The efficiency of internal combustion engines has improved over the last 110 years.
In most readers' adult lifetimes, carbureted gasoline engines were 20-25%. With electronic fuel injection they've improved to ~32%.
Currently, vehicular diesels are as high as 46% (my 906 = 0.32 lb/hp-hr = 0.43 lb/kw-hr. Doing the math yields this number. I can go through the calculation if someone doesn't believe me.
Some marine diesels are as high as 55%. Detroit Diesel/Daimler has come out with the DD15 truck engine which has turbocompounding: the turbo is mechanically linked to the flywheel, lower fuel consumption 10% at a given power output; I'd guess the DD15 is ~0.29 lb/hp-hr, or ~50%.
The rule of thumb with IC engines has been that about half the waste energy is exhaust heat and half water jacket heat (if water cooled).
The theoretical maximum efficiency of a diesel is ~75%; that would require ceramic pistons and block liners to prevent heat loss into the engine, among other things.
In the first decade of the 20th century efficiencies were less than 10%.
I suppose thermoelectric plus turbocompounding could get up to 55% but lowering exhaust temp too much increases backpressure and therefore limits efficiency increases.
Charlie