Internal Combustion Engine Market
Report ID: SQMIG10C2043
Report ID: SQMIG10C2043
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Report ID:
SQMIG10C2043 |
Region:
Global |
Published Date: February, 2025
Pages:
192
|Tables:
59
|Figures:
70
Internal Combustion Engine Market size was valued at USD 189.11 Billion in 2024 and is poised to grow from USD 199.51 Billion in 2025 to USD 306.18 Billion by 2033, growing at a CAGR of 5.5% during the forecast period (2026–2033).
The market has witnessed tremendous growth and is expected to expand further, owing to a rise in demand for passenger and commercial vehicles in developed and emerging countries. Electric powertrains are increasingly combined with internal combustion engines (ICE) to improve vehicle fuel economy, a key factor driving the global internal combustion engine market growth. Product demand is increasing across agriculture, construction, mining, and power generation industries. A lack of EV infrastructure availability globally is also responsible for the uptake of the market. Also, the rising popularity of vehicles using gasoline and growing shale gas production are other factors driving market growth.
As governments worldwide gradually withdrew different containment measures to stimulate the economy, the energy and power industry started picking up quickly. Internal combustion engines took a lift in the second half of 2021, positively impacting industrial equipment manufacturing, including that of internal combustion engines. Strict government mandates regarding CO2 emissions have provided a solution to the manufacturers. During the forecast period, they are expected to offer lucrative opportunities for global market advancement.
Technological advancements bring evolution to the internal combustion engine design, allowing it to provide more power while using less fuel. Meanwhile, engines will continue to play an essential role in the automotive industry's evolution. Also, they could improve in areas such as thermal efficiency, emissions, and electrification. Introducing the new concept of low-temperature combustion (LTC) is a cutting-edge idea for internal combustion engines that has recently gotten much attention.
Market Key Attributes
In May 2024, Volvo Trucks developed trucks equipped with hydrogen-powered combustion engines. On-road tests with trucks powered by hydrogen in combustion engines will begin in 2026, with a commercial launch planned for the end of this decade. Trucks that run on green hydrogen are a significant step toward Volvo's net-zero goal and helping customers meet their decarbonization targets. In June 2023, General Motors unveiled plans to invest USD 632 million in its Fort Wayne Assembly plant to gear up to produce the next-generation internal combustion engine (ICE) full-size light-duty trucks. This investment bolstered GM's leading position in the full-size truck business. The company has not disclosed any product details or timelines related to its future trucks. In May 2022, Renault introduced a new SUV concept with a hydrogen-powered powertrain. This SUV design includes an internal combustion engine that runs on hydrogen rather than the fossil fuels like gasoline and diesel. Market suppliers have used innovative strategies such as acquisitions, collaborations, and partnerships to gain a competitive edge in the market.
Market snapshot - 2026-2033
Global Market Size
USD 179.25 billion
Largest Segment
Automotive
Fastest Growth
Aircraft
Growth Rate
5.5% CAGR
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Global Internal Combustion Engine Market is segmented by Fuel Type, End-Use, Application and region. Based on Fuel Type, the market is segmented into Petroleum and Natural Gas. Based on End-Use, the market is segmented into Automotive, Marine and Aircraft. Based on Application, the market is segmented into Automotive and Non-Automotive. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Fuel Type
As per global internal combustion engine market outlook, the petroleum segment accounted for the dominant share of 81.6% in 2024 due to the advantages of petroleum internal combustion engines, such as less vibration and noise. The expansion or development of the market impacts the demand for petroleum products. The move to electric vehicles (EVs) and the general decline in petroleum use in the transportation sector may affect the long-term prospects of the petroleum segment and its connection to the market. Moreover, technological advancements in the automotive industry are expected to increase revenue flow for the segment. This growth can be attributed to the benefits of gasoline engines, such as being efficient, cheaper, lightweight, and reducing emissions. Additionally, the number of ICE vehicles on the road and fuel consumption directly affect the demand for petroleum-based fuels. As per global internal combustion engine market analysis, the natural gas segment is expected to witness a significant CAGR of 9.0% during the forecast period. The demand for natural gas is expected to rise steadily in the foreseeable future as it is the cleanest burning of all hydrocarbons that helps reduce carbon emissions. Additionally, LNG is used as an alternative to diesel and heavy fuel oil in transport due to its low carbon emission levels. Natural gas is often more cost effective than traditional fossil fuels. Natural gas prices have been relatively stable or lower in some regions than gasoline or diesel in recent years. This cost advantage can make natural gas an attractive option for vehicle fleet operators and businesses with large transportation needs.
