Diesel Engine Market Size was valued at USD 167.3 Billion in 2021. The Diesel Engine Market industry is projected to grow from USD 172.1 Billion in 2022 to USD 273.8 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.34% during the forecast period (2023 - 2030). The Diesel Engine market is expected to be driven by the rapid urbanization in developing countries and technological advancements in diesel engines. Diesel engines are internal combustion engines in which the ignition of the fuel is generated by the raised temperature of the air in the cylinder owing to mechanical compression; consequently, the diesel engine is known as a compression-ignition engine (CI engine).
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In recent years, the rapidly growing global population has resulted in an increase in the import and export of goods as well as commodities such as ores, crude oil, and minerals, adding to the attractiveness of the seaborne trade. The increased emphasis on industrial advancements through enhanced trade integration, manufacturing expansion, and regional economic integration will boost diesel engines used in the maritime industry. The increased demand for dependable and continuous power, expansion in global maritime freight transit, and a thriving travel sector are driving the diesel engine market. Furthermore, the increased need for reinforcement power arrangements is likely to drive market growth. With the advancement of computerization in the automotive industry and the rise of industrialization, the demand for outstanding execution and a reliable power source is increasing, increasing the popularity of fast engines.
High-speed engines are high-power diesel engines ranging between 900rpm-1800rpm and above that are employed in a variety of applications nowadays. End-users anticipate engines with improved effectiveness and execution rates regardless of the high cost of these engines, the need for fast engines is growing rapidly, and the abilities provided by these engines are highly valued in the marine industry. These engines also feature low discharge rates and lower fuel consumption restrictions, which are highly valued by end-use sectors. As a result, these characteristics have aided the rapid development of high-speed engines in the marine industry. In any case, the energy hotspots for high-speed engines have just been modified. Initially, the design of high-speed engines was based on the requirements of rough terrain vehicles and accompanying gear. As a result, Diesel Engine Market revenue expansion is anticipated to be fueled by increasing focus on use of diesel engines in marine industry.
The Diesel Engine Market segmentation, based on type, includes 0.5-1 MW, 1-2 MW, 2-4 MW, and Above 4 MW. The 0.5-1 MW segment held the majority share in 2022 contributing to around ~36-40% with respect to the Diesel Engine Market revenue. These are extensively used for standalone power generation and various applications that require substantial power and propulsion capabilities.
The Diesel Engine Market data has been bifurcated by product largely into construction, agriculture, marine, power plants and others. The construction segment dominated the market in 2022. Diesel Engine are durable and reliable, ad highly fuel efficient, due to which they are extensively used in the construction industry for heavy-duty applications.
Figure 2: Diesel Engine Market, by End User, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the Diesel Engine Market industry study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Asia-Pacific Diesel Engine Market accounted for USD 72.5 billion in 2022 and is expected to exhibit a 6.44% CAGR during the study period. This is attributed to the presence of growing population and emerging market in the region.
Figure 3: Diesel Engine Market Share By Region 2022-2030 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Throughout the forecast period, the North America Diesel Engine Market is expected to witness significant growth in the Diesel Engine market, with the majority of demand coming from the United States and Canada. The rising demand for due to rapid construction and infrastructural development in the region is expected to drive market demand. Furthermore, the presence of major manufacturers in the US is expected to drive market expansion. With increasing construction and infrastructural projects in Canada are expected to drive market demand in the region for diesel engines.
Europe's Diesel Engine Market has grown significantly in recent years. This expansion can be ascribed to supportive fuel taxation and increasing demand in various industrial applications across the region. Furthermore, a rapidly expanding marine and shipping industry in the region is expected to propel market demand for diesel engines in the region during the forecast period.
Asia-Pacific Diesel Engine Market is expected to dominate the growth owing to presence of emerging nations such as India and China. Population expansion, urbanization, a shift in household composition, the emergence of the middle class, and an increase in private consumption, particularly in emerging markets, are the key drivers of demand development. Rapid construction industry and growing agriculture output demand is further expected to propel market demand for diesel engines in the market. Furthermore, with increasing power generation demand and the undertaking of power plants set up in various countries in the region is expected to drive market growth during the forecast period.
