Internal Combustion Engine Market Size to Reach $485 Billion by 2032, Driven by Versatility Across Industries and Asia-Pacific Growth
-
The internal combustion (IC) engine market size was valued at USD 321.6 Billion in 2023 and is expected to reach USD 485.1 Billion by 2032 at a CAGR of 4.7%.
-
Internal combustion engines exhibit versatility across automotive, marine, aerospace, and power generation industries due to their capacity to operate on diverse fuels.
-
Gasoline engines dominate the automotive sector, while diesel engines are prevalent in heavy-duty trucks and construction equipment.
-
Asia-Pacific is the fastest-growing global market for internal combustion engines, with countries like China, Japan, and India significantly contributing to the region’s growth.
-
Some key players in the internal combustion engine market include Mahindra & Mahindra, Renault Group, Mitsubishi Heavy Industries, Volkswagen Group, and Caterpillar.