Increasing demand in heavy equipment across industries is estimated to drive the diesel engine market. Growing popularity of diesel cars across several regions is also expected to catapult market growth. Diesel engines exhibit high thermal efficiency, which is also estimated to boost the market demand over the forecast period. They are widely used in automotives, off-road equipment, submarines, and ships owing to their high thermal efficiency. Increasing demand for diesel engines in various applications such as construction, automobiles, and power & gas is expect to favor market growth over the forecast period. Growing demand for construction and auxiliary power equipment is also expected to provide avenues for market growth. Technological advancement and increasing gasoline prices are expected to favor the diesel engine market over the next five years. Increasing investment in mining and construction is also estimated to fuel market demand over the forecast period.
High cost for diesel engines may hinder the market growth over the next few years. Further, reducing harmful emissions without affecting the performance may pose to be a challenge to market growth. The diesel engine market can be classified broadly into two and four-stroke engines. The two stroke engine is widely used in portable equipment such as motorcycles, chainsaws, etc. The four-stroke engine is mainly used in heavy equipment. Diesel engines exhibit flexible functioning; and are used in an array of applications including railroad rolling stock, passenger cars, non-transport, and military fuel standardization.
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Asia Pacific is estimated to grow significantly over the forecast period owing to increasing demand in countries such as China and India. Surge in investments by automobile manufacturers aimed to increase R&D activities in the sector is expected to have a positive impact on regional market growth over the forecast period. North America and Europe are also expected to grow at a significant rate over the forecast period. In addition to aforementioned forces, other factors technological advancement and rising gasoline prices in countries such as Brazil and Russia are expected to impel market demand.
The key players in the diesel engine market include China FAW Group, ACGO Corporation, Deere & Company, Bosch, Delphi Automotive, Continental AG, Mitsubishi Heavy Industries, Ford Motor, MAN SE, and General Motors.
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