Major market players’ growth depends on market conditions, government support, and industry development. Thus, the vendors should focus on expanding geographically and improving services. Many global, regional, and local vendors characterize the Diesel Engine market. The market is highly competitive, with all the players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. The vendors compete based on cost, product quality, reliability, and government regulations. Vendors must provide cost-efficient, high-quality products to survive and succeed in an intensely competitive market.
Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines for off-highway use, industrial gas turbines and diesel-electric locomotives. Caterpillar operates in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. It operates primarily via three core segments: Construction Industries, Resource Industries, and Energy & Transportation, as well as through the financial products sector, which provides financing and associated services. It offers a portfolio of about 20 brands that provide machines, engines, components, services, and solutions to address the specific demands of a wide range of sectors such as construction, mining, oil & gas, marine, power generation, rail, and industrial. It manufactures diesel and natural gas engines and gas turbines, which, in addition to being used in the company's own vehicles, are used as prime movers in locomotives, semi trucks, marine vessels, and ships, as well as providing power for peak-load power plants and emergency generators.
AGCO Corporation is an American producer of agricultural gear. Tractors, combines, foragers, hay tools, self-propelled sprayers, smart farming technologies, seeding equipment, and tillage equipment are all designed, manufactured, and sold by the company through well-known brands like TAFE, Challenger, Fendt, GSI, Massey Ferguson, and Valtra. It offers diesel engines under the brand name Agco Power located in Linnavuori, Finland and has manufacturing units in China, Brazil, and Argentina. It manufactures around 30,000 units per year at 4 manufacturing units and caters to tractor brands, machinery, ships, generators, pumps & power stations.
April 2023:General Motors Company planned to expand its DMAX manufacturing plant in Brookville, Ohio. The Dayton-Montgomery County Board of Trustees has voted to approve the expansion of the DMAX factory in Brookville. The new capital lease deal allows General Motors to expand the project.
March 2023:Deere & Company introduced a range of new generation engines which include JD4, JD14, and JD18 from 36 to 677 kW (48 to 908 hp). JD4 has a power output of up to 120 kW (161 hp) with a rear gear train that provides clients with minimal noise and high PTO power. The engine also features an expanded single turbo range and a maximum torque of 700 Nm (516 lb-ft) for remarkable high-load capability and productivity. With these developments, the company aims to expand its sustainable power solutions for the off-highway industry.
February 2023:AGCO Power presented its latest powertrain solution at CONEXPO CON/AGG, USA. The high-speed CORE75 has 12% more power than the preceding low-speed edition (299 hp / 223 kW), a greater speed range of up to 2100 RPM, 24 voltage electrics, and an optional PWM-controlled alternator. The CORE75 boasts the best fuel efficiency in its class, with up to 0.309 lb/hph (188 g / kWh).
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 172.1 Billion |
| Market Size 2023 | USD 178.1 Billion |
| Market Size 2030 | USD 273.8 Billion |
| Compound Annual Growth Rate (CAGR) | 6.34% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019 – 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Power Rating and End User |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and, Saudi Arabia, UAE, Brazil, Argentina, and others |
| Key Companies Profiled | Caterpillar Inc. (US), AGCO Corporation (US), Deere & Company (US), Cummins Inc. (US), Mitsubishi Heavy Industries, Ltd (Japan), Ford Motor Company (US), General Motors Company (US), AB Volvo (Sweden) |
| Key Market Opportunities | Technological advancements in diesel engines |
| Key Market Dynamics | Rapid urbanization in developing countriesIncreasing demand in construction industry |
Frequently Asked Questions (FAQ) :
As of 2022, Diesel Engine is worth USD $ 172.1 billion.
The Diesel Engine Market is growing at a CAGR of 6.34%.
The Asia-Pacific region holds the largest market share in the Diesel Engine market.
Caterpillar Inc. (US), AGCO Corporation (US), Deere & Company (US), Cummins Inc. (US), Mitsubishi Heavy Industries, Ltd (Japan), Ford Motor Company (US), General Motors Company (US), AB Volvo (Sweden), are some of the prominent players in the market.
The 0.5-1 MW Diesel Engine segment in the Diesel Engine Market is leading commercial market growth.
The construction segment has the largest market share.
Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
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