CLEVELAND, Feb. 9, 2017 /PRNewswire/ -- Demand for diesel engines in Western Europe is projected to increase 3.3 percent per annum to $57.9 billion in 2020, an improvement over the 2010-2015 pace but slower than the expected global rate. Sales of diesel engines are expected to rise at a healthy pace through 2020 due to improving regional market conditions. As agriculture, construction, forestry, and mining, as well as the overall economy, grow in Western Europe through 2020, demand for automobiles, buses, trucks, stationary equipment, and a wide range of off-highway mobile equipment is expected to rise considerably. These and other trends are presented in Global Diesel Engine Market, 5th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
According to analyst Gleb Mytko, "Manufacturers operating in the region will boost equipment output, causing related diesel engine demand to rise. The region's equipment producers will also take advantage of additional export sales opportunities around the world, leading to a further increase in the region's diesel engine needs." Furthermore, manufacturers of durable goods in Western Europe are expected to increase their use of newly developed, state-of-the-art diesel engines between 2015 and 2020, adding to value gains.
Sales of diesel engines and parts for off-highway mobile equipment are projected to climb 7.9 percent per year through 2020, well above the overall average. As demand for a wide range of locally made off-highway mobile equipment increases at home and abroad, both output and associated product sales are expected to advance at a strong pace.
More information about the study is available at http://www.freedoniagroup.com/industry-study/global-diesel-engine-market-by-product-market-and-region-5th-edition-3488.htm
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About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Additional Automotive & Transport studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group