Global Heavy Duty Engines Market 2024 - By End-User Analysis, Competitive Landscape And Industry Overview 2033
Global heavy duty engines market size is expected to reach $70.22 Bn by 2028 at a rate of 7.3%, segmented as by vehicle class, class 7, class 8
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Overview and Scope
Heavy-duty engines refer to the engines that are used for heavy-duty vehicles. Heavy-duty vehicles usually have a gross vehicle weight of 10,000 pounds or more, which can be worked only with the help of heavy engines. The heavy-duty engine is used in producing power for heavy engines for many sectors, such as marine, locomotive, and mechanical drive applications and electrical power generation.
Sizing and Forecast
The heavy duty engines market size has grown strongly in recent years. It will grow from $49.31 billion in 2023 to $52.88 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to infrastructure and construction growth, emission regulations compliance, demand for fuel efficiency, globalization of trade and transportation, rise in vehicle sizes and capacities.
The heavy duty engines market size is expected to see strong growth in the next few years. It will grow to $70.22 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to demand for advanced materials, government incentives and support, focus on durability and reliability, shift to alternative fuels, globalization of trade and transport. Major trends in the forecast period include electrification of powertrains, efficiency enhancements in combustion engines, adoption of hybrid technologies, advancements in engine management systems, focus on sustainable fuels.
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Segmentation & Regional Insights
The heavy duty engines market covered in this report is segmented –
1) By Vehicle Class: Class 7, Class 8
2) By Horsepower: Below 400HP, 400HP - 500HP, 500HP - 600HP, Above 600HP
3) By End-User: Agriculture, Mining, Construction, Transportation and Logistics, Other End Users
Asia-Pacific was the largest region in the heavy duty engines market in 2023. The regions covered in the heavy duty engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing construction industry is expected to propel the growth of the heavy duty engines market going forward. Construction refers to the process, art, or manner of building some structure. Construction includes residential buildings, institutional and commercial buildings, and specialized industrial construction. Heavy-duty engines are used for preparing concrete mixes for big construction projects along with carrying big loads that make up the structure. For instance, according to Make in India, an initiative by the Indian government to encourage companies to develop and manufacture products that are made in India, the Indian construction and real estate sector is expected to reach USD 1 trillion by 2030. Also, the construction and real estate sector contribution to India’s GDP is expected to reach 13% by 2025. Therefore, the rising construction industry is driving the growth of the heavy duty engines market.
Key Industry Players
Major companies operating in the heavy-duty engines market report are Daimler AG, Mercedes-Benz, Caterpillar Inc., Deere & Company, Volvo Trucks Corporation, Mitsubishi Heavy Industries, PACCAR, Cummins Inc., Weichai Power Co. Ltd., Komatsu Ltd., Isuzu Motors Ltd., Kubota Corporation, Scania AB, MAN SE, Liebherr Group, Hino Motors Ltd., AGCO Corporation, YANMAR HOLDINGS CO. LTD., Navistar Inc., Wärtsilä Oyj Abp, Ashok Leyland Ltd., Rolls-Royce Power Systems AG, China Yuchai International Limited, Deutz AG, Detroit Diesel Corporation, Mack Trucks Inc., Doosan Infracore, Kirloskar Group, Perkins Engines Company Limited, J.C. Bamford Excavators Limited
The heavy duty engines market report table of contents includes:
1. Executive Summary
2. Heavy Duty Engines Market Characteristics
3. Heavy Duty Engines Market Trends And Strategies
4. Heavy Duty Engines Market - Macro Economic Scenario
5. Global Heavy Duty Engines Market Size and Growth
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32. Global Heavy Duty Engines Market Competitive Benchmarking
33. Global Heavy Duty Engines Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Heavy Duty Engines Market
35. Heavy Duty Engines Market Future Outlook and Potential Analysis
36. Appendix
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