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
The heavy duty engines market is expected to register robust growth by 2027 owing to surging demand for heavy duty vehicles in oil & gas, construction, and mining sectors.
Heavy duty engines are the source of primary propulsion for heavy duty vehicles, including long-haul trucks and buses. Stringent regulations pertaining to greenhouse gas emissions and fuel economy have stimulated increasing technological advancements in the market. Prominent engine manufacturers around the world have also undertaken various R&D activities to design fuel-efficient heavy duty engines that release low emissions, which has bolstered product uptake in recent years.
Moreover, to monetize emerging market trends, industry players are adopting lucrative strategies to gain a competitive edge in the market, which has positively impacted the overall business landscape. For instance, in September 2021, Cummins, Inc., a leading multinational corporation specializing in alternative and diesel fuel engines, announced the commencement of the development of its medium-duty and heavy duty hydrogen-fueled internal combustion engine as part of its H2-ICE program.
The company intended to leverage its expertise in gaseous-fueled technologies to develop 6.7-liter hydrogen-fueled engine for medium-duty vehicles, including excavators and bus, as well as a 15-liter hydrogen gas-fueled engine for heavy duty long-haul trucks.
To cite another instance, in May 2021, ClearFlame Engine Technologies, the U.S.-based startup and pioneer of sootless fuels technology, inked a partnership agreement with Alto Ingredients, a key specialty alcohols and essential ingredients manufacturer, to conduct the pilot demonstration of ethanol-fueled heavy duty engines.
As per the deal, ClearFlame agreed to supply Alto with its Class VIII truck with a 500HP heavy duty demonstration engine, which is capable of matching diesel torque and efficiency by achieving real diesel-style combustion of any decarbonized fuel. In exchange, Alto offered ClearFlame fleet and fuel support for real-world testing on the road.
The heavy duty engines market has been bifurcated on the basis of horsepower, vehicle class, end user, and region. In terms of horsepower, the market has further been divided into below 400HP, 400HP - 500HP, 500HP - 600HP, and above 600HP. The above 600HP sub-segment is projected to witness notable growth by 2027, expanding at a CAGR of around 6% over the analysis period.
With respect to end user, the heavy duty engines market has been segmented into construction, agriculture, transportation & logistics, mining, and others. The mining sub-segment holds around 10% share in the industry and is foreseen to grow at a robust pace over 2021-2027. Increased utilization of heavy duty vehicles in various operations is likely to fuel segmental expansion in the forthcoming years.
From the regional point of view, the Europe heavy duty engines market is anticipated to gain significant traction by 2027, progressing at a CAGR of approximately 5.5% through the forecast timeline.
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