The Heavy Duty Engines Global Market Report 2023 by The Business Research Company, provides heavy duty engines market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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In accordance with The Business Research Company’s comprehensive analysis in the Heavy Duty Engines Global Market Report for the year 2023, it is anticipated that the market will witness a substantial expansion, progressing from $46.94 billion in 2022 to an estimated $51.98 billion in 2023, demonstrating a noteworthy compound annual growth rate (CAGR) of 10.7%. The trajectory of this growth, however, has been intricately shaped by the ramifications of the Russia-Ukraine conflict, which has, in the short term, impeded global economic recovery efforts initiated in response to the ongoing COVID-19 pandemic.
The geopolitical tensions arising from the Russia-Ukraine war have precipitated a cascade of consequences, including widespread economic sanctions on multiple nations, an unprecedented surge in commodity prices, and disruptive disruptions in global supply chains. This, in turn, has induced inflationary pressures across the spectrum of goods and services, thereby exerting a profound impact on various markets worldwide. In light of these challenges, the projected market size for global heavy-duty engines is forecasted to burgeon significantly, reaching a valuation of $73.91 billion by the year 2027, with an anticipated compound annual growth rate (CAGR) of 9.2%.
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.
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The heavy duty engines market 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
Top 5 major Players:
An emergent and pivotal trend within the heavy-duty engines sector revolves around technological advancements, with key industry players actively integrating innovative solutions to fortify their market positions. A striking illustration of this trend is exemplified by the actions of Clear Flame Engine Technologies, a pioneering US-based startup specializing in heavy-duty engine manufacturing. In February 2021, the company unveiled its groundbreaking net-zero engine technology, a revolutionary development that facilitates the operation of heavy-duty truck diesel engines exclusively on 100% renewable, plant-based fuels. Beyond its environmental implications, this cutting-edge technology substantially enhances the operational capacity of heavy-duty engines, concurrently meeting the rigorous efficiency and performance criteria set by discerning customers in the market. Such advancements underscore the industry’s commitment to not only navigate contemporary challenges but also to actively contribute to sustainable and eco-conscious solutions, thereby defining the trajectory of the heavy-duty engines market for the foreseeable future.The heavy duty engines market report table of contents includes:
1. Executive Summary
2. Heavy Duty Engines Market Characteristics
3. Heavy Duty Engines Market Trends And Strategies
4. Heavy Duty Engines Market – Macro Economic Scenario
5. Heavy Duty Engines Market Size And Growth
……
26. Africa Heavy Duty Engines Market
27. Heavy Duty Engines Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Heavy Duty Engines Market
29. Heavy Duty Engines Market Future Outlook and Potential Analysis
30. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2017-2022, $ Billion
Table 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
Table 3: Global Heavy Duty Engines Market, Segmentation By Vehicle Class, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
Table 4: Global Heavy Duty Engines Market, Segmentation By Horsepower, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
Table 5: Global Heavy Duty Engines Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
….
Table 46: Cummins Inc., Financial Performance
Table 47: Caterpillar Inc., Financial Performance
Table 48: Volvo Trucks Corporation Financial Performance
Table 49: Hino Motors Ltd. Financial Performance
Table 50: Mack Trucks Inc., Financial Performance
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