According to the latest report by IMARC Group, titled, “Diesel Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026″, the global diesel engine market size was worth US$ 207 Billion in 2020. Looking forward, the market is expected to continue its moderate growth during the next five years.
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.
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, Wartsila, Cummins, Caterpillar, Rolls-Royce, etc.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/diesel-engine-market
Insight on Market Segmentation:
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
Breakup by End-User
- Light Vehicles
- Medium/Heavy Trucks
- Light Trucks
- Industrial/Construction Equipment
- Agriculture Equipment
- Marine Applications
? North America
? Asia Pacific
? Middle East and Africa
? Latin America
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.