Diesel Engine Market Report 2022, Industry Outlook, Market Share, Size, Growth and Forecast by 2027
The global diesel engine market size reached US$ 212.4 Billion in 2021. Looking forward, the market is expected to reach US$ 266.3 Billion by 2027, exhibiting at a CAGR of 3.75% during 2022-2027, according to the latest report by IMARC Group.
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.
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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.
Some of the major players in the market are
China FAW Group,
Deere & Company,
Mitsubishi Heavy Industries,
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- 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.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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