Truck engines market is anticipated to grow at a considerable CAGR of 5.5% during the forecast period. The growth of the market is attributed to factors such as the increasing demand for heavy-duty trucks, infrastructure development projects, and expanding transportation and logistics industry. The demand for fuel-efficient engines and technological advancements in engine design are some other factors that are driving market growth. For instance,

• In February 2023, Reliance Industries Ltd. (RIL) unveiled India's first Hydrogen Internal Combustion Engine (H2ICE) technology solution for heavy-duty trucks. The H2ICE powered trucks will emit near-zero emissions, deliver performance on par with conventional diesel trucks, reduce noise, and have projected reductions in operating costs.

• In June 2022, Volvo Group India launched green castings for its engine components, which is part of its commitment towards cleaner mobility. This is the first step in Volvo's journey towards sustainability, and the company aims to revolutionize the automotive industry in terms of sustainability. The aim of Volvo Group's launch of green castings for its engines, developed and sourced from India, is to reduce carbon emissions and promote sustainability in the automotive industry.

Segmental Outlook

The global truck engines market is segmented based on its type and application. Based on type, the market is segmented into diesel engines and gasoline engines. In terms of application, the market is categorized into construction, mining, transport, and other sectors such as waste management, emergency services. Among these segments, transport sub-segment is expected to hold a prominent growth over the forecast period. This growth is attributed to the increasing global demand for transportation, emission regulations, technological advancements, and replacement demand of old engines.

Diesel Engine Type is Expected to Hold a Significant Market Share of the Global Truck Engines Market 

Among the type, the diesel engine type is expected to hold a significant market share, driven by its higher torque and fuel efficiency, which are essential for heavy-duty applications. Diesel engine manufacturers including Cummins Inc., Caterpillar, and Volvo, among others are continuously investing in various R&D activities to improve engine performance, reduce emissions, and comply with more stringent regulations. For instance, in February 2023, Cummins announced to launch a new X10 diesel engine in North America in 2026. The X10 engine is part of the X engine family and is designed to replace both the L9 and the X12 engines, with the versatility to serve both medium and heavy-duty applications. The X10 diesel engine will emit 75% less NOx emissions than required at launch in 2026 and will be compliant with the US EPA's 2027 regulations. The engine is part of Cummins' fuel-agnostic series, which means it can run on a variety of fuels, including diesel, natural gas, and hydrogen.

Regional Outlooks

The global truck engines market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, the European regional market is anticipated to witness prominent growth over the forecast period, owing to the presence of leading truck manufacturers coupled with the increasing demand for commercial vehicles in the region. However, the Asia-Pacific region is expected to experience significant growth in the truck engines market, supported by rapid industrialization, infrastructure development, and expanding transportation networks.

Global Truck Engines Market Growth, by Region 2023-2030

North America is Anticipated to Hold a Significant Share of The Global Truck Engines Market

North America is anticipated to hold a significant share of the global truck engines market during the forecast period. The growth is primarily driven owing to the countries such as the US and Canada. Furthermore, the region is witnessing a continuous development of robust infrastructure including construction of roads, highways, and bridges, which in turn is increasing the demand for trucks. For instance, in October 2022, The Biden-Harris Administration sent nearly $60 billion from the Bipartisan Infrastructure Law towards roads and bridges.

Additionally, the booming mining sector in North America, with significant mining activities in countries like the United States and Canada, is fueling the demand for trucks equipped with powerful engines to transport heavy loads in mining operations. Owing to these various key players launch next-generation engine to offset the market growth. For instance, in April 2023, Walmart, Cummins, and Chevron launched the first 15-liter renewable natural gas (RNG) engine on the road in North America. The engine is designed for heavy-duty transportation trucks. The X15N engine is supplied by Cummins and fueled by Chevron with compressed natural gas (CNG) linked to renewable natural gas. The truck will travel across the country fueling up at Chevron CNG locations to demonstrate the next era in lower carbon.

Market Players Outlook

The major companies serving the global truck engines market include Cummins Inc., Caterpillar, Mercedes-Benz Group AG, Volvo Group, and PACCAR Inc., among others. These players adopt various strategies, such as mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in August 2022, PACCAR collaborated with Cummins Inc. to offer the new Cummins X15N natural gas engine in Kenworth and Peterbilt truck. The X15N is the first natural gas engine to be specifically designed for heavy-duty truck applications with up to 500 horsepower (HP) output. The engine will include the integration of the Cummins Clean Fuel Technologies fuel delivery system. This collaboration between PACCAR and Cummins is expected to provide customers with a reliable and efficient natural gas engine option for their heavy-duty trucks. The X15N natural gas engine is expected to offer lower emissions and reduced fuel costs compared to traditional diesel engines

The Report Covers

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global truck engines market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.