Internal Combustion Engine (ICE) Market Growth by End-user, Type, and Geography - Forecast and Analysis 2023-2027

Published: Oct 2023 Pages: 163 SKU: IRTNTR75149

Internal Combustion Engine Market Forecast 2023-2027

The internal combustion engine market is estimated to increase by USD 27.2 billion, growing at a CAGR of 8.32% between 2022 and 2027. The growth of the market depends on several factors, such as growing demand to improve vehicle performance, increasing vehicle population, and high growth volume for the premium vehicle segment.

What will be the Size of the Internal Combustion Engine Market During the Forecast Period?

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Technavio’s Exclusive Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Key Drivers, Trends and Challenges

Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key  Driver 

The growing demand to improve vehicle performance is the key factor driving the global market growth.  Flat automotive engines still have applications in industries such as aerospace, in addition to the internal combustion engine (ICE) market. The advantages inherent in the boxer engine design are driving the growth of the market. A key design feature of the boxer engine is its low center of gravity (COG) due to its horizontal placement within the vehicle or motorcycle compared to other traditional engine designs such as in-line or V-shaped.

Additionally, the low profile of the flat engine brings the engine orientation closer to the vehicle's powertrain orientation, resulting in smoother and better gearing. In addition, this engine design contributes to the superior performance of the vehicle while producing less unburned fuel for better fuel economy. Therefore, from an OEM perspective, such factors are expected to drive the growth of the market during the forecast period. 


Significant Trends

The growing development in engine technologies will fuel the global market growth. The demand for improved fuel efficiency and performance in the automotive industry has led to the constant development of new internal combustion engines with more demanding performance. Some of these engines are hybrid engines and VDE. Hybrid engines are more common than VDE in the automotive industry. However, VDE is expected to grow in popularity during the forecast period as hybrid engines are fuel efficient only in heavy traffic and do not affect highway fuel economy. Additionally, hybrid engines are more expensive and less reliable due to the addition of various electrical components to the powertrain.

Companies are pursuing inorganic growth strategies that are expected to lead to the development of engine technology. A key concept in the development of VDE is that the vehicle requires less power at constant speed than at high speed. Based on this, the VDE deactivates half of the engine's cylinders at low loads and reactivates them when more power is needed. VDE has been on the market since 2004. Hence, it is expected to boost the demand for internal combustion engines and is expected to drive the growth of the internal combustion engine (ICE) market during the forecast period. 


Major  Challenge

The imposition of stringent emission and fuel economy standards can majorly impede the growth of the market. Rising amounts of greenhouse gases around the world and declining supplies of conventional fuels are forcing national legislatures to introduce emissions and fuel consumption standards. Vehicle emissions contribute to environmental air pollution. According to a study conducted at the Massachusetts Institute of Technology, harmful vehicle emissions cause approximately 53,000 premature deaths in the United States each year. According to the US EPA, vehicles are responsible for 56% of the country's carbon monoxide emissions. Governments around the world have strict regulations governing fuel emissions and consumption, and OEMs must comply with these requirements.

OEMs have attempted to build improved and more efficient engine management systems to meet these standards. EMS monitors the proper functioning of the engine by controlling fuel injection to ensure proper combustion. This reduces fuel consumption and reduces emissions. Leading OEMs are involved in the research and development of advanced engine management systems, allowing vehicles to operate with minimal fuel consumption and emissions. Consumers now tend to buy environmentally friendly vehicles that consume less fuel. Such factors are expected to hinder the growth of the market during the forecast period.  

Who are the Major Internal Combustion Engine Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

AB Volvo: The company offers XC 60 twin-engine internal combustion engine which produces quick torque for acceleration pick-up. It also manufactures, develops, and sells trucks.

Caterpillar Inc: The company offers C0.5 industrial diesel engines which are used for different types of small and off-road applications.

