If it was delayed for some 40+ years like that, cars and trucks would be mostly steam powered and would be less successful than gas powered cars. Airplanes would be invented later and would probably devlop a bit slower resulting in a WWII with less advanced designs and potentially a greater emphasis on battleships than carriers. Tanks and submarines would also be less well developed which would have implications as well. Another important thing is that the automobile industry is smaller which might make the rest of the world's industry less advanced as well.
The catch is, it seems hard to imagine that engineers all over the world would abandon the idea of an IC engine. As long as one is successfully built, its useful applications will be obvious and people will jump onto it. Furthermore, the principle behind it is relatively obvious; combustion produces explanding hot gases. They already had the steam engine powered by expanding hot steam and guns powering projectiles with explosives so it's only logical to try to make the internal combustion engine.