The
global internal combustion engine market is expected to reach 197 million units
by 2022, according to a new study by Grand View Research, Inc. Rising need for
fuel efficiency has resulted in engine downsizing and turbocharging, which is
expected to escalate market growth over the coming years.
Development
of several advanced combustion mode such as homogeneous charge compression
ignition (HCCI) is expected to catalyze industry growth. This may be attributed
to growing demand for high efficiency along with low carbon emission. The
automotive internal combustion engine market is expected to witness significant
growth owing to high vehicle demand over the forecast period.
Development
of alternative-fuel options such as compressed natural gas & propane
autogas and electric vehicle is anticipated to pose challenge to the industry.
However, replacement of these substitutes may require high amount of time owing
to the reliability and efficiency offered by IC technology. Increasing fuel
prices may also pose challenge to industry growth over the next seven years.
In depth research report on Internal Combustion
Engine Market
Further key findings from the study suggest:
·
Petroleum segment accounted for
substantial market share in 2014, and is expected to witness growth over the
next few years. Additionally, natural gas segment accounted for more than 15%
of the overall consumption in 2014, which is expected to increase over the next
few years; this may be primarily attributed to increasing shale gas production.
·
The four stroke engine segment
is estimated to capture a sizeable market share owing to several benefits and
high efficiency offered over two stroke engines. The two stroke segment is
expected to witness steady growth over the next few years.
·
On account of surge in demand
for commercial as well as passengers vehicles, the automotive segment is
estimated to exhibit high growth over the next seven years. Further, marine
applications are also poised for high growth owing to rising demand for
submarines and ships for military applications.
·
Asia Pacific emerged as a
dominant regional IC engine market, accounting for over 35% of the overall share
in 2014. High demand across the automotive segment is anticipated to be the key
factor that drives regional demand.
·
Key players include General
Motors, Volkswagen AG, Rolls-Royce, Cummins, Caterpillar Inc., Toyota
Industries Corporation and Volvo. The industry faces several challenges owing
to frequent update in government rules and regulations, making value chain analysis
significant.
Grand
View Research has segmented the global internal combustion engine market on the
basis of fuel, cycle, application, and region:
Internal Combustion Engine Fuel Type Outlook
(Volume, Thousand Units, 2012 - 2022)
·
Petroleum
·
Natural Gas
Internal Combustion Engine Cycle Outlook (Volume,
Thousand Units, 2012 - 2022)
·
2-Stroke
·
4-Stroke
Internal Combustion Engine Application Outlook
(Volume, Thousand Units, 2012 - 2022)
·
Automotive
·
Aircraft
·
Marine
Internal Combustion Engine Regional Outlook (Volume,
Thousand Units, 2012 - 2022)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East & Africa (MEA)
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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