LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global diesel engine market to grow at a CAGR of over 7% during the forecast period, according to their latest market research report.
The growing popularity of plug-in electric vehicles (PEVs) is one of the major trends being witnessed in the global diesel engine market 2018-2022. The growing demand for PEVs including BEVs (battery electric vehicles) and PHEVs (plug-in hybrid electric vehicles) is expected to be a major challenge for the global diesel engine market. The plug-in electric vehicles are gaining prominence due to low environmental footprints. These vehicles also meet the emission standards imposed by various environmental regulatory authorities in different countries. PEVs also offer social, environmental, and economic benefits. This is likely to negatively impact market growth.
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According to Technavio analysts, one of the key factors contributing to the growth of the global diesel engine market is the advantages of the diesel engine over petrol engine:
Global diesel engine market: Advantages of the diesel engine over the petrol engine
The primary factor that favors the use of diesel engines for commercial purpose is the better mileage offered by them over petrol engines. Diesel engines are almost 1.5 % more efficient than petrol engines. Moreover, diesel engines are designed to operate at higher compression ratios of 15:20, while petrol engines have lower compression ratios of usually 8:10. Higher the compression ratios, higher the thermal efficiency and better is the fuel efficiency. As a result, diesel engines offer better fuel efficiency than petrol engines. These benefits of diesel engines are expected to drive the growth of the market.
According to a senior analyst at Technavio, “Apart from the advantages of diesel engines over petrol engines, the growing demand for diesel engines from APAC is also expected to impact the growth of the global diesel engine market during the forecast period. The demand for diesel engines in APAC is attributable to the growth of the mining, construction, transport, and industrial sectors in the region.”
Global diesel engine market: Segmentation analysis
The global diesel engine market research report provides market segmentation by end-user (on-road and off-road) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2017, accounting for more than 45% share, followed by EMEA and the Americas respectively. The APAC region is likely to continue dominating the market during the forecast period with the highest incremental growth.
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Five Forces Analysis
Market Segmentation
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