International. A recent study by MarketsandMarkets projects that the engine market will grow from $377.83 billion in 2024 to $477.89 billion in 2029.
This growth will be driven by the growing demand for fuel-efficient and low-emission engines, with a CAGR of 4.8%.
The engines, used in industries such as automotive, marine, aerospace, and power generation, are key in converting fuels into mechanical energy, and are required for vehicles, heavy machinery, ships, and backup power systems.
Recent developments:
- 2024: Pratt & Whitney received a major order from Avolon for GTF engines for Airbus A320neo aircraft.
- 2023: Cummins Inc. launched a new marine generator and Rolls-Royce successfully tested a hydrogen engine.
The Asia-Pacific region is expected to hold the largest market share by 2029, while the U.S. will lead growth in North America thanks to its advanced infrastructure and high demand for vehicle engines, heavy machinery, and generators.
Key players in the engine market:
Caterpillar (USA)
Cummins Inc. (U.S.)
General Electric Company (USA)
Rolls-Royce Plc (UK)
Mitsubishi Heavy Industries, Ltd. (Japan)
Honeywell International Inc. (USA)
AB Volvo (Sweden)
Scania (Sweden)
RTX (US)
General Motors (USA)
