Heavy Duty Engines Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Heavy Duty Engines Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Heavy Duty Engines Global Market Report 2024, 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.

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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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

Major companies operating in the heavy duty engines market are focusing on advanced solutions such as zero-carbon emissions solutions to address environmental concerns and gain a competitive edge. Zero-carbon emissions solutions aim to eliminate or offset the release of carbon dioxide and other greenhouse gases into the atmosphere. For instance, in March 2023, JCB, a US-based construction and agricultural equipment manufacturer, launched a hydrogen combustion engine. This innovative zero-carbon emissions solution has the potential to revolutionize the construction equipment sector and contribute to a greener future. JCB’s hydrogen combustion engine powers prototype versions of their backhoe loader and Loadall telescopic handler. The hydrogen fuel used in the engine emits only steam, resulting in zero CO2 emissions at the point of use. Furthermore, JCB’s prototype backhoe loader, equipped with a hydrogen motor, can perform all the tasks of its diesel-powered counterpart.

The heavy duty engines market report table of contents includes: