January 31, 2018
WELLESLEY, Mass., Jan.31, 2018 – The global commercial internal combustion engines market is being shaped by the growing demand for clean fuel utilization, improved fuel efficiency, greater automobile safety and lower maintenance. These areas of improvements are expected to drive the changes and improvements in the internal combustion engines market. In a new report, Commercial Internal Combustion Engines Manufacturing: Global Markets to 2020, BCC Research estimates the global market will reach $176.4 billion and $208.3 billion in 2017 and 2020, respectively, indicating a compound annual growth rate (CAGR) of 5.7%.
A few large players dominate the somewhat concentrated global market for commercial internal combustion engines. United Technologies Corporation, General Electric Company and Cummins, Inc., are among the key players mentioned in this report. Aircraft engines accounted for the largest share of the market at 41% (2016); however, automobile engines should achieve the highest growth, with an anticipated 6.0% CAGR as an expanding global population, increasing urbanization and rising disposable income in developing countries all raise demand.
The market is challenged by restraints such as reduction in free trade and the growing popularity of electric cars.
“Global population growth, as it turns out, is among the biggest factors contributing to the increased demand for internal combustion engines,” said Gordon Nameni, BCC Research senior editor. “The rapid population growth and a large millennial population—especially in Asia and the Middle East—has increased the demand for automobiles and air travel, thereby driving the global internal combustion engines market.”
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Commercial Internal Combustion Engines Manufacturing: Global Markets to 2020( MFG036A )
Publish Date: Dec 2017
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