The global engines market is projected to reach USD 477.89 billion by 2029 from an estimated USD 377.24 billion in 2024, at a CAGR of 4.8% during the forecast period. The driving factor behind this growth is the growing demand for fuel-efficient and low-emission engines across various end-use industries, such as automotive, marine, power generation, and aviation. Investments in advanced engine technologies, such as electric and hybrid propulsion systems, and integration of these systems with emerging technologies, such as autonomous driving and smart diagnostics, are augmenting the market growth.
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The automotive segment is estimated to account for the largest market share during the forecast period. This is due to the rising demand for both internal combustion engines (ICE) and electric vehicles (EVs) globally. Factors such as increasing consumer preference for fuel-efficient and low-emission vehicles, coupled with advancements in hybrid engine technologies, are driving significant growth of this segment.
- Diesel internal combustion engines remains dominant, prized for its durability, torque, and fuel efficiency—ideal for heavy-duty vehicles, machinery, and marine applications
- Gasoline engines deliver strong performance in light commercial vehicles, motorcycles, and recreation. Continued advancements—turbocharging, direct injection, VVT—boost fuel efficiency .
- High-speed engines (RPM > 1800) hold the largest market share, essential in automotive, aerospace, and industrial environments
- Innovations in hybrid and dual-fuel internal combustion engine (ICE) systems are gaining momentum, driven by emission regulations and urban demand for low-emission transport.
- Rising interest in natural gas, biogas, and landfill gas offers stationary engine market players a path toward greener operations.
Europe is estimated to be the third-largest market for engines globally during the forecast period. The market in the region is supported by its strong industrial base, advanced automotive sector, and stringent environmental regulations. The region has some of the largest automotive manufacturers in the world, such as Germany, France, and Italy. This is fueling the demand for both internal combustion engines and electric engines. The development of the hybrid and electric vehicles industry is significant in Europe. Carbon emission reduction policies and the regulatory framework of Europe’s Green Deal will lead Europe to the development of cleaner and more efficient engines for automobiles, power generation, and marine within the region. Moreover, the growing attention to renewable energy, integration of engines into smart grids, and decentralized power systems are expected to offer growth opportunities for small and mid-sized engines. Europe is significantly investing in infrastructural and renewable energy projects, which also fuels the demand for high-performance engines. The growth of the engine market in Europe is also due to the electrification and automation of various business operations in multiple end-use industries.
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The Engines Market is dominated by a few major players that have a wide regional presence. The major players in the Engine Market are such as Caterpillar (US), Cummins Inc. (US), General Electric Company (US), RTX (US), General Motors (US), Rolls-Royce Plc (UK), Mitsubishi Heavy Industries, Ltd. (Japan), Honeywell International Inc. (US), AB Volvo (Sweden), Scania (Sweden).
