Growing demand for heavy-end equipment across several industries is expected to be the key factor driving the diesel engine market growth over the next few years. Diesel engines exhibit high thermal efficiency, which is also expected to fuel market demand. Increasing penetration across several application areas including construction, automobiles, power & gas, etc. is expected to further impact the diesel engine market growth over the forecast period.
Surging demand for construction and auxiliary power equipment provides several market growth opportunities. The diesel engine market growth is poised for growth owing to technological proliferation and the rise in gasoline prices. High investments in the mining and construction industry are also expected to fuel market demand over the next few years. However, issues such as high-cost diesel engines may hinder market growth over the forecast period. The need to develop engines that help limit harmful emissions without degrading performance may pose to be a challenge to the diesel engine market growth. The market can be segmented into two and four-stroke engines. Two-stroke diesel engines are primarily used in portable equipment such as motorcycles and chainsaws; whereas four-stroke diesel engines are used in heavy-end equipment.
Even though the diesel engine market has been a contentious area among the environmentally conscious people, with regards to their emissions, there is still a lot of value that the product offers, with regards to transport and infrastructural developments in industries. Another advantage is its versatility and reliability, which has kept the market running. Diesel engines are a necessity among heavy vehicles such as trucks and buses, and with fast-developing regions such as Asia being involved in lots of regional imports and exports, it is expected that there will be high demand for these vehicles in the foreseeable future, which is expected to keep the demand for diesel engines on the rise. Diesel engines find critical applications in areas such as construction, mining, and agricultural equipment, which makes them indispensable. Ships and trains also make heavy use of diesel engines, which is expected to further the growth of the product in the coming years. Additionally, Governments around the globe have implemented regulations for cutting down diesel engine emissions, leading manufacturers to experiment with diesel engine development.
Asia-Pacific is expected to grow considerably over the forecasted period. This can be attributed primarily to increasing demand in countries such as China and India. North America and Europe are also estimated to grow at a significant rate over the next six years. Key players in the diesel engine market include ACGO Corporation, China FAW Group, Bosch, Deere & Company, Continental AG, Delphi Automotive, Mitsubishi Heavy Industries, Ford Motor, General Motors, and MAN SE, etc.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.