Diesel engine market driven by demand for commercial and heavy-duty vehicles
According to the latest report published by the IMARC group, The global diesel engine market size reached US$212.4 billion in 2021. Going forward, the market is expected to reach US$266.3 billion by 2027 growing at a CAGR of 3.75% in 2022-2027. The report also includes competitor and regional analysis, as well as contemporary advancements in the global market.
Air is compressed to a high temperature before being pumped into a cylindrical container to ignite fuel in a diesel engine, an internal combustion (IC) engine. It converts stored chemical energy into mechanical energy that can be used to power large tractors, ships, freight trucks and locomotives. Diesel engines are commercially available as two-stroke and four-stroke engines. Compared to other fuel engines, diesel engines have superior thermal efficiency, durability and torque. Due to these advantages, these motors find wide applications in various industries, such as mining, construction, and agriculture.
Impact of Covid-19:
We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
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Diesel engine industry trends:
The growing demand for commercial and heavy-duty vehicles is one of the main drivers of the global diesel engine industry. Additionally, the significant expansion of the automotive industry and rapid urbanization, especially in emerging economies, is catalyzing the need for efficient energy infrastructure, which, in turn, supports market growth. With this in mind, manufacturers are developing advanced variants of diesel engines using efficient filtration features and high pressure fuel injection, which is propelling the growth of the market. Additionally, major market players are introducing diesel engines that can be used as standby generators, which is helping the market growth. Other factors such as extensive research and development (R&D) activities and the introduction of efficient and durable engines are creating more positive outlook for the market.
List of major key players:
The main market players are
AGCO Corporation, FAW Group Corporation, Robert Bosch GmbH, Deere & Company, Continental AG, BorgWarner Inc., Mitsubishi Heavy Industries, Ltd., Ford Motor Company, General Motors Company, MAN SE, Wärtsilä Corporation, Cummins Inc., Caterpillar Inc. , and Rolls-Royce Motor Cars Limited.
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|Market size value in 2021||US$212.4 billion|
|Market forecast in 2027||US$266.3 billion|
|Rate of growth||CAGR of 3.75% from 2022 to 2027|
|Base year for the estimate||2021|
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