Global Internal Combustion Engine Market (2020 to 2028) - Surging Adoption of Gas Powered IC Engines in Developing Countries Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Internal Combustion Engine Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Fuel Type, Power Output, End-User, and Cylinders" report has been added to ResearchAndMarkets.com's offering.

The internal combustion engine market is expected to grow from US $ 55,176.7 million in 2020 to US$ 73,842.5 million by 2028; it is expected to grow at a CAGR of 3.71% during 2020-2028.

Technological advancements are bringing evolution in internal combustion engines, allowing them to offer high power outputs with improved fuel efficiency. Meanwhile, the engines will continue to be vital in the development of the automotive industry. Further, they have a potential for improvement in various areas such as thermal efficiency, emissions, and electrification. The internal combustion engine allows manufacturers to produce small form factor machine or tools, for example road vehicles, lawn cutters, chainsaws, etc. which has industrial application, motorboats and ships which has marine application while heavy power output engine used in power generation.

The global internal combustion engine market is segmented on the bases of fuel type, power output, end user, cylinders, and geography. Based on fuel type, the market is segmented into diesel, gasoline, and natural gas. The gasoline segment led the market in 2020. Based on power output, the internal combustion engine market is segmented into 100-300 kW, 300-500kW, 0.5-1 MW, 1-5 MW, 5-15 MW, 15-25 MW, and 25 MW and above. The 100-300 kW segment led the market in 2020. By end user, the internal combustion engine market is segmented into industrial, marine, power generation, aerospace and defense, automotive, off-road, and others. The automotive segment led the global market in 2020. Based on cylinders, the internal combustion engine market is segmented into 1, 2, 3, and 4. The 4 cylinder segment led the market in 2020. The global internal combustion engine market is segmented into five major regions-North America, Europe, APAC, the MEA, and SAM. Asia Pacific led the market in 2020.

The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of industrial equipment. The emergence of the outbreak across the world caused lockdown in many countries, which has led the industry experts to analyze that the industry would face up to a quarter of lag in industrial equipment supply chain. The crisis is expected to create tremors through 2020 till mid-2021. The manufacturing industry is likely to pick up pace sooner as governments across the globe lifted the various containment measures steadily to revive the economy. The production of the industrial equipment is anticipated to gain pace from 2021, which is further foreseen to positively influence the industrial equipment manufacturing including internal combustion engine.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global internal combustion engine market.
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• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.

Market Dynamics

Drivers

• Increasing Demand for Energy - Efficient Engines
• Rise in Production of Natural Gas

Restraints

• Escalating Popularity of Renewable Energy Alternatives and Technological Drawbacks in Several Countries

Opportunities

• Surging Adoption of Gas Powered IC Engines in Developing Countries

Future Trends

• Distributed Gas Generation

Companies Mentioned

• Caterpillar Inc.
• Cummins Inc.
• Fairbanks Morse, LLC
• INNIO
• Kawasaki Heavy Industries, Ltd.
• MAN SE
• Rolls-Royce plc.
• Wartsila Corporation
• YANMAR HOLDINGS CO., LTD.
• Scania
• Hyundai Heavy Industries Co., Ltd.
• Koenigsegg Automotive AB
• Cosworth
• Nissan Motorsports International Co., Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/3rl5ix