Vehicle Diesel Engine Market Grow $54.7 Billion Globally by 2032, Despite Industry Shifts

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.

A vehicle diesel engine functions through compression ignition within a cylindrical chamber, were high-pressure compression of air triggers fuel combustion. This conversion of chemical energy into mechanical energy generates power and heat. Diesel engines are renowned for their substantial torque output, rendering them ideal for demanding tasks such as powering tractors, locomotives, and marine vessels. In addition, their elevated expansion ratio contributes to their widespread use across multiple sectors, attributed to their high thermal efficiency.

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Diesel engines are renowned for producing a lot of torque, which qualifies them for heavy-duty uses. Diesel engines are more fuel-efficient than petrol engines, which means they consume less fuel to produce the same amount of power. This efficiency is especially beneficial in applications requiring a constant supply of power, such as in trucks, buses, and industrial machinery. Diesel engines operate on a higher compression ratio than petrol engines, leading to better fuel combustion and higher energy output per unit of fuel. over a longer period or distance.

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.

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.

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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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Recent Key Strategies and Developments
In February 2021, Cummins provided Isuzu with midrange B6.7 diesel platforms for medium-size trucks to meet global customer needs. Cummins and Isuzu are expected to closely work together to integrate the engine with Isuzu's chassis and to meet Japan's emission regulations.

In June 2022, WinGD and Hyundai Heavy Industries' Engine Machinery Division (EMD) collaborated on delivering the first WinGD engine capable of running on ammonia, providing a vital step in shipping's progress toward decarbonization.

In March 2024, Caterpillar announced the development of the CAT C13D, a new 13 -liter diesel engine platform designed to achieve best-in-class power density, torque, and fuel efficiency for optimizing the performance of heavy-duty off-highway applications. The C13D would meet the emissions standards of higher regulated markets, such as EU stage v, US EPA tier 4 final, China non-road IV, Korea stage V, and Japan 2014, with models available for lesser regulated markets.

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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.

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