Internal Combustion Engine (Ice) Market Size to grow by USD 28.3 billion between 2024-2028

The Internal Combustion Engine (Ice) Market is segmented by End-user (Automotive, Aircraft, and Marine), Type (Petroleum and Natural gas), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 28.3 billion, at a CAGR of 8.09% during the forecast period. There are several companies that are contributing to the market as per this report. Growing development in engine technologies .

By End-user, the Automotive segment is projected to dominate the market size in 2024

The global Internal Combustion Engine (ICE) market is poised for significant growth, driven by the automotive industry's continuous demand for innovation and advancements. The automotive engine segment is expected to expand steadily during the forecast period due to increasing vehicle production and consumption, particularly in the APAC region. Automotive Original Equipment Manufacturers (OEMs) are investing heavily in engine technology to meet stricter emissions regulations and consumer preferences for fuel efficiency and performance. This market trend is fueled by the critical role of automotive engines in vehicles and the industry's ongoing quest for product and manufacturing process improvements.

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By Type, Petroleum segment is expected to hold the largest market size for the year 2024

The Internal Combustion Engine (ICE) market signifies a significant business sector, driven by the continuous demand for reliable and efficient power solutions. ICEs convert fuel into mechanical energy, powering various applications, from automobiles to heavy machinery. Market growth is fueled by factors such as increasing industrialization, infrastructure development, and stringent emission norms driving technological advancements.

Why is APAC forecasted to hold the largest regional market size in 2024?

The Internal Combustion Engine (ICE) market represents a significant business opportunity, driven by the widespread usage of ICEs in various industries, including automotive, power generation, and construction equipment. This market is characterized by continuous innovation to improve fuel efficiency, reduce emissions, and enhance performance. Key players are investing in research and development to meet evolving customer demands and regulatory requirements.

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Research Analysis Overview

The Internal Combustion Engine (ICE) market is witnessing significant changes as the world shifts towards cleaner and more efficient energy sources. One of the emerging trends is Low-temperature Combustion (LTC) technology, which improves fuel efficiency and reduces NOx emissions. Cummins Inc. is at the forefront of this technology, developing hydrogen-fueled combustion engines. Natural gas engines are also gaining popularity due to their lower CO2 emissions and affordability. However, the volatility of crude oil prices and emission norms pose challenges to ICE market growth. OEMs are responding by producing flex-fuel engines that can run on multiple fuel types. The Indian government is promoting the use of natural gas in commercial vehicles to reduce dependence on crude oil and decrease CO2 emissions. Shale gas production and the expansion of EV infrastructure are also impacting the ICE market. Gasoline vehicles still dominate the market, but the shift towards electric powertrains is accelerating. Industrial engines continue to use ICEs due to their reliability and cost-effectiveness. The future of the ICE market lies in its ability to adapt to changing market dynamics and regulatory requirements.

Market Research Overview

The Industrial Combustion Engine (ICE) market is a significant segment of the larger global industrial machinery and supplies and components market. This market encompasses businesses involved in the manufacturing of machinery and components, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio's market analysis, the global industrial machinery and supplies and components market's size is determined by the consolidated revenue generated by manufacturers supplying equipment for industrial applications. Key growth drivers for this market include the expanding industrial output in process and discrete industries, fueled by the increasing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in rapidly developing economies. - The Internal Combustion Engine (Ice) Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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