PUBLISHER: Market Research Future | PRODUCT CODE: 1591342
PUBLISHER: Market Research Future | PRODUCT CODE: 1591342
Global Heavy Duty Engines Market Research Report Information By Vehicle Class (Class 8 and Class 7) By Horsepower (Below 100 HP, 400 - 500 HP, 500 - 600 HP, and Above 600 HP) By End User (Agricultural, Transportation & Logistics, Construction, Mining and Others) and By Region - Forecast to 2032
The Heavy Duty Engines Market was valued at USD 26.7 billion in 2022. The Heavy-Duty Engines Market is expected to increase from USD 28 billion in 2023 to USD 46.2 billion by 2032, with a compound yearly growth rate (CAGR) of 5.77% over the forecast period (2023-2032).
A heavy-duty engine is an internal combustion engine (ICE) that is intended to power large, heavy vehicles or equipment. These engines are commonly used in heavy-duty vehicles, buses, construction equipment, and agricultural machinery. They are meant to be more durable and long-lasting to handle the demanding conditions of heavy use; they are larger and more powerful than passenger car engines.
The heavy-duty engine industry is also quickly expanding globally, with demand for commercial vehicles and machines in construction, mining, and transportation. While technical developments improve engine economy and environmental performance, the government must nevertheless meet stringent emissions requirements. As operators aim to save costs and boost production, there is a growing emphasis on improving fuel efficiency and performance. Furthermore, infrastructural development and urbanization in emerging nations are pushing investment in heavy machinery. These elements help to drive the Heavy-duty engine market forward.
Market Segment insights
The Heavy-Duty Engines Market has been divided into two segments based on vehicle class: Class 8 and Class 7.
The Heavy Duty Engines Market is divided into four categories based on horsepower: less than 100 HP, 400-500 HP, 500-600 HP, and more than 600 HP.
The Heavy-Duty Engines Market is segmented into End User: Agricultural, Transportation & Logistics, Construction, Mining, and Others.
Regional insights
The Heavy-Duty Engines market is divided into five regions: North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The Asia-Pacific Heavy Duty Engines market has the largest market share and is predicted to account for a sizable revenue share over the forecast period. Heavy-duty engines are critical due to the region's growing countries' preference for rapid industrialization and economic growth. These engines are noted for their great power and increased efficiency, which are required for operating huge machinery and vehicles used in infrastructure building and resource extraction. The region's varied and sometimes changing topography necessitates powerful engines capable of managing high temperatures and big loads. Furthermore, the growth of metropolitan regions and industrial zones increases the demand for dependable heavy-duty engines to support logistics and supply chains. The region's emphasis on infrastructure development aids in the utilization of these engines, which are critical for the successful completion of large-scale projects.
Cummins Inc., Detroit Diesel Corporation (Daimler Truck AG), AB Volvo, Steyr Motors, Marc Trucks (Volvo), Rolls-Royce plc, Perkins Engines Company Limited, Komatsu Ltd., Weichai, Mitsubishi Heavy Industries, LTD., and Woodward, INC. are the market's major players.
6GLOBAL HEAVY DUTY ENGINES MARKET, BY VEHICLE CLASS
6GLOBAL HEAVY DUTY ENGINES MARKET, BY VEHICLE CLASS