We also have detailed analyses of the market’s competitive landscape and offer information on 18 market companies, including:

  • Cummins Inc.
  • DEUTZ AU
  • Hyundai Motor Co.
  • Mahindra and Mahindra Ltd.
  • Mercedes Benz Group AG
  • Mitsubishi Heavy Industries Ltd.
  • Navistar International Corp.
  • Renault SAS
  • Robert Bosch GmbH
  • Rolls Royce Holdings Plc
  • Shanghai Diesel Engine Co. Ltd.
  • Toyota Industries Corp.
  • Volkswagen AG
  • Wacker Neuson SE
  • Wartsila Corp.
  • Yamaha Motor Co. Ltd.
  • Yanmar Holdings Co. Ltd.
  • Siemens AG

The report offers clients a deeper understanding of the market and its players through a combined qualitative and quantitative analysis of the companies. The market growth analysis classifies companies into categories based on their business approach, including pure-play, category-focused, industry-focused, and diversified. companies are specially categorized into dominant, leading, strong, tentative, and weak to understand the dos and don’ts of business which in turn can help a client make the best decision

Market Segmentation by End-user, Type, and Geography 

End-user Analysis

The automotive segment will contribute a major share of the market, due to increasing demand for vehicles, investments by various automakers, and increasing advancements in engine technology. The automotive segment showed a gradual increase in market share with USD 27.36 billion in 2017 and continued to grow by 2021. The automotive engine segment is expected to witness steady growth during the forecast period as the automotive industry increasingly requires continuous innovation in products and manufacturing processes. Therefore, the automobile engine will continue to play an important role as a component of the vehicle. Industry innovations and advancements are increasing the need for advanced automotive engines, driving the market during the forecast period. 

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The automotive industry is experiencing booms in several regions. APAC is the fastest-growing automotive market in terms of production and consumption. Therefore, improvements in existing manufacturing facilities and the rapid addition of manufacturing facilities in APAC will have a positive impact on the market during the forecast period. Moreover, the Indian auto sector is now aiming to increase auto exports by five times from 2016 to 2026. Total vehicle exports from India in 2022 were 5,617,246 units. APAC's high growth rate presents a tremendous opportunity for automotive companies. India and China are expected to remain the major target markets for automotive companies during the forecast period due to the increasing consumption of automobiles by the domestic populations of these countries. Such factors are anticipated to drive the automotive segment growth during the forecast period.  

Type Analysis

Gasoline engines are more fuel efficient than petrol engines. However, they emit particulate matter and nitrogen oxide compounds (NOx). The uneven growth in gasoline engines is due to irregular sales growth in commercial vehicles and narrowing price differentials between gasoline and oil. Gasoline engine components have to withstand higher pressures than gasoline engines due to their different operating cycles. Because gasoline burns at a very low temperature, it produces more exhaust emissions than gasoline engines. Therefore, the gasoline engine segment is expected to grow moderately over the forecast period. Most modern petrol engines offered by OEMs are turbocharged. Stringent emission standards are forcing OEMs to produce more fuel-efficient vehicles, increasing demand for turbocharged gasoline applications worldwide. For example, new US fuel efficiency standards require that by 2025 vehicles must travel an average of 54.5 miles per gallon. Such criteria are expected to help boost sales of gasoline vehicles significantly during the forecast period.

Regional Analysis

APAC is estimated to contribute 42% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.  

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In terms of production volume, China and India hold the largest share of the APAC auto engine market due to the presence of large automobile manufacturing bases. Due to lower component prices and the availability of more stable and advanced systems during the forecast period, low-cost manufacturers are expected to enter the market in the Asia-Pacific region, especially China. Factors such as rising living standards and increasing disposable income have increased the demand for automobiles in the region. This will prompt for increased vehicle production in the region. The above factors will lead to increased demand for automotive engines as well as will boost the growth of the internal combustion engine (ICE) market in the APAC region during the forecast period. 

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides a market research and growth analysis of the latest market trends and analysis and growth opportunities from 2017 to 2027. 

  • End-user Outlook
    • Automotive
    • Aircraft
    • Marine
  • Type Outlook 
    • Petroleum
    • Natural gas
  • Region Outlook 
    • North America
      • The U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Chile
      • Brazil
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

Market Analyst Overview

The Internal Combustion Engine (ICE) Market remains a cornerstone of the automotive industry, catering to both passenger and commercial vehicles in developed and emerging countries. Despite the rise of Electric Vehicles (EVs) and the increasing emphasis on electric powertrains, ICE vehicles continue to dominate global roads. Factors such as vehicle fuel economy, EV infrastructure availability, and strict laws regarding emissions shape the market landscape.

