The global internal combustion engine market has remained a preferred choice in the transportation industry for over a century due to its convenience and lower costs. With continuous technological advancements, internal combustion engines have become faster, more efficient, and powerful. The ease of refueling and the extensive network of oil filling stations worldwide have further augmented the demand for internal combustion engines. As electric vehicle adoption is yet to replace internal combustion engines, key resources such as cobalt, lithium, and copper continue to drive the growth of the internal combustion engine market. The expansion of internal combustion engines across a wide range of end-use categories, including ships, aircraft, and automobiles, contributes to the significant growth of the global market. In the automotive industry, Vehicle manufacturers are planning to expand their manufacturing capabilities to capitalize on substantial investment returns. The market is projected to remain lucrative, with a focus on improving fuel performance, efficiency, and emissions driving significant technical advancements across the industry.
In the most recent decades of ICE development, the main focus was on the increase of power density, on the performance map (aiming at optimizing fuel consumption), on efficiency improvements, and on emissions reduction. In recent years, the increasing focus on de-carbonization of the power train of on-highway applications has also reached many applications in the off-highway markets. Independent of the underlying GHG scenario the figure shows the expectation of the still important role of ICE in the coming years. However, ICE market is facing fierce competition with the rise of battery and fuel cell technology.
While the momentum in the market and customer base to reduce GHG emissions increases, the willingness to deploy new sustainable technologies is very different across customer groups. Regulatory framework and policies are a major driver. A good example is the Governmental, Naval, and Defense customer group: while priorities still are availability, safety, and reliability of their products, many of these customers also aim to achieve net zero emission in 2050. Here, alternative solutions will become more interesting only when they have proven that they indeed offer similar technological characteristics compared to mature drive and propulsion technologies.
However, technological change will not happen simultaneously across all customer segments. The different applications will evolve at their own pace and will likely go with different technological concepts. Unfortunately, there will not be a one-fits-all underlying technological basis, as a diesel or natural gas ICE has been, but rather several coexisting technologies for many years to come. The ICE will not vanish as a key technical option in the future. Even in 2050, ICE will likely be the base technology for some specific applications.
As of today, forward to 2032, the global internal combustion engine market is set to witness steady growth, driven by continuous technological advancements, increased vehicle fuel efficiency, and rising demand across various end-use sectors. The market offers significant opportunities for industry stakeholders, investors, and professionals seeking to capitalize on the enduring dominance of internal combustion engines in the transportation industry. According to Research and Markets, Asia Pacific has led the internal combustion engine market and is poised for rapid growth. The region benefits from the presence of numerous automakers and a surge in demand for passenger cars, especially in major economies. Additionally, the lack of proper charging infrastructure for electric vehicles has created a favorable landscape for internal combustion engines. China, a key economy in the region, continues to be a global leader in the commercial vehicle sector. These factors are expected to further drive the growth prospects of the region during the forecast period. Major players in the global internal combustion engine market include McDermott International Inc. (US), CST Industries, Inc. (US), DN Tanks (US), Containment Solutions Inc. (US), Balmoral Tanks Limited (UK), Caldwell Tanks (US), and Synalloy Corporation (US). These industry participants play a crucial role in shaping the market through their innovative products and solutions.
Article by: Prof. Suwan Juntiwasarakij, Ph.D., Senior Editor] & MEGA Tech