Analysis by End-Use
As per the global internal combustion engine market forecast, the automotive segment dominated the market and accounted for the highest revenue share. This expansion is linked to rising consumer disposable income levels, which have increased car usage worldwide. Automotive manufacturers are focused on developing efficient internal combustion engines that offer high returns on manufacturing investments. Furthermore, technological advancements that increase IC engine fuel economy, emissions, and performance are expected to propel market growth during the forecast period. Furthermore, the market is anticipated to rise during the forecast period due to technical developments that improve IC engine fuel efficiency, emissions, and performance.The aircraft segment is expected to witness a significant CAGR of 8.5% during the forecast period. This segment is primarily driven by the commercial aviation industry's favourable market dynamics. Aircraft used for tourism, logistics, and defense require high-performing ICE, as it has higher torque. This internal combustion engine application in various industries is expected to encourage market growth. Furthermore, technical developments such as multi-fuel capability, which increases fuel mileage, will boost demand for the segment. Furthermore, this segment is primarily driven by the commercial aviation industry's favourable market conditions. This internal combustion engine application in various industries is expected to drive market growth. Aircraft for tourism, logistics, and defence require a high-performance ICE with more torque.
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North America dominated the global internal combustion engine market and at a CAGR of 5.0% during the forecast period. The automotive industries in the United States and Canada are well-established, and there is a sizable market for ICE-powered automobiles. Trucks, SUVs, and high-performance cars continue to be popular in this area despite the growing interest in EVs, which fuels the demand for ICE engines. To lessen the adverse effects of ICE vehicles on the environment, there is also a focus on alternative fuels like biofuels. Environmental Protection Agency (EPA) requirements and other strict emission rules have prompted the development of cleaner and more effective ICE engines.
Asia-Pacific has emerged as one of the fastest-growing regions in the market. The demand for ICE vehicles is driven by nations like China, Japan, and India, which together make up the largest automotive market in the world. The government has enacted pollution limits and fuel efficiency requirements in China, the world's largest auto market, to promote the development of cleaner ICE engines that use less fuel. India presents prospects for ICE cars, notably in the commercial vehicle category, because of its expanding economy and infrastructure. ICE vehicles continue to rule the market despite increasing EV usage due to price and a lack of charging infrastructure. Europe is anticipated to exhibit a CAGR of 4.8% during the forecast period. The sale of new gasoline and diesel automobiles will be prohibited in some European nations in the coming years, affecting the long-term demand for ICE engines. As a step toward complete electrification, there is still a sizable market for hybrid cars and cutting-edge ICE technologies. Germany, France, and Italy dominate the market, emphasizing performance cars and luxury brands. In Latin America, internal combustion engine (ICE)-powered vehicles hold a significant market share, especially in countries such as Brazil and Mexico. The region’s continued reliance on ICE vehicles is primarily driven by economic factors, limited charging infrastructure for electric vehicles, and affordability concerns.The Middle East is a significant market for high-end and sporty vehicles, which frequently use ICE engines. ICE vehicles are more common in Africa due to a lack of infrastructure for charging and financial limitations. The demand for ICE automobiles is supported by the region's oil-rich economies' relatively low fuel costs.
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Internal Combustion Engine Market Drivers
Rising Consumer Disposable Income
Advancements in Emissions Control Technologies
Internal Combustion Engine Market Restraints
Shift toward Electric Powered Vehicle
Increasing Regulatory Pressure
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The competitive landscape of the internal combustion engine market is dominated by key players across the automotive, industrial, and energy sectors, all of whom are focused on enhancing engine performance, fuel efficiency, and sustainability. Leading companies like Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, General Motors, and Cummins Inc. are at the forefront of innovation, developing advanced engine technologies such as hybrid systems and low-emission engines to meet regulatory standards and consumer demands for cleaner options.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to SkyQuest analysis, the increasing demand for automobiles and two-wheeler vehicles in Asia-Pacific is expected to drive the market during the forecast period. On the other hand, rising demand for non-GHG-emitting vehicles and supportive policies to adopt alternate fuel vehicles are expected to hamper the market's growth. Nevertheless, the increasing research & development and technological advancements in the internal combustion engine design are expected to present significant growth opportunities for the market during the forecast period. Asia-Pacific is expected to have a significant share of the market due to increasing industrial and commercial activities, which will translate to more vehicle sales during the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 189.11 Billion |
| Market size value in 2033 | USD 306.18 Billion |
| Growth Rate | 5.5% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Internal Combustion Engine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Internal Combustion Engine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Internal Combustion Engine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Internal Combustion Engine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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