The petroleum segment captured the largest share by fuel type in 2017 and is expected to register a CAGR of close to 5.0% from 2018 to 2025. This growth is ascribed to increasing demand for gasoline powered vehicles as well increasing production of shale gas
By end use, the automotive engines segment is projected to witness healthy growth over the forecast years, primarily on account of surge in demand for commercial as well as passenger vehicles
Rising demand for submarines and ships for military applications is expected to drive the marine engines segment from 2018 to 2025
The Asia Pacific internal combustion engines market accounted for over 40.0% of the overall market volume in 2017, fueled by high demand across the automotive segment
Key players in this market include Volkswagen AG, General Motors, Rolls-Royce, Caterpillar Inc., Cummins, Toyota Industries Corporation, and Volvo. The industry faces several challenges owing to frequent update in government rules and regulations, making value chain analysis significant.
Development of several advanced combustion modes such as homogeneous charge compression ignition (HCCI) is expected to catalyze the growth of the internal combustion engines market. The automotive ICE segment is expected to witness significant growth owing to high vehicle demand over the forecast period. Surging demand for high efficiency engines with low carbon emission is also expected to fuel segment growth.
Availability of alternative-fuel options such as propane auto gas and compressed natural gas as well as and electric vehicles is anticipated to challenge industry growth. However, a complete replacement by these substitutes may take a long time owing to the reliability and efficiency offered by IC engine technology.
Grand View Research has segmented the global internal combustion engine (ICE) market on the basis of fuel, end use, and region:
Internal Combustion Engine Fuel Type Outlook (Volume, Thousand Units, 2014 - 2025
Robot Cars And Trucks Market – Global robot cars and trucks market is poised to witness significant growth over the forecast period due to technological proliferation and increasing prominence for automated driving technology in the automobile industry.
Road Haulage Market – Global road haulage market is estimated to witness a strong growth over the forecast period due to the rise in demand for fast and efficient road transportation.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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