DUBLIN, May 18, 2023 /PRNewswire/ — The “Global Internal Combustion Engine Market Size, Trends, By Fuel, By End-Use, By Application and By Region: Global Opportunity Analysis and Industry forecast, 2023-2030” report has been added to ResearchAndMarkets.com’s offering.
With a CAGR of 4.81 % from 2023 to 2030, the Global Internal Combustion Engine (ICE) Marketis expected to grow from its estimated value of US$ 62903 Bn in 2022 to US$ 98004 Bn by 2030.
Several types of cars use internal combustion engines as their power source. It functions by burning petrol or oil to create heat, which is then transformed into power to move the cars it is installed in. In this configuration, an oxidizer is housed in a chamber where it interacts with the combustion process.
Market Drivers
One of the key factors propelling the growth of the internal combustion engine (ICE) market is the increase in government activities towards emission reduction to control pollutants. The market benefits when manufacturers increase their investments to fulfil government criteria.
The market’s expansion is accelerated by the growing use of diesel oxidation catalysts (DOC) for the conversion of water and carbon dioxide (CO2) from hydrocarbons and carbon monoxide (CO). This catalyst reduces particulate matter (PM) by destroying harmful waste in the engine’s exhaust stream.
Due to their greater fuel economy, toughness, and dependability, diesel engines are increasingly preferred over petrol engines, which has a positive impact on the market.
Additionally, the market for internal combustion engines (ICEs) is positively impacted by the growth of the automotive industry, a surge in investments, and rising disposable income.
Market Restraints
Reduced nitrogen oxides (NOx), particulate matter (PM), and reduced specific fuel consumption are all benefits of LTC technology. Before LTC technology is extensively used in car engines, managing ignition time and heat release rate (HRR) are substantial challenges that must be overcome.
Due to the advancement of alternative energy and hybrid vehicle technologies, internal combustion engines are no longer the only option for vehicle power trains. One of the main issues limiting market growth is the increasing adoption of EVs (electric vehicles), as well as the growing scarcity of fossil fuel reserves, which has an impact on the price of petroleum products.
Regional Analysis
The Global Internal Combustion Engine (ICE) Market is segmented into 5 main regions, namely, North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Because of the rising demand for the product from several end-use verticals like construction, mining, agriculture, and power generation, Asia-Pacific (APAC) dominates the internal combustion engine (ICE) market.
Due to the high rate of car adoption in the region, North America is predicted to experience significant growth during the forecast period.
Market Taxonomy
By Fuel
- Petroleum
- Natural Gas
By End-Use
- Automotive
- Aircraft
- Marine
By Application
- Automotive
- Non-Automotive
By Region
North America
- U.S
- Canada
- Mexico
Latin America
- Brazil
- Argentina
- Colombia
- Peru
- Chile
- Venezuela
- Rest of Latin America
Europe
- Germany
- France
- UK
- Russia
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- New Zealand
- Singapore
- Malaysia
- Rest of Asia Pacific
Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest Middle East & Africa
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Global Internal Combustion Engine (ICE) Market Outlook
5 Global Internal Combustion Engine (ICE) Market, By Fuel
6 Global Internal Combustion Engine (ICE) Market, By End-Use
7 Global Internal Combustion Engine (ICE) Market, By Application
8 Global Internal Combustion Engine (ICE) Market, By Region
9 North America Internal Combustion Engine (ICE) Market Analysis and Forecast (2023-2030)
10 Europe Internal Combustion Engine (ICE) Market Analysis and Forecast (2023-2030)
11 Asia Pacific Internal Combustion Engine (ICE) Market Analysis and Forecast (2023-2030)
12 Latin America Internal Combustion Engine (ICE) Market Analysis and Forecast (2023-2030)
13 Middle East Internal Combustion Engine (ICE) Market Analysis and Forecast (2023-2030)
14 Competitive Analysis
15 Company Profiles
Companies Mentioned
- AGCO Corporation
- ASHOK LEYLAND
- Hino Motors Ltd.
- Bosch Limited Caterpillar
- Cummins Inc.
- Ford Motor Company
- Kirloskar Oil Engines Ltd.
- General Motors
- Mahindra & Mahindra Ltd.
- Navistar Inc.
For more information about this report visit https://www.researchandmarkets.com/r/vltcaq
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SOURCE Research and Markets
