The Commercial Internal Combustion Engines by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Commercial Internal Combustion Engines, The commercial internal combustion engines market size has grown strongly in recent years. It will grow from $211.29 billion in 2023 to $227.19 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to infrastructure development, global trade and transportation needs, regulatory standards and emissions control, diversity in industrial applications, affordability and accessibility..
The commercial internal combustion engines market size is expected to see strong growth in the next few years. It will grow to $298.13 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to global infrastructure projects, evolving emission standards, energy transition challenges, adoption of alternative fuels, resilience in specific applications.. Major trends in the forecast period include adoption of advanced engine management systems, focus on sustainable and eco-friendly technologies, development of high-performance engines, enhancements in engine durability and longevity, globalization of commercial vehicle production..
The increasing demand for fuel-efficient vehicles is expected to propel the growth of the commercial internal combustion engine market going forward. Fuel-efficient vehicle refers to a vehicle that has 27 miles per gallon or higher of highway fuel economy. The fuel efficiency of a vehicle depends upon the speed and timing of internal combustion engines, which provide outstanding drivability and durability. Hence, the increasing demand for fuel-efficient vehicles will increase the demand for the commercial internal combustion engine market. For instance, according to International Energy Agency, a France-based autonomous intergovernmental organization, in 2021, 92% of light-duty vehicle sales worldwide were powered by fossil fuels while electric vehicles accounted for the remaining 6.8 million sales (including battery electric and plug-in hybrid vehicles). Also, the global sales of hydrogen-powered fuel cell electric vehicles totalled about 16 000. By the end of the decade, around 60% of new light-duty vehicle sales will be electric. Therefore, the increasing demand for fuel-efficient vehicles is driving the demand for the commercial internal combustion engine market.
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The commercial internal combustion engines market covered in this report is segmented –
1) By Type: Petroleum, Natural Gas
2) By Power Output: 100-300 kW, 300-500 kW, 0.5-1 MW, 1-5 MW, 5-15 MW, 15-25 MW, 25 MW And Above
3) By Application: Marine, Automotive, Aircraft, Other Applications
Product innovations are the key trend gaining popularity in the commercial internal combustion engine market. Major companies operating in the commercial internal combustion engine market are focused on developing new solutions to increase their share in the market. For instance, in February 2023, JCB Power Systems Ltd., a UK-based developer, and manufacturer of industrial diesel engine solutions, launched a hydrogen combustion engine. The hydrogen combustion engine is developed based on combustion technology and it provides an inexpensive, emissions-free alternative resulting in zero CO2 emissions at the point of use. JCB’s hydrogen engine has several advantages over diesel or gasoline alternatives. At the time of usage, the hydrogen fuel used in the engine produces just steam and no CO2 emissions. Also, the hydrogen-powered JCB prototype backhoe loader can carry out all the functions of its diesel-powered version.
The commercial internal combustion engines market report table of contents includes:
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