PUBLISHED DATE : Sep 2020 | Pages : 226
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Diesel Engine Market Size, Share, & Trends Analysis Report by Application (Automotive (Heavy Vehicles, Light Passenger, and Light Commercial), and Non-automotive (Construction Equipment, Power Equipment, Marine Industry, Agricultural Equipment, and Others)), Power Equipment by Operation (Peak Shaving, Prime, and Stand-by), Power Equipment by End-user (Industrial, Commercial, and Residential), Marine Diesel Engine by Speed (Low, Medium, and High), and Geography (North America, Europe, APAC, Latin America, Middle East & Africa), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape, Share & Forecast, 2020–2025
226 Pages
88 Tables
98 Charts
5 Regions
19 Countries
30 Companies
5 Market Segment
| Report Attribute | Details |
|---|---|
| MARKET SIZE (REVENUE) | USD 240 BILLION (2025) |
| CAGR | 3% (2020-2025) |
| Base Year | 2019 |
| Forecast Year | 2020-2025 |
| Market Segments | Application (Automotive (Heavy Vehicles, Light Passenger, and Light Commercial) and (Non-automotive (Construction Equipment, Power Equipment, Marine Industry, Agricultural Equipment, and Others), Power Equipment by Operation (Peak Shaving, Prime, and Stand-by), Power Equipment by End-user (Industrial, Commercial, and Residential), Marine Diesel Engine by Speed (Low, Medium, and High) |
| Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
| Countries Covered | US, Canada, UK, Germany, France, Italy, Spain, China, Japan, South Korea, Australia, India, Brazil, Mexico, Chile, Saudi Arabia, South Africa, Turkey, and Egypt |
The global diesel engine market size was valued at USD 204 billion in 2019 and is expected to reach USD 240 billion by 2025, growing at a CAGR of 2.93%. The demand for diesel engines will touch new growth heights because 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 increase. Besides, 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 will be guided primarily by the development in major key 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.
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 engines market in terms of demand.
The demand for power generators is expected to increase, albeit steadily on COVID-19 related economic slowdown.
The industrial sector (under the diesel power equipment segment) is expected to reach over $2.5 billion by 2025 due to the growing industrial applications in mining, oil, and gas exploration.
The diesel engine market size in the US is likely to reach over $37 billion by 2025 due to the high dependence of the US truck industry on diesel.
This research report includes a detailed segmentation by
The automotive segment is expected to have a 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.
In the non-automotive sector, the production cycle in many sectors, including construction equipment, agriculture equipment, and others, has been affected. Since government bodies in several regions have declared complete lockdown, the overall production cycle is adversely affected, hampering mining equipment, agricultural equipment, and power equipment powered by diesel engines. The influence of new purchases has remained marginal compared to pre-COVID-19 purchases.
The stand-by operation segment is expected to have a high growth than the prime and peak shaving segments. Diesel engines are of low cost and can 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 electricity outages in countries with 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. The growth of the oil and gas, construction equipment, and other industries in China, Brazil, Canada, and African countries pushes diesel gensets in the industrial end-user sector. The demand is driven by the upcoming investment programs for expansion in the industrial sector. However, after the COVID-19 outbreak, industries have been affected, and the gradual growth of industries after reopening is expected to push the market ahead.
The demand for power equipment in the commercial sector is expected to expand at a steady pace. The capacity of gensets to counterbalance the expense of high-power loss due to voltage spikes and frequent power outages in the commercial sector is projected to positively affect the market. The residential sector is likely to have the lowest market growth compared to other industries, as large generators have limited applications in the residential sector. Small generators are utilized in private businesses as back-up power for continuous power supply in electrical appliances. Moreover, the expanded frequency of weather-related incidents has brought about a rise in irregular electrical power outages, which are predicted to increase the penetration rate in the residential sector during the forecast period.
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 improves the power-to-weight ratio and raises the scale and reversibility of the engine. The market is projected to grow further due to increased investments by major vendors and product expansions.
Medium-speed marine engines are lighter than low-speed alternatives and are usually low in initial cost. Due to lightweight and low maintenance, the demand for medium-speed marine engines is expected to witness considerable growth. With increasing marine tourism and increased passengers and recreational vessels, the demand is set to boost the diesel engine penetration rate. Medium-speed vehicles are widely deployed in ferries and cruises.
The APAC diesel engine market growth is strengthened because of the increased use of commercial vehicles in the industrial sector. Growth in vehicle sales was 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 for 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. India's diesel engine market is anticipated to have opportunities in construction equipment and heavy industry equipment markets.
The global market is highly fragmented due to several local and international players in the market. The market is characterized by established brands, a full array of competitive products and features, and a robust global presence and customer service and distribution network.
The key players compete based on product performance, service to clients, quality, innovation, and price. The market remains competitive from a demand point of view. Still, steps taken to preserve the key factors such as the competitive advantage in the current economic environment are projected to result in a lower price realization than expected.
Segmentation by Application
By Power Equipment by Operation
By Power Equipment by End-user
By Marine Diesel Engine by Speed
By Geography
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