The global internal combustion engine (ICE) market demand is projected to touch 229,439 thousand units by the end of 2025, according to a new report published by Million Insights. The market is anticipated to ascend at a CAGR of 4.9% over the forecast duration, 2018 to 2025. Growing focus on fuel efficiency has resulted in turbo charging and downsizing of engines, which, in turn, is augmenting the market growth. Further, the introduction of advanced models such as homogeneous charge compression ignition (HCCI) is anticipated to bolster the demand for ICE vehicles in the near future.
Electric vehicles have witnessed significant growth over the past few years. The rise in penetration of electrical vehicles poses a threat to the IC engine. Further, different countries such as India, U.K, Netherlands and others are planning to impose a ban on the sales of IC engine vehicles by 2025. Such factors are projected to considerably lower the demand for ICE vehicles in the near future.
Asia Pacific accounted for the largest market share in 2017 and the region is expected to grow considerably over the forecast period. North America also likely to account for the significant growth owing to the rise in sales in vehicles in the region, especially in the U.S.
Among different end-use, the automotive segment held the largest market share by volume in 2017. Automotive was followed by marine and aircraft. Automotive segment alone held over 65% of the market share in 2017. Various factors such as technical advancement, the introduction of low emission vehicles and rising purchasing power of consumers are attributing to the growth of this segment.
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Further key findings from the report suggest:
• By fuel, petroleum was the largest segment in 2017 and the segment is anticipated to grow at a CAGR of nearly 5.0% over the forecast period.
• Based on end use segment, the petroleum segment was the largest shareholder in 2017.
• Asia Pacific alone held over 40% of the market share in 2017 on account of rising production of vehicles in 2017.
• Several key players operating in the internal combustion engine market are Rolls-Royce, Volvo, Cummins, General Motors, Volkswagen AG and Toyota among others.
Million Insights 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)
• Natural Gas
Internal Combustion Engine End-use Outlook (Volume, Thousand Units, 2014 - 2025)
• 50-200 HP
• 200-300 HP
• <300 HP
• 258-1000 HP
• 400-1400 HP
• 730-1800 HP
Internal Combustion Engine Regional Outlook (Volume, Thousand Units, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• Latin America
• Middle East & Africa