Efficient technologies, including flex-fuel engine manufacturing and natural gas and hydrogen-based engines, address concerns regarding CO2 emissions and fuel supply security. However, challenges persist, including stringent emission norms and noise pollution associated with ICE vehicles. The market's thermal efficiency and electrification efforts strive to balance environmental concerns with consumer demands and regulatory requirements. As the energy and power industry evolves, the demand for IC engines fluctuates, influenced by factors like crude oil prices, fossil fuel reserves, and petroleum product costs. Regulatory presence and fuel consumption regulations play a crucial role in shaping consumer behavior and car usage patterns, reflecting shifts in consumer disposable income levels and preferences. Despite the growing popularity of EVs, the Internal Combustion Engine Market remains resilient, adapting to evolving industry dynamics and consumer needs.

Internal Combustion Engine Market Scope

Report Coverage

Details

Page number

163

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 8.32%

Market growth 2023-2027

USD 27.2 billion

Market structure

Fragmented

YoY growth 2022-2023(%)

7.51

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 42%

Key countries

US, China, Japan, South Korea, and Germany

Competitive landscape

 Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks

Key companies profiled

AB Volvo, Caterpillar Inc., Cummins Inc., DEUTZ AU, Hyundai Motor Co., Mahindra and Mahindra Ltd., Mercedes Benz Group AG, Mitsubishi Heavy Industries Ltd., Navistar International Corp., Renault SAS, Robert Bosch GmbH, Rolls Royce Holdings Plc, Shanghai Diesel Engine Co. Ltd., Toyota Industries Corp., Volkswagen AG, Wacker Neuson SE, Wartsila Corp., Yamaha Motor Co. Ltd., Yanmar Holdings Co. Ltd., and Siemens AG

Market dynamics

Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Internal Combustion Engine Market Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the market between 2023 and 2027
  • Precise estimation of the market size and its contribution to the market in focus on the parent market
  • Accurate market forecast about upcoming market growth and trends and changes in consumer behavior
  • Growth of the market across APAC, Europe, North America, South America, and the Middle East and Africa
  • A thorough market growth and forecasting analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive market analysis and report analysis of factors that will challenge the growth of internal combustion engine market companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global internal combustion engine market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on Global internal combustion engine market 2017 - 2021 ($ billion)
    • 4.2 End-user Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 ($ billion)
    • 4.3 Type Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by End-user

    • 6.1 Market segments
      • Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)
    • 6.2 Comparison by End-user
      • Exhibit 32: Chart on Comparison by End-user
      • Exhibit 33: Data Table on Comparison by End-user
    • 6.3 Automotive - Market size and forecast 2022-2027
      • Exhibit 34: Chart on Automotive - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 35: Data Table on Automotive - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 36: Chart on Automotive - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on Automotive - Year-over-year growth 2022-2027 (%)
    • 6.4 Aircraft - Market size and forecast 2022-2027
      • Exhibit 38: Chart on Aircraft - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 39: Data Table on Aircraft - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 40: Chart on Aircraft - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on Aircraft - Year-over-year growth 2022-2027 (%)
    • 6.5 Marine - Market size and forecast 2022-2027
      • Exhibit 42: Chart on Marine - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 43: Data Table on Marine - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 44: Chart on Marine - Year-over-year growth 2022-2027 (%)
      • Exhibit 45: Data Table on Marine - Year-over-year growth 2022-2027 (%)
    • 6.6 Market opportunity by End-user
      • Exhibit 46: Market opportunity by End-user ($ billion)
      • Exhibit 47: Data Table on Market opportunity by End-user ($ billion)

