The Intel for heavy-duty engines.

Like Caterpillar, but focused on engines and power generation systems.

• Engines: Manufactures diesel and natural gas engines for heavy-duty trucks, buses, construction, mining, marine, rail, and agricultural equipment.
• Power Generation Systems: Produces complete power systems, including diesel and natural gas generator sets, automatic transfer switches, and paralleling systems for various applications.
• Engine Components: Designs and manufactures critical engine components such as filtration systems, turbochargers, exhaust aftertreatment systems, and fuel systems.
• Electrified Power Solutions: Develops and supplies battery-electric and fuel cell electric powertrains, components, and related technologies for commercial vehicles and industrial applications.
• Technical Support & Maintenance Services: Provides comprehensive aftermarket support, including genuine parts, service, maintenance, and diagnostics for Cummins products globally.

Cummins Inc. (CMI) primarily sells its products, which include diesel and natural gas engines, power generation systems, filtration products, and related components, to other companies. Its major customers are Original Equipment Manufacturers (OEMs) that integrate Cummins engines and power systems into their own finished products, such as trucks, buses, construction equipment, agricultural machinery, and power generators. Cummins also sells directly to end-user businesses for power generation applications and through its extensive distribution network for parts and service.

Here are some of Cummins' major customer companies (OEMs):

• PACCAR Inc. (Symbol: PCAR)
  PACCAR is a global technology leader in the design, manufacture, and customer support of high-quality light-, medium-, and heavy-duty trucks under the Kenworth, Peterbilt, and DAF nameplates. Cummins engines are a significant power option for their heavy-duty truck lines, particularly in North America.
• Daimler Truck Holding AG (Symbol: DTG.DE - listed on Xetra, Frankfurt Stock Exchange; also trades as DTGHF on OTC markets)
  Daimler Truck North America, a subsidiary of Daimler Truck Holding AG, manufactures Freightliner and Western Star trucks, as well as Thomas Built Buses. Cummins supplies engines for various models within their truck and bus portfolios, especially for vocational and medium-duty applications.
• TRATON SE (Symbol: 8TRA.DE - listed on Xetra, Frankfurt Stock Exchange; also trades as TRATF on OTC markets)
  TRATON SE is a subsidiary of Volkswagen AG and includes brands like MAN, Scania, and Navistar. Navistar, in particular (manufacturer of International® brand trucks and IC Bus® brand buses), has a long-standing partnership with Cummins as a key engine supplier.
• Komatsu Ltd. (Symbol: KMTUY - ADR listed on OTC markets; 6301.T on Tokyo Stock Exchange)
  Komatsu is a major global manufacturer of construction, mining, and utility equipment. Cummins engines power a wide range of Komatsu's heavy equipment, from excavators to dozers and mining trucks.
• CNH Industrial N.V. (Symbol: CNHI - listed on NYSE; CNHI.MI on Borsa Italiana)
  CNH Industrial is a global leader in agricultural and construction equipment. Cummins engines are used across various product lines for brands like Case IH, New Holland Agriculture, and Case Construction Equipment.

• Bosch
• Garrett Motion Inc. (GTX)
• BorgWarner Inc. (BWA)
• Eaton Corporation plc (ETN)
• Parker-Hannifin Corp (PH)
• MAHLE GmbH

Jennifer Rumsey, Chair and Chief Executive Officer

Jennifer Rumsey became President and CEO of Cummins on August 1, 2022, and then Chair and CEO on August 1, 2023. Her prior roles at Cummins include President and Chief Operating Officer, and Vice President and President of the Components Segment. Rumsey joined Cummins in 2000, having held various engineering positions in advanced technology development, new product development, current product engineering, and product quality. Before her tenure at Cummins, she worked for a fuel processing and fuel cell start-up company in Cambridge, MA. She also served as Chief Technical Officer, leading the global technical organization. Rumsey was instrumental in developing Cummins' "Destination Zero" strategy, focusing on decarbonization. She holds a Bachelor of Science in Mechanical Engineering from Purdue University and a Master of Science in Mechanical Engineering from Massachusetts Institute of Technology.

Mark Smith, Vice President and Chief Financial Officer

Mark Smith is responsible for overseeing Cummins' financial operations, including investor relations, business planning and analysis, and capital management functions. He joined Cummins in 1995 and has held various leadership roles such as Vice President of Investor Relations and Controller for both the Components and Filtration businesses. His experience at Cummins also includes finance and business strategy roles within the Engine and Power Generation businesses in the U.S. and U.K. Before joining Cummins, Smith spent six years as a public accountant with Ernst & Young in the U.K. He is a qualified member of the Institute of Chartered Accountants in England and Wales. Smith earned a Bachelor of Arts in Economics from the University of Kent and a Master of Business Administration from the Kellogg School of Management at Northwestern University.

Bonnie Fetch, Executive Vice President and President, Operations

Bonnie Fetch oversees Cummins' New and Recon Parts business, remanufacturing operations, and global operating functions, including Supply Chain, IT, Cummins Services, Digital/Analytics, and Quality. She joined Cummins in 2018. Prior to Cummins, she spent two decades at Caterpillar, where she held numerous leadership roles in Logistics, Human Resources, Product Design, Manufacturing, and General Management. Fetch also previously managed full-service restaurants and owned a small business in the travel industry.

