Heavy Duty Engines Market Size, Future Trends, Key Growth Drivers, Share Analysis And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Heavy Duty Engines Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $70.22 billion In 2028 At A CAGR Of 7.3% :

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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Heavy Duty Engines Market Major Segments
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

Key Driver - Construction Industry Expansion Fuels Growth In Heavy-Duty Engines Market

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.

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Prominent Trend - Technological Advancement Drive Evolution In The Heavy-Duty Engines Market

Technological advancements have emerged as a key trend gaining popularity in the heavy duty engines 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.

Heavy Duty Engines Market 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

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Largest And Fastest Growing Region In The Market
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.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Heavy Duty Engines Market Report Structure
3. Heavy Duty Engines Market Trends And Strategies
4. Heavy Duty Engines Market - Macro Economic Scenario
5. Heavy Duty Engines Market Size And Growth
…..
27. Heavy Duty Engines Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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