Greater convenience and lower costs associated with internal combustion engines (ICE) have enabled them to be an idea choice in the transportation industry for over a century. Continuous advancements in technology have facilitated significant reductions in size of internal combustion engines, making them faster, efficient, and more powerful. This, along with the ease of refuelling has augmented the demand for internal combustion engine across the globe. The vast network of oil filling stations allows ICE vehicle owners to refuel from anywhere and in minutes. An ongoing upsurge in EV adoption is yet to replace ICE vehicles, several items including cobalt, lithium, and copper. Considering these factors, the internal combustion engine market is likely to witness a sound expansion over the foreseeable period.
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Increased Use of Internal Combustion Engines in Electric Powertrains to Unleash Positive Dynamics for Internal Combustion Engine Market
Of late, electric powertrains are being leveraged by ICE to increase vehicle fuel efficiency. The rising demand for electric and hybrid vehicles has accelerated the adoption of the automotive powertrain. Furthermore, the sales of electric vehicles have witnessed a steady rise owing to the decreased battery costs and technological advancements such as improved storage capacity. Government authorities around the world are supporting the EV industry to mitigate greenhouse gas emissions. Numerous favourable regulations, such as tax breaks and subsidies have been introduced for both the industry participants and consumers. Against this backdrop, the internal combustion engine sector is likely to rise to prominence in the upcoming years.
Rising Income Levels to Aid in Internal Combustion Engine Market Expansion
Internal combustion engines are expanded over a broad range of end-use categories including ships, aircrafts, and automobiles. The global internal combustion engine industry is witnessing a major boost from automobile industry. This is mainly attributed to rise in disposable income, which in turn, is propelling the usage of automobiles at scale. Considering substantial returns on manufacturing investments, vehicle manufacturers are planning to extend their manufacturing capabilities. Throughout the projection period, the market is likely to stay lucrative with significant technical advancements focusing on bettering IC engine fuel performance, efficiency, and emissions. These aspects are spearheading tremendous growth across the market.
Asia Pacific to Lead Internal Combustion Engine Market Amidst Skyrocketing Passenger Car Sales
Asia Pacific is currently the largest internal combustion engine market and is expected to growth at a rapid pace. The regional market has been witnessing robust expansion due to the presence of numerous automakers and a surge in demand for passenger cars, especially in the region's major economies. Moreover, a lack of proper charging infrastructure for electric vehicles has been creating a favourable landscape for ICE vehicles. A key economy in the region, China continues to be the world leader in the commercial vehicle sector. During the forecast period, all these factors are projected to further the regional growth prospects.
Prominent Market Players
Some of the major players in the internal combustion engine market include McDermott International Inc. (US), CST Industries, Inc. (the US), DN Tanks (US), Containment Solutions Inc. (US), Balmoral Tanks Limited (UK), Caldwell Tanks (US), and Synalloy Corporation (US).
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