Heavy Duty Engines Market is expected to grow at a CAGR of 5.5 percent from US$ 13.20 billion in 2020 to US$ 18.20 billion in 2027.
Strong demand for heavy duty trucks for logistics and construction applications around the world is predicted to drive market growth. The COVID-19 epidemic put substantial pressure on the heavy duty engines market in 2020, leading in a drop in demand due to trade restrictions and interruptions in the transportation industry and supply chains imposed by numerous countries throughout the world. During the projected period, the market for heavy duty engines in Asia Pacific is expected to increase at a rate of roughly 6%.
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The class 7 sector will account for more than 20% of overall volume in 2020. Class 7 cars are growing increasingly popular due to a range of attributes such as mobility, low weight, and enhanced fuel efficiency. The growing use of these vehicles for day-to-day transportation is driving up market demand. Manufacturers are also working on providing technologically integrated class 7 trucks with enhanced features to fulfil the needs of a variety of sectors. Mack Trucks, Inc., for example, introduced its medium-duty Mack MD7 model in 2021, which featured the company’s fuel efficiency, safety, and uptime technology.
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The following areas are covered in this global Heavy Duty Engines market research report: company profile, product specifications, production capacity/sales, revenue, price, gross margin, and sales by product.
During the projected period, the market for heavy duty engines in Asia Pacific is expected to increase at a rate of roughly 6%. Product demand is predicted to be driven by the fastest economic growth in Asia Pacific countries such as China, India, Japan, and Indonesia, as well as the region’s burgeoning construction industry. North America is predicted to increase significantly due to the presence of major heavy-duty vehicle manufacturers like as Kenworth International, Freightliner, Volvo, Peterbilt, and Mack.
COVID-19 Impact Analysis on Heavy Duty Engines Market:
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