(MENAFN- Comserve)
Shibuya-ku, Tokyo, Japan, Japan, Jul 05, 2022, 03:38 /Comserve / -- In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Diesel Engine Market Report
In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Diesel Engine Market Report
The Diesel Engine Market by revenue is expected to grow at a CAGR of 3% during the period 2022–2031.
The global diesel engine market is expected to touch new growth heights on account of the development of new generation agriculture equipment, manufacturing, forestry, material processing, military, mining and utility vehicles, and locomotives and ships, which are expected to expand the usage of modern diesel engines. The sale of aftermarket diesel engine products is also likely to rise as the world's stocks are increasing. In addition, diesel models in industrializing countries with low strict emission requirements are expected to gain market shares. Several powerful diesel engines are expected to be built in the future, which comply with the latest emissions regulations. The global demand for diesel engines is expected to be guided primarily by the development in major regions, including Europe and APAC. The increasing use of more sophisticated technical engines is also likely to increase to drive revenue during the forecast period.
To Know How our Report Can Help Streamline Your Business, Ask an Analyst@
The impact of COVID-19 on the global economy has affected the automotive and non-automotive markets, which have affected industrial and commercial vehicle sales and fuel prices. Hence, the slowdown in the automotive sector has also affected the global diesel engine market in terms of demand.
The following factors are likely to contribute to the growth of the diesel engine market during the forecast period:
• Growth in Hybrid Vehicle
• Growth in Non-Automotive Market
• High Demand for Diesel Vehicles
The study considers the present scenario of the diesel engine market and its market dynamics for the period 2022−2031. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent ones operating in the market.
DIESEL ENGINE MARKET SEGMENTATION
This research report includes a detailed segmentation by application, power equipment by operation, power equipment by end-user, marine diesel Engine by speed, and geography. The automotive segment is expected to have higher growth rate than the non-automotive application segment. Although diesel engines are more fuel efficient than petrol ones, the incentive for vehicle manufacturers is on the lower side as there is a higher tax rate on diesel vehicles than petrol ones, and the emission standards for diesel engines are considerably higher than those for petrol. The sale of diesel engines in full-size and commercial pickup trucks and SUVs is expected to increase post Q1 2021.
The stand-by operation segment is expected to have a high growth than prime and peak shaving segments. Diesel engines are of low cost and have the ability to handle high-load during emergency power-cuts. Moreover, the outbreak of COVID-19 has brought all markets to a standstill due to shutdowns and lockdowns imposed across countries. The demand for peak shaving power generators is driven by constant outages of electricity in countries having extreme climates and unsuitable power infrastructure. The prime power segment is expected to be among the fastest-growing market during the forecast period.
The industrial end-user segment is projected to grow at the fastest CAGR of over 3% during the forecast period. The industry's main driving force is - government economic development policies in various countries including Mexico, China, Brazil, and India. Also, the growth of the oil and gas, construction equipment, and other industries in China, Brazil, Canada, and African countries is also pushing the demand for power gensets in the industrial end-user sector. The demand is driven by the upcoming investment programs with respect to expansion in the industrial sector. However, after the COVID-19 outbreak, industries have been affected and gradual growth of industries after reopening are expected to push the market ahead.
Request A Free Sample to Learn More About This Report@
Low-speed diesel engines in marine applications are expected to increase in demand from shipyards in East Asia, particularly in China, Korea, and Japan during the forecast period. The two-stroke cycle in diesel powered marine engines is to improve the power-to-weight ratio and raise the scale and reversibility of the engine. The market is projected to grow further due to increased investments by major vendors and product expansions.
By Application
• Automotive
o Heavy Vehicles
o Light Passenger
o Light Commercial
• Non-automotive
o Construction Equipment
o Power Equipment
o Marine Industry
o Agricultural Equipment
o Others
By Power Equipment by Operation
• Peak Shaving
• Prime
• Stand-by
By Power Equipment by End-user
• Industrial
• Commercial
• Residential
By Marine Diesel Engine by Speed
• Low
• Medium
• High
INSIGHTS BY GEOGRAPHY
The APAC diesel engine market growth is strengthened because of the increased use of commercial vehicles in the industrial sector. Growth in vehicle sales were impacted throughout the globe in the first two quarters of 2020 due to the outbreak of the pandemic. Also, diesel vehicle markets are projected to remain uncertain in 2020 and 2021, owing to fluctuating macroeconomic conditions. The diesel engine industry in APAC is expected to grow at a CAGR of over 2% during the forecast period. China is likely to witness a truncated growth rate with respect to diesel engines, as the electric vehicle market is set to grow further in the country, with minimal government incentives. The demand for diesel engine vehicles has been increasing in Japan, whereas countries in Europe and North America were declining. The diesel engine market in India is anticipated to have opportunities in construction equipment and heavy industry equipment markets.
By Geography
• North America
o US
o Canada
• Europe
o UK
o Germany
o France
o Italy
o Spain
• Asia Pacific
o China
o Japan
o South Korea
o India
o Australia
• Latin America
o Brazil
o Mexico
o Chile
• Middle East & Africa
o Saudi Arabia
o South Africa
o Egypt
o Turkey
INSIGHTS BY VENDORS
The global diesel engine market is highly fragmented due to the presence of several local and global players in the market. The market is characterized by established brands, a full array of competitive products and features, and a strong global presence and customer service and distribution network. The key players compete on the basis of product performance, service to clients, quality, innovation, and price. The market remains competitive from a demand point of view, but steps taken to preserve the competitive advantage in the current economic environment are projected to result in a price realization that is lower than expected.
Prominent Vendors
• Bosch
• Caterpillar
• CNH Industrial
• Cummins
• Daimler
• John Deere
• Volvo Group
• Wärtsilä
Other Prominent Vendors
• Scania
• Rolls-Royce Motor
• General Motors (GM)
• Deutz
• Kubota
• Navistar International Corporation
• Changchai
• Greaves
• Anglo Belgian
• Daihatsu
• Detroit Diesel
• Doosan Engine
• IHI Power Systems
• ISUZU Diesel
• Lister Petter
• MAN SE
• Mitsubishi
• Kawasaki Heavy Industries
• Perkins
• Shifeng
• Weichai Dongli
• Winterthur Gas & Diesel
• Yanmar
Key Questions Answered:
• What is the diesel engine market size and growth rate during the forecast period?
• What are the factors impacting the growth of the diesel engine market share?
• Who are the leading vendors in the diesel engine market, and what are their market shares?
• What is the impact of the COVID-19 pandemic on the diesel engine market share?
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
MENAFN05072022004694010674ID1104478595
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.