Heavy Duty Engines Market to value $65 Bn by 2027
Published Date: October 11, 2021 Authors: Kiran Pulidindi, Akshay Prakash
Heavy Duty Engines Market size is slated to exceed USD 65 billion by 2027, according to a new research report by Global Market Insights Inc.
Investments in the infrastructure developments and strategic installations of fuel stations are supporting freight movements, thus driving the demand for heavy duty engines. Integration of advanced technology into heavy duty vehicle manufacturing, such as the Advanced Driver Assistance System (ADAS) is bringing out an increasing number of consumers. Several benefits offered by such technology include timely alerts and peripheral object detection with IoT sensors are bringing out an increasing number of consumers of heavy duty vehicles. The high demand for trucks with ADAS, which is triggered by a large number of accidents with such vehicles is augmenting the market growth.
On the other hand, high fuel consumption and fuel efficiency are major concerns of heavy duty vehicle manufacturers and end-users. Moreover, the ongoing COVID-19 pandemic has disrupted the industrial supply chain, thus hampering heavy duty engines market development. The automotive sector sustained heavy losses due to the outbreak of coronavirus leading to the temporary suspension of manufacturing operations. However, the recovering global economy and resuming freight movements around the globe are expected to foster recovery in the coming years.
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Browse key industry insights spread across 200 pages with 217 market data tables & 10 figures & charts from the report, “Heavy Duty Engines Market Size By Vehicle Class (Class 7, Class 8), By Horsepower (Below 400HP, 400HP – 500HP, 500HP – 600HP, Above 600HP), By End-user (Agriculture, Mining, Construction, Transportation & Logistics), COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Enhanced fuel efficiency of class 7 vehicles to boost product consumption
In 2020, the class 7 segment accounted for more than 20% of the volume share. The growing adoption of class 7 vehicles owing to various factors, such as maneuverability, low weight, and better fuel efficiency, among others. The extensive usage of these vehicles for day-to-day transportation activities is further fueling the market demand. Furthermore, manufacturers are focused on delivering technologically integrated class 7 trucks with advanced features to align with the requirements of various industry sectors. For instance, in 2021, Mack Trucks, Inc. unveiled its medium-duty Mack MD7 model featuring the company’s fuel efficiency, safety, latest driver productivity, and uptime technology.
The heavy duty engines market with less than 400HP is anticipated to witness 3.5% CAGR through 2027. The high fuel efficiency of these engines and low weight are the key growth enabling factors of the market. Moreover, the enhanced capacity of engines with horsepower below 400 to haul sizable loads with cost efficiency is driving the product penetration.
Growing construction spending to spur the demand for heavy duty engines
Increasing global spending in building and construction is significantly contributing to the growing product consumption. The inclining shift of industry players towards energy-efficient buildings is a key factor driving the market. For instance, the global spending on energy-efficient buildings reached USD 152 billion in 2019, while reflecting a growth of 3% than the previous year. Furthermore, increasing efforts of government and industry participants to decarbonize buildings will present lucrative market opportunities.
The North America heavy duty engines market is poised to account for over USD 14.5 billion by 2027. The freight activities in the region are likely to showcase an optimistic trend in the coming years.