Internal Combustion Engine Market Analysis

The Global Internal Combustion Engine Market is estimated to be valued at USD 256.7 Bn in 2024 and is expected to reach USD 298.3 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.

The market has been witnessing few trends affecting its growth over the years. With growing concerns around increasing pollution levels worldwide and push for cleaner and greener alternatives, governments across regions have been enforcing stringent emission norms for vehicles. This has been driving automakers to increasingly invest in developing electric powertrains and shifting their focus from internal combustion engines. However, internal combustion engines still have considerable demand, especially in developing markets where electric vehicle infrastructure is yet to be established widely. Nevertheless, with continuous technological advancements, falling battery prices and growing consumer awareness, the electric vehicles market is expected to steadily eat into the share of internal combustion engine vehicles in the coming years. This may limit the growth potential of the internal combustion engine market globally during the forecast period.