According to the new research report published by The Insight Partners, titled “Internal Combustion Engine Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, and Application,” the market was valued at US$ 55,176.7 million in 2020 and is projected to reach US$ 73,842.5 million by 2028; it is expected to grow at a CAGR of 3.7% from 2021 to 2028.
The electric power, automotive, manufacturing, and transportation industries in developing countries, such as India, China, and Brazil, are highly dependent on fossil fuels. Rise in population and the lack of supporting infrastructure for electric technologies are the major factors propelling the growth of the internal combustion engine market. Electric motors, electric devices, solar plants, and wind projects are more expensive than conventional internal combustion engines. Therefore, the diesel, gasoline, or gas-powered engines are preferred in numerous countries. Further, various industries are shifting to gas engines for low emissions owing to the improvements in the emission norms for diesel engines. According to The World Bank Group data for access to electricity, ~91.6% of the population has access to electricity in South Asia. Hence, South Asian countries are strongly adopting natural gas for power generation application. Further, electricity consumption for basic applications in China and India is increasing with the surge in population, owing to which they are opting for various types of internal combustion engines—such as gas engines for electricity generation.
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Amid the COVID-19 outbreak pandemic worldwide, several business organizations have been pushed to reduce their operations due to lockdowns announced by several governments across the globe, which drastically affected businesses. Though the impacts on diverse businesses are well-known, the technology sector is also facing the largest disruption in recent remembrance. The lockdown also resulted in the temporary shutdown of offices, schools, cinema halls, manufacturing plants, and venues, which had negatively impacted the internal combustion engines market. For instance, according to the International Energy Agency (IEA) estimation, the global demand for electricity has been decreased by 2.5% in the first quarter of 2020. However, in the second half of 2020, with the relaxation of lockdown, the demand spiked due to the implementation of advanced technologies by automobile manufacturers to increase energy efficiency and the power generation plants to maintain power supply.
Caterpillar Inc.; Cummins Inc.; Fairbanks Morse, LLC; INNIO; Kawasaki Heavy Industries, Ltd; MAN SE; Rolls-Royce plc; Wärtsilä Corporation; YANMAR HOLDINGS CO., LTD; Scania; Hyundai Heavy Industries Co., Ltd; Koenigsegg Automotive AB; Cosworth; and NISSAN MOTORSPORTS INTERNATIONAL CO., LTD are among the major companies operating in the internal combustion engine market.
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