IMARC Group’s latest report, titled “Diesel Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global diesel engine market size reached US$ 215 Billion in 2018. A diesel engine, also known as a compression-ignite (CI) engine, refers to an intermittent-combustion piston-cylinder device in which air is compressed at a high temperature to ignite the fuel. It converts the chemical energy of the fuel into mechanical energy, which is used for driving different automotive units. The most commonly available types of diesel engines include two-stroke and four-stroke engines. They provide higher fuel efficiency, better durability, and greater torque than other fuel engines. In recent years, diesel engines have gained immense popularity as manufacturers are developing advanced variants using high-pressure fuel injection technology and efficient filtration features.
Global Diesel Engine Market Trends:
One of the major factors driving the demand for diesel engines is the widespread utilization of these engines in passenger and commercial vehicles, marine vessels and electric generators. Based on the diesel engine market analysis, these engines are widely used in commercial vehicles and heavy-duty machinery since they provide better operational efficiency than conventional engines. Furthermore, rapid urbanization and industrialization in countries like India, China and Vietnam have fueled the need for efficient power infrastructures. This has escalated the demand for diesel engines for electricity generation to meet the power demand in these regions. The leading companies are also introducing high-speed diesel engines that can be utilized as emergency and backup generators to provide electricity during grid outages and supply power to remote communities that are not connected to the grid. Also, diesel power generation is considered to be a reliable source for both the commercial and industrial sectors. Consequently, the demand for diesel engines across several industries, such as construction, mining, and agriculture, will continue to boost the market growth in the upcoming years. Moreover, there has been constant research and development (R&D) activities for developing engines that help limit harmful emissions without impacting their performance. Looking forward, the market value is projected to reach US$ 291 Billion by 2024, expanding at a CAGR of around 5% during 2019-2024.
Market Summary:
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