World demand to rise 6.7% annually through 2015
World diesel engine demand is projected to grow 6.7 percent per year through 2015 to $197.5 billion. This represents an acceleration from the 2005-2010 period. Product sales will be driven by a pickup in the production of motor vehicles, particularly medium and heavy trucks and buses. Value gains will also be fueled by the growing use of more sophisticated, higher value products because of more restrictive emission regulations in a number of areas.
China, India to drive growth in key Asia/Pacific region
The Asia/Pacific region was the world’s largest market for diesel engines in 2010 by a wide margin. China and India will be the primary drivers for growth in this region through 2015, as expanding output of motor vehicles and off-highway equipment combine with higher levels of fixed investment to stimulate significant increases in diesel engine demand. Sales of diesel engines in the region are expected to grow 7.7 percent per year through 2015, with China alone accounting for one-third of the rise in global demand between 2010 and 2015. The medium and heavy vehicle diesel engine segment will experience the greatest gains in this regional market in dollar terms, accounting for 53 percent of total sales in 2015.
Demand for diesel engines in the Africa/Mideast region also is expected to expand 7.7 percent per year through 2015, fueled by rising output of medium and heavy vehicles and off-highway equipment, in addition to climbing fixed investment. The Eastern Europe and Central and South America diesel engine markets will also grow at healthy rates from 2010 to 2015, supported by growth in motor vehicle production, fixed investment, and agricultural, construction, and mining machinery output. However, each of these regions will still account for less than ten percent of the world sales total in 2015.
North American, Western European markets to rebound
Although market gains will not be as robust as those in developing areas, demand for diesel engines in North America and Western Europe will grow with renewed strength following a period of weakness, bolstered by rebounds in production of motor vehicles and offhighway equipment. Market gains in Japan, however, will only average 2.3 percent per annum through 2015, dampened by slow growth in motor vehicle output, although this will represent an improvement over sales declines recorded between 2005 and 2010.
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Motor vehicles to claim most new product sales
Every segment of the world diesel engine market will register solid gains over the 2010-2015 period, with the vast majority of new product sales arising in the motor vehicle segment. World sales of diesel engines used in medium and heavy trucks and buses, the largest single market, are projected to grow at the fastest annual pace through 2015, as demand for goods transportation services and new vehicles expands in an improving economic environment. The market for light vehicle diesel engines will advance at the same pace as the overall average, supported by an acceleration in automobile, light truck, and van production. Demand for both offhighway and stationary diesel engines will expand somewhat slower through 2015 due to a deceleration in off-highway equipment output growth and global electricity requirements.
Profiles global industry players such as Caterpillar, Cummins, Daimler, Deere, Isuzu, Peugeot, Renault, Toyota and Volkswagen and more
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