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The global diesel engine market reached a value of US$ 207 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit moderate growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
The diesel engine is an internal combustion machine in which the air is compressed inside a cylindrical vessel to ignite the fuel. It changes the chemical energy stored in the fuel into mechanical energy which is used to power freight trucks, locomotives, large vessels, vehicles, etc. Currently, two types of diesel engines are available in the market. Two-stroke engines that complete a power cycle with two strokes of the piston during one crankshaft revolution, and four-stroke engines that complete the cycle with four separate strokes by turning the crankshaft. Diesel engines are capable of offering better operational performance and higher fuel economy, making them increasingly preferred among the end-users.
A key factor driving the demand of diesel engines is the fact that they provide better fuel efficiency compared to petrol engines and are extremely popular in commercial and heavy-duty vehicles. Moreover, the strong growth of the automobile industry, particularly in emerging markets such as India, China, Vietnam, etc. is also expected to create a positive impact on the demand of diesel engines. Apart from this, growth in the non-automotive diesel engine market is also expected to catalyse the market with growth expected to be driven by rising energy demands from infrastructure growth and the manufacturing industry. Strong industrialization in developing economies has also increased the demand of diesel engines driven by an increasing requirement for a reliable and consistent source of power generation to ensure uninterrupted and efficient operations.
The report has also analysed the competitive landscape of the market with some of the key players being AGCO Corporation, China FAW Group, Bosch, Deere & Company, Continental AG, Delphi Automotive, Mitsubishi Heavy Industries, Ford Motor, General Motors, MAN SE, Wärtsilä, Cummins, Caterpillar, Rolls-Royce, etc.
The global diesel engine market reached a value of US$ 207 Billion in 2020.
According to the estimates by IMARC Group, the global diesel engine market is expected to exhibit moderate growth during the next five years.
The widespread adoption of diesel engines in passenger and commercial vehicles, marine vessels, and electric generators, is primarily driving the demand for diesel engines across the globe.
The rising environmental concerns towards the increasing CO2 emissions from diesel engines have led to the emergence of safer and ecologically-sustainable product variants, thereby representing one of the key trends in the global diesel engine market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in temporary closure of numerous automobile manufacturing units, thereby hampering the market for diesel engines.
On the basis of the end user, the market has been bifurcated into automotive and non-automotive industries. Amongst these, the automotive sector holds the majority of the total market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
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