Diesel Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Diesel Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global diesel engine market size reached US$ 220.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 274.9 Billion by 2028, exhibiting a growth rate (CAGR) of 3.63% during 2023-2028.

Diesel engine is an internal combustion engine wherein air is compressed to a sufficiently high temperature inside a cylindrical vessel to ignite the fuel. It converts the chemical energy in the fuel into mechanical energy for powering freight trucks, locomotives, tractors, and marine vessels. At present, two types of diesel engines are available globally, which include two-stroke engines that complete one energy cycle in two piston strokes per crankshaft revolution and four-stroke engines. Four-stroke engines deliver one power stroke for every two piston cycles or four piston strokes.

Diesel Engine Market Trends:
A diesel engines offer improved operational performance, and consequently, they find extensive applications in the construction, marine, mining, healthcare, forestry, telecommunications, and agriculture industries across the globe. They also provide better fuel efficiency as compared to petrol engines and are increasingly utilized in commercial and heavy-duty vehicles. This, in confluence with the thriving automotive industry, represents one of the key factors propelling the growth of the market. Moreover, modern diesel engines have overcome the disadvantages of earlier models with higher noise and maintenance costs. These engines require less maintenance on account of the absence of spark plugs or wires. Besides this, diesel engines can operate with much higher compression ratios than spark-ignition engines, which allows them to achieve higher efficiencies. This, coupled with rising energy demand from the manufacturing industry and the increasing use of diesel engines for non-automotive applications, are positively influencing the market. Furthermore, there is a rise in the requirement for a reliable and consistent source of power generation to ensure uninterrupted and efficient operations. This is catalyzing the demand for diesel engines worldwide.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global diesel engine market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on power rating and end user.

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

Presently, 0.5 MW–1 MW holds the largest market share on account of the increasing utilization of diesel power engines in this capacity in small-scale data centers and large-scale residential facilities, commercial complexes and hospitals.

Breakup by End User:

Automotive
On-Road
Light Vehicles
Medium/Heavy Trucks
Light Trucks
Off Road
Industrial/Construction Equipment
Agriculture Equipment
Marine Applications
Non-Automotive

At present, the diesel engine finds extensive applications in the automotive industry as it offers better fuel economy and greater torque.

Breakup by Region:

Asia Pacific
Europe
North America
Middle East and Africa
Latin America

The Asia Pacific dominates the market on account of the rising sales of automobiles in the region.

Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are AGCO Corporation, China First Automobile Works (FAW) Group Corporation, Robert Bosch GmbH, Deere & Company, Continental AG, Delphi Automotive System Private Limited, Mitsubishi Heavy Industries, Ltd., Ford Motor Company, General Motors Company, MAN SE, Wärtsilä Oyj Abp, Cummins, Inc., Rolls-Royce Motor Cars Limited, and Caterpillar.

Key Questions Answered in This Report
1. What was the size of the global diesel engine market in 2022?
2. What is the expected growth rate of the global diesel engine market during 2023-2028?
3. What are the key factors driving the global diesel engine market?
4. What has been the impact of COVID-19 on the global diesel engine market?
5. What is the breakup of the global diesel engine market based on the power rating?
6. What is the breakup of the global diesel engine market based on the end user?
7. What are the key regions in the global diesel engine market?
8. Who are the key players/companies in the global diesel engine market?