Selbyville, Delaware, Oct. 12, 2021 (GLOBE NEWSWIRE) --
The heavy duty engines market revenue is anticipated to record a valuation of USD 65 billion by 2027, according to the most recent study by Global Market Insights Inc. The robust demand for heavy duty vehicles for logistics & construction applications across the globe is anticipated to drive the industry revenue.
The COVID-19 pandemic has impacted various industries including transportation, logistics, construction, etc., across the globe. The transportation & logistics industry was completely shut down in the first few months of 2020 due to the COVID-19 pandemic, creating new challenges for the production houses and cargo to transport their goods. The COVID-19 pandemic acted as a huge restraint on the heavy duty engines market in 2020, due to trade restrictions and disruptions in transportation industry and supply chains, which led to declination in the demand due to the lockdowns imposed by several governments throughout the world.
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The class 8 engines segment is expected to grow at 5.8% CAGR through 2027. The significant adoption of class 8 heavy duty engines in transportation trucks, agriculture vehicles, and vehicles used in construction sectors owing to their features is expected to drive market growth. Class 8 engine heavy vehicles are used to carry heavy goods; therefore, these types of vehicles require high torque at low speed. Class 8 engines can offer high torque than Class 7 engines, hence these engines are preferred for heavy duty vehicles.
The 500 - 600 horsepower heavy duty engines market will witness steady growth over the forecast timeframe. The increasing demand for these engines in trucks is anticipated to boost market growth. The higher the horsepower of the engine, the more worthy it is to consider factors such as weight, aerodynamics, and fuel economy for heavy duty vehicles.
Asia Pacific heavy duty engines market is projected to register growth rate of around 6% in till 2027. The fastest economic growth in the countries of Asia Pacific, including China, India, Japan, Indonesia, etc., along with the propelling construction industry in the region are expected to drive the industry demand. North America will observe considerable growth owing to the presence of major manufacturers of heavy duty vehicles including Kenworth International, Freightliner, Volvo, Peterbilt, and Mack. Furthermore, North America relies on heavy duty trucks for the transportation of over 60% of its freight, which is likely to enhance the demand.
The key companies operating in the heavy duty engines market are Caterpillar, Cummins, Isuzu, Komatsu, Volvo, Detroit, Hino, Kirloskar, Perkins, PACCAR, and others. Cummins ISX 15 is one of the majorly used Cummins heavy duty engines in North America. PACCAR has been the largest consumer of Cummins for heavy duty engines for the last few decades. However, in the past few years, it is promoting its own MX-11 and MX-13 engines.
Some major findings of the heavy duty engines market report include:
- The market growth can be attributed to the increasing adoption of Class 8 engines in heavy duty vehicles across end-use industries.
- Technology innovations coupled with the transportation & logistic sector growth across Asia Pacific will enhance market growth.
- The COVID-19 crisis impacted the overall automotive, construction, mining, and logistics industries across the globe and disrupted the normal functioning of the industry.
- Among various engine horsepower segments, 400 - 500 horsepower engines dominated the heavy duty engines market in 2020 and is projected to generate huge revenue gains during the forecast period.
- Among end-users, transportation & logistics held the major market share in 2020.
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Partial chapters from the report table of content:
Chapter 2 Executive Summary
2.1 Heavy duty engines market industry 360° synopsis, 2017 - 2027
2.1.1 Business trends
2.1.2 Vehicle class trends
2.1.3 Horsepower trends
2.1.4 End-user trends
2.1.5 Regional trends
Chapter 3 Heavy Duty Engines Market Industry Insights
3.1 Industry Segmentation
3.2 Industry size & forecast, 2017 - 2027, (USD Billion)
3.3 COVID-19 impact on industry landscape
3.4 Industry ecosystem analysis
3.4.1 Parts manufacturers
3.4.2 Profit margin analysis
3.4.3 Distribution channel analysis
3.4.4 COVID-19 impact on distribution analysis
3.4.5 Vendor matrix
3.5 Technology & innovation landscape
3.6 Regulatory landscape
3.6.1 North America
3.6.2 Europe
3.6.3 Asia Pacific
3.6.4 Latin America
3.6.5 MEA
3.7 COVID-19 impact on global end-use industries
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Proliferating logistics industry
3.8.1.2 Rising heavy duty vehicle production
3.8.1.3 Growing construction and mining industry Increasing truck transport demand
3.8.2 Industry pitfalls & challenges
3.8.2.1 Stringent regulations regarding vehicle emissions
3.9 Growth Potential Analysis, 2020
3.10 Porter’s Analysis
3.10.1 Buyer’s power
3.10.2 Supplier’s power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.11 Competitive landscape, 2020
3.11.1 Top players overview, 2020
3.11.2 Strategy dashboard
3.12 PESTLE Analysis
Chapter 4 Heavy Duty Engines Market, By Vehicle Class
4.1 Heavy duty engines market shares by vehicle class, 2020 & 2027
4.2 Class 7
4.2.1 Heavy duty engines market estimates and forecast f, 2017 - 2027
4.2.2 Heavy duty engines market estimates and forecast, by region, 2017 - 2027
4.3 Class 8
4.3.1 Heavy duty engines market estimates and forecast f, 2017 - 2027
4.3.2 Heavy duty engines market estimates and forecast, by region, 2017 - 2027
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
