High Performance Trucks Market

Global High-Performance Trucks Market Size (2024 to 2029):

The global high-performance trucks market is expected to reach USD 2.08 billion in 2024 and reach USD 2.60 billion by 2029, growing at a CAGR of 4.59% from 2024 to 2029.

Global High-Performance Trucks Market Overview:

The sale of high performance trucks has been increasing in the past few years as a number of special applications of trucking with high power are required. High performances trucks are used to perform heavy-duty applications including dumping, distribution, export, and import of material, logistics, etc. Various types of high performance trucks are there to perform the application including Pickup trucks, Medium, and heavy-duty trucks.

 The growing commercial sale is driving high performance truck market and also the increasing demand for efficient transportation and logistics across emerging countries for export and export activities is expected to boost the market growth in the forecast period between 2022 and 2027.

Global High-Performance Trucks Market Drivers:

The driving force of the high-performance truck market is rapid infrastructural development. The high performance trucks are used in construction activities due to their high power and high capacity. The increasing number of construction activities in developed as well as developing countries is expected to increase the demand for high activities. The increasing demand for enhancing power output engines for carrying heavy loads because of the increasing application, which requires high torque/power output, is expected to boost the high-performance truck market. The growth of mining, manufacturing, and logistics services further boosts the high-performance truck market growth.

The electrification of high performance of trucks is expected to generate new scope in the market.

Due to the electrification of high-performance trucks, they become more economical and also environmentally friendly as compared to traditional high-performance trucks. Additionally, these new electric trucks came with advanced telematic devices such as GS location tracker, driving assistance, etc. Moreover, the government of several nations has imposed strict norms towards emission and fuel efficiency leading them to provide subsidies in order to purchase electric vehicles that will become helpful in reducing emissions.

Therefore, the increasing construction, mining, logistics, manufacturing, etc. activities with a focus on less harmful emissions propel the growth of more advanced eco-friendly high performance trucks.

Global High-Performance Trucks Market Restraints:

The high-performance trucks come with high-power engines and high load capacity for various heavy-duty applications that make them much more expensive. In addition to this, the maintenance cost of these trucks is also high, which hampers the growth of the high-performance truck market.

COVID-19 Impact On Global High-Performance Trucks Market: 

The global high-performance truck market has been significantly impacted by the COVID-19 outbreak. Due to COVID-19, activities around the globe have stopped which in turn decreased the demand for trucks in the market and affected sales as well. In addition, the pandemic has affected manufacturing as well as the supply chain because of lockdowns or other strict regulations, which in turn affect the high-performance truck market. But with the pace of time, the pandemic has started fading, and the demand for high-performance trucks is increasing with the increasing activities around the globe, which will drive the growth of the high-performance truck market in the forecast period.

REPORT COVERAGE:

This research report on the global high-performance trucks market is segmented and sub-segmented into the following categories. 

Global High-Performance Trucks Market - By Type:

• Pick up
• Medium Duty Truck
• Heavy Duty Truck

Based on type, the global high-performance truck market is segmented into pickup, MDT, and HDT. The pickup truck segment is expected to boost the market growth in the forecasted period between 2022 and 2027 due to the increasing preference for high-performance trucks in North America, mainly in the United States, due to increasing industrial activities. Moreover, the governments of different countries are raising their focus on emphasizing safety, propelling the growth of high pickup trucks that come with enhanced safety and driving experience.

Global High-Performance Trucks Market - By Application:

• Dumping
• Distribution
• Refrigeration
• Container
• Tanker
• RMC

Based on Application, the global high-performance truck market is segmented into Dumping, Distribution, Refrigeration, Container, tanker, and RMC. The high-performance truck for dumping application is going to boost the market in the projected period due to significant investment in infrastructural activities that are generating the demand for dumping trucks along with high-performance engines. Moreover, the governments in developed as well as developing countries are heavily investing in improving and upgrading their road network facilities so that dumping trucks will be required as they are much more efficient in carrying the load.

Global High-Performance Trucks Market - By Fuel Type:

• Gasoline
• Diesel
• Other

Based on Fuel type, the global high performance truck market is segmented into Gasoline, Diesel, and Others (LN, CNG, hydrogen fuel cells, and electric powered). Diesel fuel type is expected to have the largest market share in the near future as diesel engine generates more power as compared to other fuel type engines. Additionally, diesel fuel-type trucks are more efficient and economical as compared to gasoline. Other fuel-type trucks will also expect to boom in the future due to the depletion of oil reservoirs as well as government stringent regulation on harmful emissions.

Global High-Performance Trucks Market - By Transmission:

• Automatic
• Semi-Automatic
• Manual

Based on Transmission, the global high-performance truck market is segmented into Automatic, Semi-Automatic, and Manual. The semi-automatic segment is expected to dominate the market in the projected period as this transmission provides comfort at par with electronic transmission. The fuel efficiency is equivalent to a manual transmission. That is, the semi-automatic transmission bears a low cost as compared to an automatic transmission. Additionally, semi-automatic transmission systems are mostly preferred by cost-sensitive economies like Asia, where the initial cost of the vehicle is the key factor.

Global High-Performance Trucks Market – By Region: 

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Asia-Pacific is expected to have the fastest growth during the forecast period, with 8.6% CAGR due to the well-established mining and construction sector in this region. The increasing focus on infrastructural development projects such as the smart city project and the Baihetan hydropower project is expected to propel the market growth in this region. Additionally, increasing industrialization and logistics will also have a positive impact on the high-performance truck market. China, India, and Japan are some of the emerging countries that have become major contributors to this market growth.

North America is expected to register a steady growth rate during the forecast period due to the presence of key players in this region. The growing popularity of high-performance trucks in the States creates the demand for high pick-up dumping and refrigerated trucks for frozen perishable commodities.

Europe is estimated to register a growth rate of 4.2% CAGR during the forecast period between 2022 and 2027 due to increasing sales of commercial trucks in this region. Additionally, the growing adoption of heavy-electric trucks is expected to boost the high-performance truck market growth in this region.

KEY MARKET PLAYERS:

Eaton, Volvo, Daimler, Scania, MAN SE, General Motors, Allison Transmission, PACCAR, Hino Motors, Tata Motors Limited, Isuzu motors Limited. Some of the market players dominating the global high performance track market.

RECENT DEVELOPMENTS IN THE MARKET:

• In Dec 2020, Line and Daimler's Truck announced their collaboration in order to jointly develop next-generation hydrogen fueling technology for fuel cell-powered heavy-duty trucks. Both companies have planned together to develop technology-based fueling that will be based on sub-cooled liquid hydrogen (sLH2). This new fueling process is going to be implemented in the series version of the Mercedes-Benz Genh2 truck and has a range of 1000 kilometres.
• In Nov 2020, Volvo Trucks announced that it will offer a complete heavy-duty range with electric starting in Europe in 2021. This range of heavy-duty trucks includes Volvo FH, Volvo FM, and Volvo FMX which will be used for regional as well as urban construction operations in Europe.