PUBLISHER: The Business Research Company | PRODUCT CODE: 1249195
PUBLISHER: The Business Research Company | PRODUCT CODE: 1249195
“Heavy Duty Engines Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on heavy duty engines market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for heavy duty engines? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The heavy duty engines market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Companies Mentioned: Cummins Inc.,; Caterpillar Inc.,; Volvo Trucks Corporation; Hino Motors Ltd.; Mack Trucks Inc.,
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Major players in the heavy duty engines market are: Cummins Inc., Caterpillar Inc., Volvo Trucks Corporation, Hino Motors Ltd., Mack Trucks Inc., Perkins, Detroit Diesel Corporation, PACCAR, Isuzu, Komatsu, Kirloskar, John Deere, Ashok Leyland Ltd., and Liebherr.
The global heavy duty engines market grew from $46.94 billion in 2022 to $51.98 billion in 2023 at a compound annual growth rate (CAGR) of 10.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The heavy duty engines market is expected to grow to $73.91 billion in 2027 at a CAGR of 9.2%.
The heavy-duty engines market consists of sales of semi-truck engines and heavy duty diesel truck engines. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
Asia-Pacific was the largest region in the heavy duty engine market in 2021. The regions covered in the heavy duty engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of heavy-duty engines are class 7 and class 8 vehicles. The class 7 heavy-duty engines are defined as vehicles designed to carry heavy loads. The class 7 vehicles usually have three or more axles, with a gross vehicle weight rating of between 26,001 pounds and 33,000 pounds. The most commonly used class 7 vehicles are garbage trucks, city transit buses, and street sweepers. The various horsepower include below 400hp, 400hp-500hp, 500hp-600hp, and above 600hp. It is employed by numerous end-users in such areas as agriculture, mining, construction, transportation and logistics, and others.
The growing construction industry is expected to propel the growth of the heavy-duty engine 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 engine market.
Technological advancements have emerged as a key trend gaining popularity in the heavy-duty engine market. Major companies operating in the market are: introducing technological innovations to sustain their position in the market. For instance, in February 2021, Clear Flame Engine Technologies, a US-based start-up that manufactures heavy-duty engines, launched its net-zero engine technology. With this technology, heavy-duty truck diesel engines can be operated on 100% renewable plant-based fuels. This technology helps in increasing the machine's capacity and makes it environmentally friendly. It also helps in meeting the efficiency and performance requirements of the customer.
In July 2021, Traton Group, a Germany-based manufacturer of commercial vehicles, acquired Navistar International Corporation for USD3.7 billion. Traton Group aims at providing sustainable transportation offerings through autonomous driving establishments and electric mobility implementations. Navistar International Corporation is a US-based manufacturer of heavy-duty engines such as trucks and diesel engines.
The countries covered in the heavy duty engine market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The heavy-duty engines market research report is one of a series of new reports from The Business Research Company that provides heavy-duty engine market statistics, including heavy-duty engine industry global market size, regional shares, competitors with a heavy-duty engine market share, detailed heavy-duty engine market segments, market trends and opportunities, and any further data you may need to thrive in the heavy-duty engines industry. This heavy-duty engine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.