Global Diesel Engines Market: Overview
An uptick in the production of vehicles across the world will accelerate the growth of the global diesel engines market over the next eight years. With public transport and logistics network capacities being ramped up in both developed and developing countries, albeit in varying degrees, the global diesel engines market is projected to post steady year-on-year growth from 2016 through 2024. From the standpoint of value gains, the increasing degree of sophistication in diesel engines to comply with stricter emissions norms will augur well for the global diesel engines market. Diesel engines are employed in passenger vehicles, heavy vehicles, and in vehicles meant for commercial use.
This report dives deep into the diesel engines market to uncover aspects such as the factors that drive and challenge growth. The report also offers insight into new opportunities on the horizon and how they can be capitalized. It analyzes the current market shares of key product types, geographic segments, and manufacturers.
Global Diesel Engines Market: Trends and Opportunities
Key opportunities in the market include the incorporation of emission-control technologies such as the exhaust after-treatment technology. Moreover, a strengthening commercial transport network in countries in Asia, Latin America, and the Middle East and Africa will bode well for the growth of the global diesel engines market. The use of diesel engines in marine transportation is projected to grow at an incremental rate through the forecast period of the report.
While the demand for diesel engines in motor vehicles is expected to grow at a steady rate, demand from other applications areas is projected to pick up. Among the key application areas of diesel engines studied in this report include: passenger cars, military, marine, railroad, and non-transport uses.
Global Diesel Engines Market: Region-wise Outlook
The number of diesel vehicles plying on the roads is among the highest in Asia Pacific countries. This factor has contributed in putting Asia Pacific in the leading position in terms of demand for diesel engines. As compared to petrol engines, diesel engines offer better efficiency and mileage. This is one of the key factors that has kept the sales of diesel engines consistently steady across the world. However, companies in the global diesel engines market are finding themselves faced with growing regulatory pressure.
In Europe, for instance, the Euro VI standard has had a conspicuous impact on the overall diesel engine development and manufacturing industry. In the traditional markets of North America and Europe, sales of diesel engines are expected to move upward after posting sluggish growth over the last few years.
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Global Diesel Engines Market: Competitive Overview
At the international level, the global diesel engines market is dominated by a handful of players such as Caterpillar, Mitsubishi, Cummins, and MAN. These companies have a strong presence in Asia Pacific, Europe, and North America. A common strategy of the key players is to concentrate manufacturing operations in Asian countries to reap the benefits of lower labor rates, a more conducive regulatory environment, and low manufacturing costs. The R&D and design operations of these players, for the most part, are however still housed in North America and Western Europe.