The heavy duty engines market has experienced robust growth, rising from $49.31 billion in 2023 to $52.88 billion in 2024, achieving a CAGR of 7.2%. This growth is driven by infrastructure development, emission regulations, and increased vehicle capacities. The market is expected to grow to $70.22 billion by 2028, with a CAGR of 7.3%. Future growth factors include demand for advanced materials, government incentives, and a shift towards alternative fuels. Key trends include electrification of powertrains, efficiency enhancements, and advancements in engine management systems.
Major Driver In The Heavy Duty Engines Market
The heavy-duty engines market is set to grow, propelled by the expanding construction industry. With construction encompassing residential, institutional, commercial, and industrial projects, heavy-duty engines play a vital role in preparing concrete mixes and transporting significant loads for construction projects. In India, the construction and real estate sector is expected to reach USD 1 trillion by 2030, according to the Make in India initiative. Additionally, the sector's contribution to India's GDP is anticipated to reach 13% by 2025. The robust growth of the construction industry is a key factor driving the heavy-duty engines market, with continued expansion expected in 2023, 2024, and 2028.
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Heavy Duty Engines Market Competitive Landscape
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
Key Heavy Duty Engines Market Trend
Technological innovation is a key trend in the heavy-duty engines market. Major companies are introducing new technologies to maintain their market position. In February 2021, Clear Flame Engine Technologies, a US-based start-up, launched its net-zero engine technology, enabling heavy-duty truck diesel engines to run on 100% renewable plant-based fuels. This technology enhances the engine’s capacity and environmental friendliness, meeting performance and efficiency requirements.
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Heavy Duty Engines Market Segmentation
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
By Geography:The regions covered in the heavy duty engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the heavy duty engines market in 2023.
The Heavy Duty Engines Global Market Report 2024 furnishes information about the global heavy duty engines market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