    7 Market Segmentation by Type

    • 7.1 Market segments
      • Exhibit 48: Chart on Type - Market share 2022-2027 (%)
      • Exhibit 49: Data Table on Type - Market share 2022-2027 (%)
    • 7.2 Comparison by Type
      • Exhibit 50: Chart on Comparison by Type
      • Exhibit 51: Data Table on Comparison by Type
    • 7.3 Petroleum - Market size and forecast 2022-2027
      • Exhibit 52: Chart on Petroleum - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 53: Data Table on Petroleum - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 54: Chart on Petroleum - Year-over-year growth 2022-2027 (%)
      • Exhibit 55: Data Table on Petroleum - Year-over-year growth 2022-2027 (%)
    • 7.4 Natural gas - Market size and forecast 2022-2027
      • Exhibit 56: Chart on Natural gas - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 57: Data Table on Natural gas - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 58: Chart on Natural gas - Year-over-year growth 2022-2027 (%)
      • Exhibit 59: Data Table on Natural gas - Year-over-year growth 2022-2027 (%)
    • 7.5 Market opportunity by Type
      • Exhibit 60: Market opportunity by Type ($ billion)
      • Exhibit 61: Data Table on Market opportunity by Type ($ billion)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 63: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 64: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 65: Chart on Geographic comparison
      • Exhibit 66: Data Table on Geographic comparison
    • 9.3 APAC - Market size and forecast 2022-2027
      • Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.4 Europe - Market size and forecast 2022-2027
      • Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.5 North America - Market size and forecast 2022-2027
      • Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.6 South America - Market size and forecast 2022-2027
      • Exhibit 79: Chart on South America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 81: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 82: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.7 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 83: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 84: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 85: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 86: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.8 China - Market size and forecast 2022-2027
      • Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
      • Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)
    • 9.9 US - Market size and forecast 2022-2027
      • Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.10 Germany - Market size and forecast 2022-2027
      • Exhibit 95: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 96: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 97: Chart on Germany - Year-over-year growth 2022-2027 (%)
      • Exhibit 98: Data Table on Germany - Year-over-year growth 2022-2027 (%)
    • 9.11 Japan - Market size and forecast 2022-2027
      • Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
      • Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)
    • 9.12 South Korea - Market size and forecast 2022-2027
      • Exhibit 103: Chart on South Korea - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 104: Data Table on South Korea - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 105: Chart on South Korea - Year-over-year growth 2022-2027 (%)
      • Exhibit 106: Data Table on South Korea - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 107: Market opportunity by geography ($ billion)
      • Exhibit 108: Data Tables on Market opportunity by geography ($ billion)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 109: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 110: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 111: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 112: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 113: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 114: Matrix on vendor position and classification
            • 12.3 AB Volvo
              • Exhibit 115: AB Volvo - Overview
              • Exhibit 116: AB Volvo - Business segments
              • Exhibit 117: AB Volvo - Key news
              • Exhibit 118: AB Volvo - Key offerings
              • Exhibit 119: AB Volvo - Segment focus
            • 12.4 Caterpillar Inc.
              • Exhibit 120: Caterpillar Inc. - Overview
              • Exhibit 121: Caterpillar Inc. - Business segments
              • Exhibit 122: Caterpillar Inc. - Key offerings
              • Exhibit 123: Caterpillar Inc. - Segment focus
            • 12.5 Cummins Inc.
              • Exhibit 124: Cummins Inc. - Overview
              • Exhibit 125: Cummins Inc. - Business segments
              • Exhibit 126: Cummins Inc. - Key offerings
              • Exhibit 127: Cummins Inc. - Segment focus
            • 12.6 Hyundai Motor Co.
              • Exhibit 128: Hyundai Motor Co. - Overview
              • Exhibit 129: Hyundai Motor Co. - Business segments
              • Exhibit 130: Hyundai Motor Co. - Key news
              • Exhibit 131: Hyundai Motor Co. - Key offerings
              • Exhibit 132: Hyundai Motor Co. - Segment focus
            • 12.7 Mahindra and Mahindra Ltd.
              • Exhibit 133: Mahindra and Mahindra Ltd. - Overview
              • Exhibit 134: Mahindra and Mahindra Ltd. - Business segments
              • Exhibit 135: Mahindra and Mahindra Ltd. - Key news
              • Exhibit 136: Mahindra and Mahindra Ltd. - Key offerings
              • Exhibit 137: Mahindra and Mahindra Ltd. - Segment focus
            • 12.8 Mitsubishi Heavy Industries Ltd.
              • Exhibit 138: Mitsubishi Heavy Industries Ltd. - Overview
              • Exhibit 139: Mitsubishi Heavy Industries Ltd. - Business segments
              • Exhibit 140: Mitsubishi Heavy Industries Ltd. - Key news
              • Exhibit 141: Mitsubishi Heavy Industries Ltd. - Key offerings
              • Exhibit 142: Mitsubishi Heavy Industries Ltd. - Segment focus
            • 12.9 Navistar International Corp.
              • Exhibit 143: Navistar International Corp. - Overview
              • Exhibit 144: Navistar International Corp. - Business segments
              • Exhibit 145: Navistar International Corp. - Key offerings
              • Exhibit 146: Navistar International Corp. - Segment focus
            • 12.10 Renault SAS
              • Exhibit 147: Renault SAS - Overview
              • Exhibit 148: Renault SAS - Product / Service
              • Exhibit 149: Renault SAS - Key offerings
            • 12.11 Rolls Royce Holdings Plc
              • Exhibit 150: Rolls Royce Holdings Plc - Overview
              • Exhibit 151: Rolls Royce Holdings Plc - Business segments
              • Exhibit 152: Rolls Royce Holdings Plc - Key news
              • Exhibit 153: Rolls Royce Holdings Plc - Key offerings
              • Exhibit 154: Rolls Royce Holdings Plc - Segment focus
            • 12.12 Shanghai Diesel Engine Co. Ltd.
              • Exhibit 155: Shanghai Diesel Engine Co. Ltd. - Overview
              • Exhibit 156: Shanghai Diesel Engine Co. Ltd. - Product / Service
              • Exhibit 157: Shanghai Diesel Engine Co. Ltd. - Key offerings
            • 12.13 Toyota Industries Corp.
              • Exhibit 158: Toyota Industries Corp. - Overview
              • Exhibit 159: Toyota Industries Corp. - Business segments
              • Exhibit 160: Toyota Industries Corp. - Key news
              • Exhibit 161: Toyota Industries Corp. - Key offerings
              • Exhibit 162: Toyota Industries Corp. - Segment focus
            • 12.14 Volkswagen AG
              • Exhibit 163: Volkswagen AG - Overview
              • Exhibit 164: Volkswagen AG - Business segments
              • Exhibit 165: Volkswagen AG - Key offerings
              • Exhibit 166: Volkswagen AG - Segment focus
            • 12.15 Wartsila Corp.
              • Exhibit 167: Wartsila Corp. - Overview
              • Exhibit 168: Wartsila Corp. - Business segments
              • Exhibit 169: Wartsila Corp. - Key news
              • Exhibit 170: Wartsila Corp. - Key offerings
              • Exhibit 171: Wartsila Corp. - Segment focus
            • 12.16 Yamaha Motor Co. Ltd.
              • Exhibit 172: Yamaha Motor Co. Ltd. - Overview
              • Exhibit 173: Yamaha Motor Co. Ltd. - Business segments
              • Exhibit 174: Yamaha Motor Co. Ltd. - Key news
              • Exhibit 175: Yamaha Motor Co. Ltd. - Key offerings
              • Exhibit 176: Yamaha Motor Co. Ltd. - Segment focus
            • 12.17 Yanmar Holdings Co. Ltd.
              • Exhibit 177: Yanmar Holdings Co. Ltd. - Overview
              • Exhibit 178: Yanmar Holdings Co. Ltd. - Product / Service
              • Exhibit 179: Yanmar Holdings Co. Ltd. - Key news
              • Exhibit 180: Yanmar Holdings Co. Ltd. - Key offerings

