Diesel Engine Market Outlook 2019-2024 | Industry Opportunity & Growth Analysis

According to the latest report by IMARC Group’s, titled “Diesel Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global diesel engine market value is projected to reach US$ 291 Billion by 2024, expanding at a CAGR of around 5% during 2019-2024.

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.
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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

Insights on Market Segmentation:
Breakup by Power Rating
• 0.5 MW–1 MW
• Up to 0.5 MW
• 2 MW–5 MW
• 1 MW–2 MW
• Above 5 MW

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.

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Breakup by End-User
  • Automotive
  • Non-Automotive
On the basis of the end user, the market has been segregated into the automotive and non-automotive industries.

Regional Insights
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Region-wise, the market has been categorized into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.

Competitive Landscape
The report has also examined the competitive landscape of global diesel engine market. Some of the major players in the market are ACGO 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.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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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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