The global vehicle diesel engine market is experiencing growth due to several factors such as rise in infrastructural development in various regions and increase in automotive production in the transportation industry.
PORTLAND, Ore., Aug. 13, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Vehicle Diesel Engine Market by Speed (Low, Medium, and High), and Power Rating (Below 0.5 MW, 0.5 to 1.0 MW, and 1.1 to 2.0 MW): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the vehicle diesel engine market was valued at $44.3 billion in 2023, and is estimated to reach $54.7 billion by 2032, growing at a CAGR of 2.5% from 2024 to 2032.
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Prime determinants of growth
The global vehicle diesel engine market is experiencing growth due to several factors such as rise in urbanization in development countries and increase in the production of vehicles. However, high operation costs and fuel costs hinder the market growth. Moreover, growth in development of vehicle diesel engines offers remunerative opportunities for the expansion of the global market.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2023 |
|
Market Size in 2023 |
$44.3 billion |
|
Market Size in 2032 |
$54.7 billion |
|
CAGR |
2.5 % |
|
No. of Pages in Report |
324 |
|
Segments Covered |
Power Rating, Speed and Region. |
|
Drivers |
Rise in urbanization in development countries industry |
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Increase in the production of vehicles |
|
|
Opportunities |
Growth in development of vehicle diesel engines |
|
Restraint |
High operation costs and fuel costs |
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Segment Highlights
The high-speed segment is expected to grow faster during the forecast period.
By speed, the vehicle diesel engines with high speed find extensive use in power generating, maritime applications, and other fields. Slow and medium-speed engines can run on lower-grade fuels and are renowned for their fuel flexibility. Propellers and electrical generators are often powered by medium-speed engines found in smaller ships and power facilities. Typically, amphibious warfare ships such as major auxiliary engineering ships, tugboats, and landing craft utility (LCU) use medium-speed marine diesel engines.
The Below 0.5 W segment to maintain its lead position during the forecast period.
By power rating, low-power components are essential for optimizing the overall performance of diesel engines, as they help minimize the energy drawn from the engine’s electrical system. This is particularly important in modern diesel vehicles, which are increasingly equipped with various electronic systems and sensors that require power. By using components with lower power ratings, manufacturers can improve the fuel efficiency of their vehicles, reduce emissions, and comply with stringent environmental regulations.
Regional Outlook
Growth of the vehicle diesel engine market in Asia-Pacific is attributed to the growing infrastructural expansions and electricity demand along with significant growth in the average energy consumption rate in the region. The huge surge in power consumption in developing countries of the Asia-Pacific region, such as China and India, with insufficient power infrastructure, is expected to take some serious initiatives for making steady power supply, which in turn is expected to fuel demand for diesel engine generator, especially in the industrial and commercial sector in the region.
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Key Players:
Cummins
DEUTZ
Perkins
MAN Energy Solutions
Volvo Penta
Mitsubishi
MTU
Caterpillar
EMD
Weichai
The report provides a detailed analysis of these key players in the global vehicle diesel engines market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
Inn June 2023, GM announced that it plans on moving Duramax diesel engine production from Moraine to Brookville.
In November 2022, Mitsubishi announced the release of a tier 4 marine diesel engine with 1260 horsepower in Seattle.
In February 2021, Yanmar Group inaugurated India’s first diesel engine manufacturing facility. The area is around 23, 000 square meters, with an annual production capacity of 80, 000 engines.
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