The global internal combustion engine market produced around 1381 million units in 2016 and is expected to surpass 1937 million units by 2021, says Technavio.
Technavio has announced its recent market research analysis on the global internal combustion engine market to its tools and components portfolio. This market study discusses the main drivers and key developing trends and offers an analysis of key vendors like Caterpillar, Cummins, Doosan Infracore, Hyundai Machinery, and MAN.
According to Gaurav Mohindru, a lead analyst for tools and components research at Technavio, “The rising demand for emergency backup generators from public health and safety industries will fuel the growth of the market. These systems are important as they service life and death situations and are critical for services that come to an operational halt without backup power supply. Furthermore, commercial and industrial end-users also depend on reliable, instant, and full strength electric power to run daily operations.”
Electric faults due to natural calamities, such as hurricanes, floods, wildfires, mudslides, and tornadoes urge utility service providers to opt for an alternate power supply solution to ensure a continuous supply of electricity. Diesel engines have a high-torque performance feature that enables diesel-powered generators to provide excellent performance in fluctuating or transient power scenarios. The increasing reliability of electricity and dependency on diesel generators will fuel market growth during the forecast period.
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Growing adoption of HEVs and natural gas vehicles
The increasing demand for hybrid electric vehicles (HEVs) to curb environmental pollution and to reduce carbon footprint will fuel the growth of the global market. These vehicles run on natural gas and produce fewer pollutants than gasoline and diesel-powered vehicles. These cars require less maintenance cost and are resistant to fire hazards, unlike gasoline-fuelled vehicles. The introduction of these technologies will increase the demand for internal combustion engines in the automotive industry.
Eco-friendly locomotives
The increase in research and development of eco-friendly modes of transport will help vendors to launch a new breed of locomotives that are environment-friendly. The manufacturers in the market are developing a hybrid engine that incorporates a diesel electric system and batteries equipped with regenerative braking technology. The rising demand for low-emission locomotives that help reduce carbon emissions and meet the emission standards set by the regulatory bodies will fuel the growth of the market.
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This industry research report enlists an in-depth breakdown of market shares and sizes of the sub-segments and geography. An analysis of the top companies, including their market shares, business overview, key financials, etc. is provided in this report. This market study also provides a detailed analysis of primary drivers, challenges, and prospects influencing this market.
A thorough analysis is available in the Technavio report titled, ‘Global Internal Combustion Engine Market 2017-2021’. Technavio also customizes reports by additional regions and specific segments upon request.
Other related reports:
- Global Diesel Engines Market for Non-Automotive Applications 2017-2021
- Global Dual Fuel Engine Market 2016-2020
- Global Electric Coolant Pump Market for Passenger Cars 2016-2020
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