High-performance Trucks Market Forecasts to 2028 – Global Analysis By Transmission Type (Manual Transmission, Automatic Transmission and Semi-Automatic Transmission), Fuel Type (Liquefied Natural Gas (LNG), Compressed Natural Gas (CNG) and Diesel), Power

High-performance Trucks Market Forecasts to 2028 – Global Analysis By Transmission Type (Manual Transmission, Automatic Transmission and Semi-Automatic Transmission), Fuel Type (Liquefied Natural Gas (LNG), Compressed Natural Gas (CNG) and Diesel), Power Output (250-400 HP, 401-550 HP and >550 HP), Propulsion Type (Hybrid & Electric and Internal Combustion Engine), Application and By Geography

According to Stratistics MRC, the Global High-performance Trucks Market is accounted for $78.72 billion in 2022 and is expected to reach $137.95 billion by 2028 growing at a CAGR of 9.8% during the forecast period. A high-performance truck is equipped with a traction system, strong motors, and an electric control system. Pickup trucks and medium- and heavy-duty trucks are the two sorts. For heavy-duty applications like transportation, logistics, construction, and others, these trucks are widely favored. High performance trucks consist of a powerful engine and high load-carrying capacity for various heavy-duty applications, making them expensive compared to conventional trucks.

According to the European Automobile Manufacturers Association, in 2020, diesel trucks dominated the European truck registration in terms of a market share of 96.5%.

Market Dynamics:

Driver:

Rapid infrastructural development

Construction activities need high performance trucks because of their enormous capacity and great power. Consequently, it is anticipated that the rising number of building projects in both developed and developing economies will drive up demand for high-performance trucks. The construction industry was the largest contributor to the U.S. economy in 2020, according to the Associated General Contractors of America (agc.org). Every year, the U.S. construction business builds facilities for mining, manufacturing, and a range of other services valued close to 1.3 trillion USD. In the future years, the expansion of the mining, manufacturing, and logistics sectors will have even more favorable effects on the worldwide market.

Restraint:

Low gas mileage

High performance trucks make fuel costs an enormous burden. Even while new engines are being developed to increase fuel efficiency, vehicles are still far from ideal. These trucks are the least fuel-efficient, getting only 22 miles per gallon on average, compared to an average hybrid car's 50 miles per gallon. Not to mention that with petrol prices rising, one can find themselves paying more money than is necessary.

Opportunity:

Growing popularity and adoption of high performance electric trucks

During the projected period, it's anticipated that the electrification of high-performance vehicles would open up new opportunities for market expansion. The International Energy Agency reports that global sales of electric trucks reached a record high of over 6,000 units and are to rise in the future years. These electric vehicles come with cutting-edge telematics tools like driver assistance systems, GPS trackers, etc. High performance electric trucks are becoming more and more popular because to factors like government assistance and attractive subsidies for the purchase of electric cars.

Threat:

High manufacturing cost

High performance trucks are more expensive than standard trucks since they have an efficient engine and a large load carrying capability for diverse heavy-duty applications. In addition, fluctuating fuel costs and shifting government emission control regulations are significant hindrances to industry expansion.

Covid-19 Impact

The global impact of COVID-19 has been unprecedented and staggering, with high performance trucks witnessing a negative impact on demand across some regions amid the pandemic. The supply chain execution, regulatory and legislative changes, reliance on labor, working capital management, and liquidity and solvency management are the main risk concerns for market. Following the COVID-19 health crisis, the outlook for companies around the world has significantly changed.

The pickup trucks segment is expected to be the largest during the forecast period

The pickup trucks segment is estimated to have a lucrative growth. OEMs with significant market share in the US, like General Motors and Ford, are creating light-duty trucks with features like high performance, improved driver experience, and fuel efficiency. Regulatory agencies in both developed and developing countries are dedicating significant portions of their budgets to safety and catastrophe management. This is also anticipated to result in an increase in demand for high-performance pickup trucks for applications like fire and rescue.

The semi-automatic transmission segment is expected to have the highest CAGR during the forecast period

The semi-automatic transmission segment is anticipated to witness the fastest CAGR growth during the forecast period. Semi-automatic transmission systems are now preferred in cost-sensitive economies where the initial cost of the vehicle is a key consideration during the purchasing process due to benefits like comfort that is as good as that of an automatic transmission system, and fuel efficiency that is equivalent to a manual transmission, at a cost lower than an automatic transmission system.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period, owing to the key factor influencing the market's expansion that is the region's well-established mining and construction industries. The region's market growth is anticipated to be fueled by an expanding number of infrastructure development initiatives, including the Baihetan hydropower project and smart city initiatives. Additionally, industrialization has a favorable impact on the trucking and logistics sector and drives market expansion. And the developing nations like Japan, China, and India will serve as a growth engine for the regional market for high-performance vehicles.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the presence of the major players. For instance, leading manufacturers of pickup trucks including Ford, GMC, and Chevrolet are promoting market expansion in the area. Additionally, due to the rising popularity of these trucks among the general public and rising import-export operations in the United States. The region's market is growing as a result of technological development and an established network of electric vehicle charging stations.

Key players in the market

Some of the key players profiled in the High-performance Trucks Market include Tata Motors, Ford, GMC, Dongfeng Motor Corporation, Hino Motors, Toyota, Isuzu Motors Ltd., Volvo, Daimler, MAN, Nissan, Eaton, General Motors

Key Developments:

In April 2021, Volvo Group and Daimler Truck AG launched new joint venture Cellcentric Cellcentric is launched to meet the target of sustainable transport and carbon-free Europe. Moreover, the primary focus of Cellcentric is to develop, produce and commercialize hydrogen fuel cell systems for long-haul trucking and other applications.

In April 2021, Volvo Group invests in Designwerk Technologies AG Volvo Group has acquired 60% ownership of Designwerk Technologies AG to complement its electro-mobility capabilities. Designwerk Technologies AG is a Switzerland-based Engineering company that develops and sells electro-mobility products and engineering services.

Vehicle Types Covered:
• Pickup Trucks
• Medium Trucks
• Heavy Duty Trucks

Transmission Types Covered:
• Manual Transmission
• Automatic Transmission
• Semi-Automatic Transmission

Fuel Types Covered:
• Liquefied Natural Gas (LNG)
• Compressed Natural Gas (CNG)
• Diesel

Power Outputs Covered:
• 250-400 HP
• 401-550 HP
• >550 HP

Propulsion Types Covered:
• Hybrid & Electric
• Internal Combustion Engine

Applications Covered:
• Tanker
• Container
• Distribution
• Dumping
• Refrigeration
• Ready Mixed Concrete (RMC)

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements