Driving Growth in the Global Heavy-Duty Engines Market

The Business Research Company’s Heavy Duty Engines Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LONDON, GREATER LONDON, UK, December 21, 2023 /EINPresswire.com/ -- The global heavy-duty engines market is on a robust growth trajectory, poised to escalate from $46.94 billion in 2022 to $51.98 billion in 2023, reflecting a notable Compound Annual Growth Rate (CAGR) of 10.7%. Projections for the market size indicate further expansion, reaching $73.91 billion by 2027, with a sustained CAGR of 9.2%.

Catalysts for Growth: Construction Industry Expansion:
The pivotal factor propelling the heavy-duty engines market is the anticipated growth in the construction industry. Construction, spanning residential, institutional, commercial, and specialized industrial projects, is a core application for heavy-duty engines.

Heavy-duty engines play a vital role in significant construction tasks, including the preparation of concrete mixes for large-scale projects and the transportation of heavy loads integral to the construction process.

Notably, initiatives such as Make in India project substantial growth in the Indian construction and real estate sector, projecting it to reach USD 1 trillion by 2030. Additionally, the sector's contribution to India's GDP is expected to reach 13% by 2025. This surge in construction activities is a key driver for the heavy-duty engines market.

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Key Market Players:
Major contributors to the heavy-duty engines market include industry leaders such as Cummins Inc., Caterpillar Inc., Volvo Trucks Corporation, Hino Motors Ltd., Mack Trucks Inc., Perkins, Detroit Diesel Corporation, PACCAR, Isuzu, Komatsu, Kirloskar, John Deere, Ashok Leyland Ltd., and Liebherr. These players wield significant influence, contributing to market dynamics through their expertise and strategic initiatives.

Technological Advancements: Innovations for Sustainability:
A prominent trend in the heavy-duty engines market is the emphasis on technological advancements. Leading companies are at the forefront of introducing innovations to enhance their market positions.
An illustrative example is Clear Flame Engine Technologies, a US-based startup, launching net-zero engine technology in February 2021. This groundbreaking technology enables heavy-duty truck diesel engines to operate on 100% renewable plant-based fuels. It not only enhances machine capacity but also aligns with environmental sustainability, meeting efficiency and performance requirements.

Regional Dynamics: Asia-Pacific Dominance:
Asia-Pacific emerges as the largest region in the heavy-duty engines market in 2022, reflecting the region's pivotal role in industry dynamics. Regions covered in the market analysis report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Market Segmentation:

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Heavy Duty Engines Global Market Report 2023 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Heavy Duty Engines Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on heavy duty engines market size, heavy duty engines market drivers and trends, heavy duty engines market major players, competitors' revenues, market positioning, and market growth across geographies. The heavy duty engines market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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