According to the latest report by IMARC Group, titled "Diesel Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global diesel engine market size reached US$ 212.4 Billion in 2021. A diesel engine is an internal combustion (IC) engine in which the air is compressed to a high temperature before being injected into a cylindrical vessel to ignite the fuel. It converts stored chemical energy into mechanical energy that can be used to power large tractors, marine vessels, freight trucks, and locomotives. Diesel engines are commercially available as two-stroke and four-stroke engines. As compared to other fuel engines, diesel engines exhibit higher thermal efficiency, durability, and greater torque. On account of these benefits, these engines find widespread applications across various industries, such as mining, construction, and agriculture.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Diesel Engine Market Trends:
The global diesel engine market is majorly being driven by the rising demand for commercial and heavy-duty vehicles. Moreover, significant expansion in the automotive industry and rapid urbanization, particularly in emerging economies, are catalyzing the need for an efficient power infrastructure, which, in turn, is supporting market growth. In line with this, manufacturers are developing advanced variants of diesel engines by using efficient filtration features and high-pressure fuel injection, which is propelling the market growth. Moreover, leading market players are introducing diesel engines that can be utilized as backup generators, which is contributing to the market growth. Other factors, such as extensive research and development (R&D) activities and the introduction of efficient sustainable engines, are creating a positive outlook for the market further. Looking forward, the market value is expected to reach US$ 266.3 Billion by 2027, growing at a CAGR of 3.75% during 2022-2027.
- Based on the power rating, the market has been segmented as 0.5 MW–1 MW, up to 0.5 MW, 2 MW–5 MW, 1 MW–2 MW, and above 5 MW.
- On the basis of the end user, the market has been bifurcated into the automotive and non-automotive industries.
- Region-wise, the market has been categorized into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined, with some of the key players being AGCO Corporation, China First Automobile Works (FAW) Group Corporation, Robert Bosch GmbH, Deere & Company, Continental AG, Delphi Automotive System Private Limited, Mitsubishi Heavy Industries, Ltd., Ford Motor Company, General Motors Company, MAN SE, Wärtsilä Oyj Abp, Cummins, Inc., Rolls-Royce Motor Cars Limited, and Caterpillar.
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