Amy Davis, President, Accelera by Cummins and Components

Amy Davis leads Cummins' Accelera business segment, which focuses on zero-emissions technologies, as well as the Components segment. The Accelera team under her leadership comprises over 2,000 innovators across four continents.

Marvin Boakye, Chief Human Resources Officer

Marvin Boakye has led Cummins' human resources practices for 60,000 employees across 190 countries and territories since 2022. Before joining Cummins, he served as Chief People and Diversity Officer at Papa John's International.

The rapid acceleration of electrification (battery-electric and fuel cell electric powertrains) in the commercial vehicle market. This fundamental shift poses a direct threat to Cummins' reliance on its legacy internal combustion engine business, particularly if the market transitions faster or competitors gain more significant traction in new energy solutions than Cummins' own emerging Accelera division can capture.

Cummins Inc. (CMI) operates in several key markets, with its main products and services encompassing engines, power generation systems, components (including filtration and turbochargers), and new power solutions like electrolyzers for hydrogen production. The addressable market sizes for these areas are outlined below:

• Engines (Heavy-Duty and Industrial):

  • The global industrial engine market was estimated at USD 56.95 billion in 2024 and is projected to reach USD 81.88 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 6.4% from 2025 to 2030. Another estimate for the global industrial engine market size is USD 18.60 billion in 2024, projected to account for USD 34.28 billion in revenue by 2034, registering a CAGR of 6.3% through 2034. Yet another source valued the global industrial engines market at USD 177.5 billion in 2023, expected to reach USD 323.9 billion by 2033, growing at a CAGR of 6.20%.

  • For heavy-duty engines specifically, the global market size was USD 52.14 billion in 2024 and is expected to grow to USD 72.79 billion in 2029, at a CAGR of 7.3%. Another report estimated the global heavy-duty engines market size at USD 56.68 billion in 2024, projected to reach USD 105.60 billion by 2034, with a CAGR of approximately 6.42% between 2025 and 2034.
  • The North American industrial engine market is expected to grow at a CAGR of over 7% from 2025 to 2030. North America's heavy-duty engine market is expected to be worth more than USD 14.5 billion by 2032.
  • Asia Pacific accounted for the largest share of the industrial engine market, over 39.54% in 2024. The Asia Pacific heavy-duty engine market was around USD 30 billion in 2023 and is expected to reach USD 53.5 billion by 2032.
  • The global diesel power engine market is estimated at USD 20.1 billion in 2024, with a projected growth to USD 25.2 billion by 2029, exhibiting a CAGR of 4.5%.

• Power Generation Systems:

  • The global power generation market was valued at USD 1,062.27 billion in 2024 and is projected to grow to USD 2,022.56 billion by 2032, exhibiting a CAGR of 7.94%. Other sources estimate the global power generation market size to be around USD 1.47 trillion in 2025, anticipated to cross USD 2.76 trillion by 2035 with a CAGR of approximately 6.5%.
  • In the U.S., the power generation market is projected to grow significantly, reaching an estimated value of USD 307.89 billion by 2032.
  • Asia Pacific dominated the global market with a valuation of USD 470.05 billion in 2023 and USD 538.16 billion in 2024. The power generation market in Asia Pacific is projected to have the largest share of about 34% by the end of 2035.

• Components (Filtration, Turbochargers):

  • The global filters market size was estimated at USD 79.25 billion in 2023 and is projected to reach USD 112.87 billion by 2030, growing at a CAGR of 5.2% from 2024 to 2030.
  • The global industrial filtration market size was estimated at USD 41.24 billion in 2024 and is predicted to increase to approximately USD 68.46 billion by 2034, expanding at a CAGR of 5.20% from 2025 to 2034.
  • The global turbocharger market size was valued at USD 19.65 billion in 2023 and is poised to grow to USD 43.39 billion by 2032, growing at a CAGR of 9.2% during the forecast period (2025-2032).
  • The global automotive turbocharger market is projected to touch a value of US$ 14.31 billion in 2024 and is forecasted to climb to US$ 29.77 billion by the end of 2034, expanding at a CAGR of 7.6% over the next decade.

• New Power (Electrolyzers and Hydrogen Production):

  • The global electrolyzer market was valued at USD 3 billion in 2022 and is projected to reach USD 34.4 billion by 2032, growing at a CAGR of 27.2%. Another forecast indicates the water electrolyzer market will grow to USD 120 billion by 2033. The global electrolyzer market size reached USD 544.8 million in 2024 and is expected to reach USD 1,067.5 million by 2033, exhibiting a CAGR of 7.14% during 2025-2033.
  • The global hydrogen generation market size was valued at USD 172.5 billion in 2024 and is estimated to reach USD 272.4 billion by 2033, exhibiting a CAGR of 5.14% during 2025-2033. Another source values the global hydrogen generation market at USD 165.8 billion in 2024, with a CAGR of 7.2% from 2025 to 2034.
  • Asia-Pacific dominates the hydrogen generation market, holding a significant market share of over 35.4% in 2024. The North American hydrogen generation market held a market share of 11.6% in 2024.