According to the latest report by IMARC Group titled, “Diesel Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market reached a value of US$ 215 Billion in 2018. Looking forward, the market is expected to reach a value of US$ 291 Billion by 2024, exhibiting a CAGR of around 5% during 2019-2024.
A diesel engine is a type of internal combustion engine in which the air is compressed to a sufficiently high temperature to ignite the diesel injected into the cylinder. It converts the chemical energy into mechanical energy and is used in freight trucks, locomotives, tractors and marine vessels. As compared to petrol/gasoline engines, diesel engines are more fuel-efficient and have lower maintenance requirements, which makes them a preferred choice of automobile manufacturers.
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Over the years, the automotive industry has witnessed strong growth, particularly in the developing countries such as China, India, Vietnam, etc., which is creating a positive impact on the demand for diesel engines. Moreover, due to better thermal efficiency as compared to petrol engines, these engines are increasingly being used in commercial and heavy-duty vehicles. Apart from this, the high demand from the construction and mining industries is further expected to propel the market growth. Some of the other growth inducing factors include rising industrialization, increasing demand for reliable power supply and growing manufacturing industry globally.
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
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/diesel-engine-market
Breakup by End-User
• North America
• Asia Pacific
• Middle East and Africa
• Latin America
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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This post was originally published on Space Market Research