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 181: Inclusions checklist
                • Exhibit 182: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 183: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 184: Research methodology
                • Exhibit 185: Validation techniques employed for market sizing
                • Exhibit 186: Information sources
              • 13.5 List of abbreviations
                • Exhibit 187: List of abbreviations
              • in manufacturing industry: Market dynamics in some major processes and discrete industries are changing drastically, and manufacturers are gradually feeling the brunt of excessive demand fluctuations. The fluctuating prices of oil and gas and metals in the global market and the shortage of a skilled workforce worldwide have directly affected the profitability of manufacturing companies. A sudden and unexpected shift in market dynamics can drastically impact manufacturing processes and investments in capital goods.
                • slowdown in the automotive industry: High motorization rates in North America and Europe, the increase in tariffs on imported vehicles in the US and China, and the global economic slowdown are likely to reduce vehicle sales in the coming years. Anticipating a decline in vehicle sales, several vehicle manufacturers are halting their vehicle production. For instance, in March 2019, Ford announced the shutdown of its three vehicle-manufacturing sites in Russia. Similarly, in August 2019, Mahindra and Mahindra Ltd. stopped vehicle production at its manufacturing units in India for 8-14 days. During the same month, Maruti Suzuki announced that it had cut its vehicle production for the sixth consecutive month in 2019. In August 2019, Honda announced a halt in car production at its Argentina-based manufacturing plants. Such a slowdown in the automotive industry is expected to hamper the growth of the market during the forecast period.

                  Research Framework

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                  INFORMATION SOURCES

                  Primary sources

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                  • Channel partners
                  • Industry experts
                  • Strategic decision makers

                  Secondary sources

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                  • Government data
                  • Financial reports of key industry players
                  • Historical data
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                  DATA ANALYSIS

                  Data Synthesis

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                  • Analysis of derived insights

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                  REPORT WRITING

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                  • Market trends
                  • Five forces analysis

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                  • Market segmentation
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                  • Competitive landscape

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