PUBLISHER: The Business Research Company | PRODUCT CODE: 1409311
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409311
“Commercial Internal Combustion Engines Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on commercial internal combustion engines market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for commercial internal combustion engines? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The commercial internal combustion engines market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
An internal combustion engine derives its power from the heat produced by the combustion of non-reacted working fluids within the engine. Commercial internal combustion engines are specifically utilized for commercial purposes across various transportation and industrial applications such as automobiles, ships, helicopters, and coal-powered trains.
The primary fuel types for commercial internal combustion engines include petroleum and natural gas. Engines that run on petroleum products such as petrol, diesel oil, and other oils fall under the category of petroleum-based engines. These engines are available in various power output ranges such as 100-300 kW, 300-500 kW, 0.5-1 MW, 1-5 MW, 5-15 MW, 15-25 MW, and 25 MW and above, catering to applications in marine transport, automotive, aircraft, and other industrial uses.
The commercial internal combustion engines market research report is one of a series of new reports from The Business Research Company that provides commercial internal combustion engines market statistics, including commercial internal combustion engines industry global market size, regional shares, competitors with commercial internal combustion engines market share, detailed commercial internal combustion engines market segments, market trends, and opportunities, and any further data you may need to thrive in the commercial internal combustion engines industry. This commercial internal combustion engine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 historic growth of commercial internal combustion engines can be linked to several factors, including extensive infrastructure development, the escalating demands of global trade and transportation, stringent regulatory standards focusing on emissions control, the widespread usage across diverse industrial applications, and the engines' 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 forecasted growth of commercial internal combustion engines is expected to be driven by various factors such as the increasing number of global infrastructure projects, the ongoing evolution of stringent emission standards, challenges in transitioning towards cleaner energy sources, the adoption of alternative fuels, and the engines' resilience across specific applications. Major trends in this period are anticipated to include the adoption of advanced engine management systems, a greater emphasis on sustainable and environmentally friendly technologies, the development of high-performance engines, improvements in engine durability and longevity, and the globalization of commercial vehicle production.
The growing demand for fuel-efficient vehicles is anticipated to drive the expansion of the commercial internal combustion engine market in the future. A fuel-efficient vehicle is characterized by achieving 27 miles per gallon or higher in highway fuel economy. The efficiency of these vehicles relies on the speed and timing of internal combustion engines, which offer exceptional drivability and durability. The increasing preference for fuel-efficient vehicles is expected to boost the demand for commercial internal combustion engines. For example, the International Energy Agency reported that in 2021, 92% of worldwide light-duty vehicle sales were powered by fossil fuels, with electric vehicles accounting for the remaining 6.8 million sales. Hydrogen-powered fuel cell electric vehicles totaled about 16,000 global sales. The shift towards fuel-efficient vehicles is driving the demand for commercial internal combustion engines, particularly as electric vehicles are expected to represent around 60% of new light-duty vehicle sales by the end of the decade.
The surge in automobile production is poised to further propel the growth of the commercial internal combustion engine market. Automobile production encompasses the manufacturing process of various vehicles, including cars, trucks, buses, and other motor vehicles. Commercial vehicles, such as trucks, buses, and vans, heavily rely on internal combustion engines for their powertrains. The escalating demand for commercial vehicles translates directly into an increased requirement for internal combustion engines. According to the European Automobile Manufacturers Association, global motor vehicle production reached 79.1 million units in 2021, reflecting a 1.3% increase. Additionally, the automobile industry in India produced 22.93 million vehicles, including various categories, from April 2021 to March 2022. The growing demand for automobile production is a key driver for the commercial internal combustion engine market.
Product innovation stands out as a significant trend gaining traction in the commercial internal combustion engine market. Major companies in this market are actively engaged in developing new solutions to enhance their market share. For instance, in February 2023, JCB Power Systems Ltd., a UK-based developer and manufacturer of industrial diesel engine solutions, introduced a hydrogen combustion engine. This engine is based on combustion technology, providing a cost-effective and emissions-free alternative with zero CO2 emissions at the point of use. JCB's hydrogen engine offers advantages over traditional diesel or gasoline alternatives, emitting only steam and no CO2 during usage. The introduction of innovative products such as the hydrogen combustion engine demonstrates the commitment of major players to advancing technology in the commercial internal combustion engine market.
Major players in the commercial internal combustion engine market are prioritizing product development and launches, specifically focusing on commercial diesel engines and natural gas engines, as part of their strategy to maintain a competitive edge. Commercial diesel engines and natural gas engines are designed for diverse commercial applications, spanning vehicles, industrial equipment, power generation, and more. In a notable development, Weichai Power Co., Ltd., a multinational company based in China, unveiled groundbreaking products in November 2022. Weichai Power introduced the world's first commercial diesel engine and a natural gas engine, both showcasing remarkable thermal efficiency. The commercial diesel engine achieved an impressive thermal efficiency of 52.28%, while the natural gas engine surpassed this with an even higher efficiency of 54.16%. Thermal efficiency is a critical measure of how effectively an engine converts fuel into usable energy, and these figures represent a significant advancement in fuel efficiency. Weichai Power's commitment to innovation is evident in these product launches, reinforcing its position as a key player in the commercial internal combustion engine market.
In September 2022, Anglo Belgian Corporation NV, a Belgium-based developer and manufacturer of medium-based engines, made an impactful move by acquiring E Van Wingen for an undisclosed amount. This strategic acquisition aims to leverage the synergies between the two companies, contributing to the energy transition. E Van Wingen, a Belgium-based designer and manufacturer of power and power plant supplies, particularly high-speed internal combustion engines, adds complementary capabilities to Anglo Belgian Corporation NV. This acquisition aligns with the broader industry trend of companies consolidating resources to navigate and contribute to the ongoing energy transition.
Major companies operating in the commercial internal combustion engines market report are Toyota Motor Corporation, Ford Motor Company, MAN SE, Renault S.A., Mitsubishi Heavy Industries Ltd., General Motors Company, Fiat Chrysler Automobiles N.V., Caterpillar Inc., Rolls-Royce Holdings plc, Mahindra & Mahindra Limited, Robert Bosch GmbH, AGCO Corporation, Volkswagen AG, Yanmar Co. Ltd., Kawasaki Heavy Industries Ltd., Ashok Leyland Limited, Raytheon Technologies Corporation, General Electric Company, Cummins Inc., MTU Aero Engines GmbH, China Shipbuilding Industry Corporation, China State Shipbuilding Corporation, Mitsui E&S Holdings Co. Ltd., Daihatsu Motor Co. Ltd., Hyundai Motor Company, STX Engine Co. Ltd., Weichai Power Co. Ltd., Hitachi Zosen Corporation, IHI Corporation, Doosan Corporation, Wartsila Corporation, DEUTZ AG, Scania AB, Volvo Penta AB, Deere & Company, Kohler Co., Briggs & Stratton Corporation, Honda Motor Co. Ltd., Yamaha Motor Co. Ltd., Suzuki Motor Corporation, Isuzu Motors Limited, Hino Motors Ltd., Navistar International Corporation .
Asia-Pacific was the largest region in the commercial internal combustion engines market in 2023. The regions covered in the commercial internal combustion engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the commercial internal combustion engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The commercial internal combustion engine market consists of sales of the spark ignition engine and the diesel engine. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.