natural gas application in internal combustion engines for low emissions.
The regional trends and factors influencing the Internal Combustion Engine Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Internal Combustion Engine Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 59,807.81 million |
| Market Size by 2031 | US$ 84,170.16 million |
| Global CAGR (2023 - 2031) | 4.4% % |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Fuel Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Internal Combustion Engine Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Internal Combustion Engine Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Internal Combustion Engine Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
The “Internal Combustion Engine Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas: