Internal Combustion Engine Market powered by rising automotive sales
The internal combustion engine market has witnessed substantial growth in recent years owing to various advantages associated with internal combustion engines. Internal combustion engines are compact power units that convert chemical energy from combustion into mechanical energy. These engines are versatile and can run on a variety of fuels like gasoline, diesel, natural gas, etc. depending on the engine type. They are favored over electric motors for use in automobiles due to their higher energy density and extended driving range on a single full charge. Additionally, vehicles powered by internal combustion engines require less charging time compared to electric vehicles.
The Global Internal Combustion Engine Market is estimated to be valued at USD 256.7 Bn in 2024 and is expected to reach USD 298.3 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
Key players operating in the internal combustion engine market are Cummins, Caterpillar Inc., Bosch, Continental AG, and Volkswagen AG.
The growing demand for automobiles from emerging economies is fueling the internal combustion engine market growth. Rising disposable incomes have increased automobile ownership, especially in Asia Pacific countries like India and China.
Major engine manufacturers are focusing on global expansion by strengthening their distribution networks across developing nations to tap the rising demand. For instance, Cummins sets up new plants in India and China every year to cater to the growing demand for diesel engines in commercial vehicles.
Market Drivers
Rising automotive sales is one of the major drivers of the internal combustion engine market. As the sales of passenger and commercial vehicles increase globally, the demand for internal combustion engines continues to rise. According to various estimates, global passenger car sales are expected to grow at a CAGR of 3-4% until 2030. This rising automotive demand will ensure steady growth of the internal combustion engine market during the Internal Combustion Engine Market Forecast period.
Internal Combustion Engine Market - https://www.coherentmi.com/ind....ustry-reports/intern
