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Global Diesel Engine Market was valued US$ 7.90 Bn in 2017 and is estimated to reach US$ 11.12 Bn by 2026 at a CAGR of about 4.37%.
The report segment of diesel engine market based on engine type, vehicle type, application, and region. On the basis of engine type, the market is classified into turbo engine, conventional engine. Based on vehicle type, the diesel engine market is segmented into agricultural vehicle, commercial vehicle, passenger vehicle, construction vehicle. In terms of application, the market is categorised into industrial, commercial, residential. Region wise into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
The demand for diesel engines in motor vehicles is anticipated to grow at a steady rate, demand from other applications areas is projected to pick up. Diesel engine market exhibit high thermal efficiency, which is also anticipated to fuel market demand. Increase in penetration across several application areas including construction, automobiles, power & gas etc. is estimated to further impact the diesel engine market growth over the forecast period. However, issues such as high-cost diesel engine may hamper market growth over the forecast period. The need to improve engines that help limit harmful emissions without degrading performance may pose to be a challenge to the diesel engine market growth. A strengthening commercial transport network in countries in Asia pacific, Latin America, and the Middle East and Africa will bode well for the growth of the diesel engines market. The use of diesel engines in marine transportation is estimated to grow at an incremental rate through the forecast period.
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Diesel engine market is segmented into engine type, vehicle type, application, and region. Based on vehicle type, commercial vehicle segment is forecast to surge the overall diesel engine market due to high demand for trucks and buses in the country. Moreover, agricultural vehicle is the second largest consumer in value terms due to high utilization of diesel engines in farm equipment. Decrease in labor availability and increase in labor cost would also lead to growth in farm equipment.
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