DUBLIN, Aug. 26, 2022 /PRNewswire/ — The “Heavy Duty Engines Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
The global heavy duty engine market is expected to grow from $41.99 billion in 2021 to $45.66 billion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The heavy duty engine market is expected to grow to $58.76 billion in 2026 at a CAGR of 6.5%.
The heavy-duty engine market consists of sales of heavy-duty engines by entities (organizations, sole traders, and partnerships) that are used in producing power for heavy engines for many sectors, such as marine, locomotive, and mechanical drive applications and electrical power generation. 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 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.
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 heavy-duty engines market research report is one of a series of new reports 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.
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 US$ 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 US $3.7 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.
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.
Liebherr
Key Topics Covered:
1. Executive Summary
2. Heavy Duty Engines Market Characteristics
3. Heavy Duty Engines Market Trends And Strategies
4. Impact Of COVID-19 On Heavy Duty Engines
5. Heavy Duty Engines Market Size And Growth
5.1. Global Heavy Duty Engines Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Heavy Duty Engines Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Heavy Duty Engines Market Segmentation
6.1. Global Heavy Duty Engines Market, Segmentation By Vehicle Class, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Class 7
Class 8
6.2. Global Heavy Duty Engines Market, Segmentation By Horsepower, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Below 400HP
400HP – 500HP
500HP – 600HP
Above 600HP
6.3. Global Heavy Duty Engines Market, Segmentation By End-User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Agriculture
Mining
Construction
Transportation and Logistics
Other End Users
7. Heavy Duty Engines Market Regional And Country Analysis
7.1. Global Heavy Duty Engines Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Heavy Duty Engines Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/mlelpw
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
