#137 IC Engine Market is Slated to Witness Tremendous Growth in Coming Years

The global IC Engine market reached USD 147.0 billion in 2022 and is projected to reach USD 228.05 billion by 2032, with an expected annual revenue growth rate (CAGR) of 5% during the forecast period. The increasing demand for vehicles in developing nations, notably China and India, is a key driver behind the revenue growth of the internal combustion engine market within the automotive sector. This uptick in demand for personal vehicles is attributed to rising disposable incomes and evolving lifestyles. Furthermore, the market's revenue growth is anticipated to be fueled by the adoption of advanced technologies in IC Engine, such as direct injection and turbocharging, which enhance engine performance and improve fuel efficiency. Get Free Sample PDF (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.reportsanddata.com/download-free-sample/7671 Another significant factor contributing to the market's revenue growth is the expansion of the industrial sector, particularly in emerging economies. Industries like construction, mining, and agriculture heavily rely on IC Engine. The market's revenue growth is driven by the increasing demand for construction machinery and equipment. Additionally, the utilization of IC Engine in power-generation applications, such as backup generators and cogeneration systems, is expected to bolster revenue growth throughout the forecast period. The internal combustion engine market's revenue growth is set to benefit from the global shift toward sustainable development. In order to mitigate the environmental impact of IC Engine, manufacturers are investing in the development of more efficient engines and exploring alternative fuel sources like natural gas and biofuels. Additionally, since IC Engine are used as backup power sources in hybrid vehicles, the industry is poised to gain from the adoption of hybrid and electric vehicles, aligning with the broader trend toward eco-friendly transportation solutions. Strategic Development: Cummins announced the release of their new line of power units for heavy-duty machinery on December 2, 2021. The power units have an innovative engine control module that offers precise control of fuel injection, air management, and other engine parameters. They are available in two distinct sizes. Daimler AG stated on January 6, 2021, that it will spend €70 million in its German facility to produce cutting-edge engines with increased fuel efficiency and fewer emissions. The investment will be used mostly to upgrade current production facilities and construct a new assembly line. In order to develop and produce next-generation engines, Ford Motor Company stated in 2020 that it will invest $1.45 Billion in two of its Michigan operations. The investment will be used primarily to increase the company's engine production capacity and create new jobs. In order to research and produce innovative propulsion technologies, such as next-generation IC Engine, General Motors Company stated in 2020 that it will invest $2 Billion in six of its U.S. manufacturing facilities. Toyota Motor Corporation declared in 2020 that it will invest $400 million in its Indiana facility to create and produce a new generation of hybrid powertrain systems for its automobiles. Competitive Landscape: Caterpillar Inc. Cummins Inc. Daimler AG Ford Motor Company General Motors Company Honda Motor Co., Ltd. Toyota Motor Corporation Volvo Group Wärtsilä Corporation Yanmar Co., Ltd. Kohler Co. The global market is further segmented into type and application: By Fuel Type Outlook Gasoline Diesel Natural Gas By Engine Type Outlook Two-stroke Four-stroke By End-Use Outlook Automotive Industrial Marine Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region. North America (U.S., Canada, Mexico) Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Rest of APAC) Latin America (Brazil, Rest of LATAM) Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA) To request customization of this report @ https://www.reportsanddata.com/request-customization-form/7671 Thank you for reading our report. We also offer customized report as per client requirement. Kindly connect with us to know more about customization plan and our team will offer you the altered report. 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