Heavy Duty Engines Market Research Report Information By Vehicle Class (Class 8 and Class 7) By Horsepower (Below 100 HP, 400 - 500 HP, 500 - 600 HP, and Above 600 HP) By End User (Agricultural, Transportation & Logistics, Construction, Mining and Others) and By Region - Industry Forecast to 2032
Heavy Duty Engines Market Size was valued at USD 26.7 billion in 2022. The Heavy-Duty Engines Market industry is projected to grow from USD 28 billion in 2023 to USD 46.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.77% during the forecast period (2023 - 2032).
An internal combustion engine (ICE) or heavy-duty engine is intended to operate large, heavy vehicles or apparatus. Heavy-duty vehicles, buses, construction equipment, and agricultural apparatus are among the most common applications for these engines. They are designed to be more durable and long-lasting to withstand the demanding conditions of heavy use; they are larger and more powerful than engines found in passenger vehicles.
Heavy-duty engine market is also rapidly growing worldwide, with demand for commercial vehicles and machinery in construction, mining including, transportation. While technological advancements are enhancing engine efficiency and environmental performance, the government is still required to meet strict emissions standards. A focus on improving fuel efficiency and performance is fueling demand as operators seek to reduce costs and increase productivity. In addition, infrastructure growth and urbanization in emerging economies are driving investments in heavy machinery. These factors contribute to the strong growth of the Heavy-duty engine market.
Market segment insightsThe Heavy-Duty Engines Market segmentation, based on the Vehicle Class, the Heavy-Duty Engines Market has been bifurcated into Class 8 and Class 7.
Based on the Horsepower, the Heavy Duty Engines Market has been bifurcated into Below 100 HP, 400 - 500 HP, 500 - 600 HP, and Above 600 HP.
Based on the End User, the Heavy-Duty Engines Market has been bifurcated into Agricultural, Transportation & Logistics, Construction, Mining and Others.
Regional PerspectivesBased on Region, the Heavy-Duty Engines market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Asia-Pacific Heavy Duty Engines market held the maximum market share and is also expected to account for the significant revenue share during the forecast period. Heavy-duty engines are crucial because of the inclination and shifting towards the rapid industrialization and economic growth in the emerging countries in the region. These engines are known for their high power and increasing efficiency, which are essential for operating large machinery and vehicles which are important for infrastructure development and resource extraction. The region's diverse and often changing terrain requires robust engines capable of handling extreme conditions and heavy loads. Additionally, the expansion of urban areas and industrial zones further fuels the need for reliable heavy-duty engines to support logistics and supply chains. The region's focus on infrastructure development help in making use of these engines, as these engines are vital for successfully completing large-scale projects.
Major PlayersMajor market participants are Cummins Inc., Detroit Diesel Corporation (Daimler Truck AG), AB Volvo, Steyr Motors, Marc Trucks (Volvo), Rolls-Royce plc, Perkins Engines Company Limited, Komatsu Ltd., Weichai, Mitsubishi Heavy Industries, LTD. and Woodward, INC.