New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Commercial Internal Combustion Engines Global Market Report 2023" - https://www.reportlinker.com/p06464049/?utm_source=GNW
Ltd., Kawasaki Heavy Industries Ltd., and Ashok Leyland.
The global commercial internal combustion engines market is expected to grow from $209.30 billion in 2022 to $226.86 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The commercial internal combustion engines market is expected to reach $298.42 billion in 2027 at a CAGR of 7.1%.
The commercial internal combustion engine market consists of sales of the spark ignition engine and the diesel engine.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
An internal combustion engine is a kind of engine that gains its energy from the heat released during the combustion of non-reacted working fluids within the engine.Commercial internal combustion engines are internal combustion engines that are used or applied for commercial purposes.
They are used to power cars, ships, helicopters, and coal-fired trains.
Asia-Pacific was the largest region in the commercial internal combustion engines market in 2022. The regions covered in commercial internal combustion engine report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of commercial internal combustion engines are petroleum and natural gas.Internal combustion engines that are operated by using petroleum products (petrol, diesel oil, and other oils) as fuel, are categorized as petroleum-based engines.
The various power outputs involved are 100-300 kw, 300-500 kw, 0.5-1 mw, 1-5 mw, 5-15 mw, 15-25 mw and 25 mw and above which are used for marine, automotive, aircraft and others.
The increasing demand for fuel-efficient vehicles is expected to propel the growth of the commercial internal combustion engine market going forward.Fuel-efficient vehicle refers to a vehicle that has 27 miles per gallon or higher of highway fuel economy.
The fuel efficiency of a vehicle depends upon the speed and timing of internal combustion engines, which provide outstanding drivability and durability.Hence, the increasing demand for fuel-efficient vehicles will increase the demand for the commercial internal combustion engine market.
For instance, according to International Energy Agency, a France-based autonomous intergovernmental organization, in 2021, 92% of light-duty vehicle sales worldwide were powered by fossil fuels while electric vehicles accounted for the remaining 6.8 million sales (including battery electric and plug-in hybrid vehicles). Also, the global sales of hydrogen-powered fuel cell electric vehicles totalled about 16 000. By the end of the decade, around 60% of new light-duty vehicle sales will be electric. Therefore, the increasing demand for fuel-efficient vehicles is driving the demand for the commercial internal combustion engine market.
Product innovations are the key trend gaining popularity in the commercial internal combustion engine market.Major companies operating in the commercial internal combustion engine market are focused on developing new solutions to increase their share in the market.
For instance, in February 2023, JCB Power Systems Ltd., a UK-based developer, and manufacturer of industrial diesel engine solutions, launched a hydrogen combustion engine. The hydrogen combustion engine is developed based on combustion technology and it provides an inexpensive, emissions-free alternative resulting in zero CO2 emissions at the point of use. JCB’s hydrogen engine has several advantages over diesel or gasoline alternatives. At the time of usage, the hydrogen fuel used in the engine produces just steam and no CO2 emissions. Also, the hydrogen-powered JCB prototype backhoe loader can carry out all the functions of its diesel-powered version.
In September 2022, Anglo Belgian Corporation NV, a Belgium-based developer and manufacturer of medium-based engines acquired E Van Wingen for an undisclosed amount.Through this acquisition, Anglo will combine the synergistic efforts and capabilities of the two companies for paving the path for the energy transition.
E Van Wingen is a Belgium-based designer, and manufacturer of power and power plant supplies with high-speed internal combustion engines.
The countries covered in the commercial internal combustion engine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The commercial internal combustion engines market research report is one of a series of new reports that provides commercial internal combustion engines market statistics, including commercial internal combustion engines industry global market size, regional shares, competitors with commercial internal combustion engines market share, detailed commercial internal combustion engines market segments, market trends, and opportunities, and any further data you may need to thrive in the commercial internal combustion engines industry. This commercial internal combustion engine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06464049/?utm_source=GNW
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