The Heavy-duty Engines Market is expected to grow at a steady rate of around 5% in the forecast period. Heavy-duty engine vehicles are usually built to carry heavy loads and passengers. Moreover, heavy-duty engines meet the requirement of low speed and high torque to deal with different kinds of surfaces. In addition, construction vehicles, and agricultural vehicles are equipped with heavy engines to attain more power rather than speed. 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. With the growing demand for heavy-engine vehicles, the important market key players have raised their production rates. For instance, in 2022, Daimler Truck starts local production of Mercedes-Benz trucks in China.
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Based on horsepower, the market is categorized into below 400HP, 400HP - 500HP, 500HP - 600HP, and above 600HP. Among these, the 400HP-500HP segment is expected to hold a significant share of the market in the forecast period. Due to the increasing demand for these engines in automobiles for construction, agriculture, and heavy logistics this market is anticipated to grow. As the horsepower of the engine rises, factors like weight, aerodynamics and fuel efficiency become more crucial for heavy-duty vehicles.
Based on end-user, the market has been classified into agriculture, mining, construction, transportation, and logistics. The construction category is to witness higher adoption of heavy-duty engines during the forecast period owing to the increase in the construction of residential buildings, institutions 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 and reducing the time as well as manpower. 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.
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APAC to witness extensive growth
APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increase in agricultural activities, expansion of the construction companies backed by growing disposable income and surging per capita spending of individuals in the emerging economies of the region is driving the growth of the market. Moreover, the regional market demand is anticipated to be driven by the expanding transportation logistics sector in nations like China, Japan, and India. The automobile industry in APAC is thriving thanks to quick urbanization, expanding infrastructure, and a prosperous economy. Product sales will be boosted by the increased number of heavy commercial vehicle replacements and sales of new vehicles.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Heavy-duty engine market are Caterpillar Inc., Cummins Inc, Isuzu Motors Ltd, Komatsu Ltd, Mercedes-Benz, Volvo Truck, Hino Motors Ltd, Kirloskar Group, Perkins Engines Company Limited, and PACCAR.
“Global Heavy-duty engine market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Vehicle Type (Class 7 and Class 8)
- By Horsepower (Below 400HP, 400HP - 500HP, 500HP - 600HP, and Above 600HP)
- By End-user (Agriculture, Mining, Construction, and Transportation and Logistics)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (Caterpillar Inc., Cummins Inc, Isuzu Motors Ltd, Komatsu Ltd, Mercedes-Benz, Volvo Truck, Hino Motors Ltd, Kirloskar Group, Perkins Engines Company Limited, and PACCAR.)
Key questions answered in the study:
- What are the current and future trends of the global heavy-duty engine market industry?
- How the industry has been evolving in terms of type, drive type, and application?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global heavy-duty engine market industry?
- What is the customer orientation, purchase behaviour, and expectations from the global heavy-duty engine market suppliers across various region and countries?
