The global high-performance trucks market was valued at USD 2 billion in 2023 and is anticipated to reach USD 2.08 billion in 2024 from USD 3 billion by 2032, growing at a CAGR of 4.59% from 2024 to 2032.
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-performance 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 sales are driving the 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.
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 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 governments of several nations have imposed strict norms towards emission and fuel efficiency, leading them to provide subsidies to purchase electric vehicles that will help reduce 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.
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.
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.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
4.59% |
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Segments Covered |
By Type, Application, Fuel Type, and Region. |
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Various Analyses Covered |
Global, Regional, and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Eaton, Volvo, Daimler, Scania, MAN SE, General Motors, Allison Transmission, PACCAR, Hino Motors, Tata Motors Limited, Isuzu Motors Limited, and Others. |
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.
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.
Based on fuel type, the global high-performance truck market is segmented into gasoline, diesel, and other types (LN, CNG, hydrogen fuel cells, and electric power). Diesel fuel type is expected to have the largest market share in the near future as diesel engines generate more power than other fuel-type engines. Additionally, diesel fuel-type trucks are more efficient and economical as compared to gasoline. Other fuel-type trucks are also expected to boom in the future due to the depletion of oil reservoirs and stringent government regulations on harmful emissions.
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.
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.
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.
By Type
By Application
By Fuel Type
By Transmission
By Region
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