- The internal combustion engine market stood about 138 million units in 2014. It is estimated to grow owing to adoption of these engines in Latin America and Asia Pacific. Various advantages like brilliant steadiness & drivability will add revenues to the market in the coming years.
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IC engines are combined with hybrid electric power trains to grow fuel economy. They can also be incorporated with plug-in hybrid electric systems to promote the portfolio of plug-in hybrid electric vehicles. The aforesaid advantages are estimated to provide future market prospects.
Global fuel economy policies and carbon dioxide ejection measures can obstruct the internal combustion engine market. Moreover, wide acceptance of electric vehicles could challenge shareholders. Regulatory aid to electric vehicles and advantages of electric engines may also hamper demand for internal combustion engines.
The market is sliced in view of cycles, fuels, applications, and regions. Cycles include four-stroke and two-stroke. Four-stroke engines dominated the market in 2014 and captured over 80 percent of the global volumes that year. This could be ascribed to their benefits over their equivalents.
Fuels comprise natural gas and petroleum. Petroleum is further divided into gasoline and diesel. Gasoline had over 45 % of the total volumes in 2014, which can augment in the years ahead. Moreover, gasoline vehicles provide advantages like vibration, reasonable fuel costs, and less noise.
Application segments of the internal combustion engine market consist of automotives, aircrafts, and marine. Automotives occupied over 65% shares in 2014. They would expand in the near future. This could be credited to increasing consumer disposable earnings leading to more use of automobiles.
Aircrafts should experience considerable growth in the forecast period. Developments in technologies, coupled with light-weight & compressed designs of aircrafts, will drive this segment. Regions include Asia Pacific, Europe, North America, and rest of the world. Asia Pacific led the market in 2014. It captured more than 40% share in terms of consumption that year.
The North American internal combustion engine market is expected to grow significantly in the coming seven years. Europe had over 20% shares in 2014. It would reduce in size over the forecast period. Players of the worldwide market contest on account of new products, their foothold, and prices.
Some of these players are Volvo AB, Toyota Motor Corporation, Volkswagen AG, Rolls-Royce Holdings plc, and Renault SA.
Information Source: Grand View Research
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