Market Size of High-Performance IC Engine Vehicle Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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High-Performance IC Engine Vehicle Market Analysis
The Asia Pacific Automotive Bearing market is anticipated to register a CAGR of about 3.9% during the forecast period (2019 - 2025).
- Around 380 million heavy-duty vehicles and 1.2 billion light-duty vehicles (LDVs) in the world run on IC engines. In 2019, the daily demand for fuel oil had exceeded 11 billion litters. However, all alternatives to IC engines or alternatives to petroleum-based liquid fuels, still face very significant barriers to fast adoption, indicating a positive growth for the High-Performance IC Engine market.
- Primary, growth of the global IC engine market is attributed to rising disposable income levels with ownership towards self-driven vehicles. The Asia Pacific will see the most significant increase for IC engines
- Nevertheless, advancements are seen in IC engine technology as well. The pollutant level is down a 1000-fold compared to past decades. Moreover, electric vehicles are powered by batteries, come with a considerable cost, weight, and other limitations and cannot be fueled only by renewables sources such as wind and solar to meet the entries of the world's energy supply.
