High-Performance Trucks Market Outlook 2031
The global high-performance trucks market size was USD 77.86 Billion in 2022 and is projected to reach USD 153.07 Billion register a considerable CAGR of 7.8% during the forecast period, 2023–2031. The growth of the market is attributed to the increased focus on emissions and fuel consumption and the introduction of severe emission rules around the world has accelerated the expansion of the high-performance truck industry.
High-Performance Trucks are fitted with strong electric engines, a control unit, and a traction system, to improves the truck’s functionality. It comprises medium and large trucks, as well as pickup trucks. It is used in containers and Ready Mixed Concrete (RMC) construction, as well as tankers, freezers, and other applications.
Trucks were originally used mostly for heavy-duty tasks. Modern automakers have adopted the idea by introducing high-performance lorries that can be used as a daily commuter and provide more comfort with seats for 5 persons, upgraded interiors, and enhanced fuel consumption. These electric trucks include a strong electric powertrain as well as upscale interiors and features such as leather upholstery, touch screens, and panorama glass.
High-Performance Trucks Market Trends, Drivers, Restraints, and Opportunities
- Growing demands for frozen perishable goods, increased infrastructure construction projects, fast urbanization, and the expansion of retail stores are projected to propel the market growth in the coming years.
- Rising demand for temperature-sensitive products necessitating refrigeration high-performance trucks are key factors spurring the market expansion during the forecast period.
- Rising cross-country trade, more truck owners have selected high-performance trucks are anticipated to boost the market growth in the coming years.
- High-production price of the truck is estimated to restrict the market growth.
- Rising demand for different fuel high-performance trucks is estimated to create lucrative opportunities for the market players.
Scope of The High-Performance Trucks Market Report
The report on the global high-performance trucks market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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High-Performance Trucks Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Transmission Types (Manual, Automatic, Semi-automatic Transmission), Vehicle Types (Crew-cabs and Sport Trucks, Conventional Pickup Trucks), Propulsion Types (Hybrid & Electric and IC Engines), and Applications (Dumping, RMC, Refrigeration, Tankers, and Others), Fuel Types (CNG, LNG, Diesel)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Toyota Motor Corporation; Tesla Inc.; Nissan Motor Company Ltd; Nikola Corporation; Isuzu Motors Ltd.; Hyundai Motor Company; Honda Motor Company, Ltd.; General Motors; Ford Motor Company; Fiat Chrysler Automobiles; and Daimler AG
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High-Performance Trucks Market Segment Insights
Semi-automatic transmission segment is projected to constitute a major market share
Based on transmission types, the global high-performance trucks market is segregated into manual, automatic, semi-automatic transmission. The semi-automatic transmission segment is expected to account for a key share of the market in the coming years owing to the increase at the quickest rate due to the advantages it offers, including luxury equal to an automatic transmission and fuel consumption equal to a manual transmission.
In addition, the lower cost of semi-automatic transmission relative to automatic transmission is driving the growth in the adoption of semi-automatic transmission in emerging and cost-sensitive regions.
Pickup trucks segment is expected to register at a robust pace
On the basis of vehicle types, the market is divided into crew-cabs and sport trucks, conventional pickup trucks. The pickup trucks segment is expected to hold for a key share of the market during the forecast period due to a few of the advantages including fuel consumption, minimal maintenance, compactness, and extended functional life.
Regulatory organizations in established and emerging countries are spending considerable sections of their resources on safety and disaster management, resulting in rising demand for high-performance pickup trucks for security applications including rescue and fire. A pickup's main features are its big cargo capacity, heavy-duty equipment, and high ground clearance.
IC engines segment is anticipated to expand at a substantial CAGR
In terms of propulsion types, the global high-performance trucks market is bifurcated into hybrid & electric and IC engines. The IC engines segment is expected to constitute a key share of the market in the coming years owing to considerations including the factors, it starts quickly, is safer to run, and is generally more portable than its equivalent external combustion engines, size of the engine is quite compact.
Dumping segment is projected to constitute a key market share
Based on applications, the market is segmented into dumping, RMC, refrigeration, tankers, and others. The dumping segment is expected to hold a key share of the market during the forecast period due to substantial infrastructure investments are necessitating the use of dumping, engines with increased power outputs. Governments both in established and emerging nations are investing heavily in expanding and upgrading the road networks, which need the use of dumping trucks to transport the load.
LNG segment is expected to grow at a significant pace
On the basis of fuel types, the global high-performance trucks market is segregated into CNG, LNG, diesel. The LNG segment is expected to represent a key share of the market in the coming years owing to some causes, including tighter emission regulations and ample LNG supply.
North America is expected to dominate the market
On the basis of regions, the global high-performance trucks market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to expand at a healthy CAGR during the forecast period.
The regional market growth can be attributed to increasing demand for high-performance trucks with power and size, the existence of important competitors, the introduction of numerous new truck models and technological advances in the region, and also the premium truck market in the United States including, GM, Ford, or other key automakers rely on full-size pickups and SUVs for more than two-thirds of the global pre-tax profits, although representing for only 15 percent of North American vehicle production.
Segments
The global high-performance trucks market has been segmented based on
Transmission Types
- Manual
- Automatic
- Semi-automatic Transmission
Vehicle Types
- Crew-cabs
- Sport Trucks
- Conventional Pickup Trucks
Propulsion Types
- Hybrid & Electric
- IC Engines
Applications
- Dumping
- RMC
- Refrigeration
- Tankers
- Others
Fuel Types
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global high-performance trucks market are Toyota Motor Corporation; Tesla Inc.; Nissan Motor Company Ltd; Nikola Corporation; Isuzu Motors Ltd.; Hyundai Motor Company; Honda Motor Company, Ltd.; General Motors; Ford Motor Company; Fiat Chrysler Automobiles; and Daimler AG. Some of these players are adopting several business strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares.
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