Internal Combustion Engine Equipment Market

The global internal combustion engine equipment market is expected to see growth in consumption, with a forecasted increase in market volume and value by 2030. The article provides a detailed analysis of consumption, production, imports, and exports trends from 2012 to 2022, highlighting key countries and their growth rates in the market.

Market Forecast

Driven by rising demand for internal combustion engine equipment worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +2.0% for the period from 2022 to 2030, which is projected to bring the market volume to 1.8B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.0% for the period from 2022 to 2030, which is projected to bring the market value to $20.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Equipment For Internal Combustion Engines

Global internal combustion engine equipment consumption dropped modestly to 1.5B units in 2022, which is down by -2.8% against the previous year's figure. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak volume of 1.8B units. From 2019 to 2022, the growth of the global consumption remained at a lower figure.

The global internal combustion engine equipment market revenue dropped modestly to $15B in 2022, leveling off at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $17.6B. From 2019 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (358M units), the United States (208M units) and India (148M units), together comprising 47% of global consumption. Romania, Japan, Brazil, Germany, Mexico, Tunisia, the Philippines, France, Italy and Democratic Republic of the Congo lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the biggest increases were recorded for Tunisia (with a CAGR of +24.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($3.5B), Democratic Republic of the Congo ($2.2B) and Romania ($1.2B) were the countries with the highest levels of market value in 2022, with a combined 46% share of the global market. India, China, Germany, Japan, Brazil, France, Mexico, the Philippines, Tunisia and Italy lagged somewhat behind, together accounting for a further 29%.

In terms of the main consuming countries, Tunisia, with a CAGR of +15.2%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of internal combustion engine equipment per capita consumption was registered in Romania (7.5 units per 1000 persons), followed by Tunisia (3.4 units per 1000 persons), Japan (0.7 units per 1000 persons) and Germany (0.6 units per 1000 persons), while the world average per capita consumption of internal combustion engine equipment was estimated at 0.2 units per 1000 persons.

In Romania, internal combustion engine equipment per capita consumption expanded at an average annual rate of +11.6% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Tunisia (+22.9% per year) and Japan (-1.9% per year).

Production

World Production of Equipment For Internal Combustion Engines

Global internal combustion engine equipment production declined modestly to 1.5B units in 2022, which is down by -3.8% compared with 2021. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 20% against the previous year. As a result, production reached the peak volume of 1.9B units. From 2019 to 2022, global production growth failed to regain momentum.

In value terms, internal combustion engine equipment production reached $15.2B in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 21%. As a result, production attained the peak level of $17.3B. From 2019 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (385M units), the United States (194M units) and India (151M units), together accounting for 48% of global production. Romania, Japan, Germany, Brazil, Tunisia, Mexico, the Philippines, Italy, France and Democratic Republic of the Congo lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Tunisia (with a CAGR of +16.9%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Equipment For Internal Combustion Engines

In 2022, purchases abroad of equipment for internal combustion engines increased by 8.7% to 111M units, rising for the second year in a row after three years of decline. Over the period under review, imports, however, showed a pronounced contraction. The growth pace was the most rapid in 2021 when imports increased by 14% against the previous year. Over the period under review, global imports attained the peak figure at 163M units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, internal combustion engine equipment imports reached $1B in 2022. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 14% against the previous year. Over the period under review, global imports hit record highs at $1.2B in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports By Country

In 2022, the United States (18M units) and Mexico (14M units) represented the largest importers of equipment for internal combustion enginesin the world, together amounting to approx. 29% of total imports. Brazil (7.5M units) took the next position in the ranking, followed by Thailand (5.8M units) and Germany (5.3M units). All these countries together held near 17% share of total imports. Canada (3.9M units), the UK (3.9M units), Italy (3.8M units), the Netherlands (2.7M units), Turkey (2.2M units), Spain (2.1M units), Japan (1.9M units) and Poland (1.8M units) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Thailand (with a CAGR of +9.7%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($170M), Germany ($123M) and Mexico ($88M) were the countries with the highest levels of imports in 2022, with a combined 36% share of global imports. The Netherlands, Thailand, Poland, Italy, Canada, the UK, Brazil, Spain, Turkey and Japan lagged somewhat behind, together comprising a further 29%.

In terms of the main importing countries, the Netherlands, with a CAGR of +13.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average internal combustion engine equipment import price amounted to $9.4 per unit, declining by -7.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.0%. The pace of growth appeared the most rapid in 2014 an increase of 15%. Global import price peaked at $11 per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($23 per unit), while Brazil ($4.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+14.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Equipment For Internal Combustion Engines

In 2022, global internal combustion engine equipment exports contracted to 109M units, dropping by -5.2% on 2021 figures. Over the period under review, exports recorded a pronounced contraction. The pace of growth appeared the most rapid in 2021 with an increase of 28%. The global exports peaked at 198M units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, internal combustion engine equipment exports dropped to $955M in 2022. Overall, exports saw a mild reduction. The most prominent rate of growth was recorded in 2021 when exports increased by 13% against the previous year. Over the period under review, the global exports attained the maximum at $1.2B in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

In 2022, China (28M units), distantly followed by Thailand (17M units), Japan (13M units) and Germany (6M units) represented the main exporters of equipment for internal combustion engines, together making up 59% of total exports. The following exporters - Italy (4.9M units), the United States (4.5M units), the Netherlands (4.1M units), India (3.5M units), the UK (3.2M units), Saudi Arabia (3.1M units), Tunisia (2.6M units), Slovenia (2M units) and France (1.8M units) - together made up 27% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Saudi Arabia (with a CAGR of +36.0%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest internal combustion engine equipment supplying countries worldwide were Germany ($195M), the United States ($139M) and Japan ($102M), with a combined 46% share of global exports. China, Slovenia, the Netherlands, France, Italy, Thailand, Saudi Arabia, the UK, India and Tunisia lagged somewhat behind, together accounting for a further 40%.

Among the main exporting countries, Saudi Arabia, with a CAGR of +35.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average internal combustion engine equipment export price stood at $8.7 per unit in 2022, stabilizing at the previous year. Over the period under review, export price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, internal combustion engine equipment export price decreased by -12.4% against 2020 indices. The most prominent rate of growth was recorded in 2019 an increase of 40% against the previous year. The global export price peaked at $10 per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($33 per unit), while Thailand ($1.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovenia (+17.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform