The Diesel Engine Market is being driven by Growing demand for diesel engines from APAC
The Diesel Engine Market is expected to grow at a CAGR of 3.29% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 39.1 billion. The escalating preference for electric vehicles (EVs), specifically battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), poses a significant challenge to the diesel engine market. PHEVs, in particular, are increasingly popular due to their minimal environmental impact and compliance with stringent emission regulations set by environmental regulatory bodies worldwide. EVs provide numerous advantages, including reduced operating costs due to cheaper electricity compared to diesel, gasoline, and petrol, as well as lower maintenance expenses, given their fewer moving parts. EVs offer superior performance with smooth acceleration, robust torque, excellent handling, and quiet operation.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on End-user (On road, Off road) Geography (APAC, Europe, North America, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Diesel Engine Market Research Report
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The Diesel Engine Market is experiencing significant growth due to its widespread application in various industries such as trains, ships, heavy vehicles, agricultural equipment, and heavy-end equipment including chainsaws, motorcycles, and mining equipment. In the transport sector, diesel engines are preferred for their high thermal efficiency and lower emissions compared to gasoline engines. Regional imports play a crucial role in the Diesel Engine Market, particularly in regions with large mining fields, data centers, telecommunication sectors, gas, power, and oil sectors, health care sectors, and manufacturing sectors. The mining industry is a major consumer of diesel engines due to the heavy-duty nature of mining operations. Technological proliferation in the diesel engine market is driving innovation, with advancements in thermal efficiency, auxiliary power equipment, and natural gas engines. Infrastructural developments in emerging economies are also contributing to the growth of the diesel engine market. Despite the increasing popularity of electric vehicles, the demand for diesel engines is expected to remain strong due to their power density, reliability, and cost-effectiveness. However, the diesel engine market is facing challenges such as increasing gasoline prices and environmental regulations. The market is expected to grow at a steady pace, driven by the demand for diesel engines in various industries and technological advancements.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers in the automotive parts and equipment sector include the surge in electronic components utilization in automobiles, fueled by the rising sales of electric vehicles, motorcycles, and passenger cars, leading to substantial demand for electronic control units (ECUs) and other electrical components over the last decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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