High-performance Trucks Market Analysis:
The global high-performance truck market size will grow at a 4% CAGR between the forecast period 2017- 2023, according to the new Market Research Future (MRFR) analysis. A high-performance truck is armed with an electric control system and powerful motors, and also a traction system. It is of two types- pickup trucks and medium & heavy-duty trucks.
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Various factors are propelling the global high-performance trucks industry share. According to the recent MRFR market estimates, such factors include rise in the utility of high-performance traction system and high-performance truck, affordability of intelligent electric control systems & powerful motors, increasing investments by buyers in the upgradation and customization of trucks, growing need for special application trucks having high engine power needs, rising focus on fuel economy standards, need for long-haul trucks for effective transportation of goods, and growing demand for lng fuelled high-performance trucks segment. Additional factors adding market growth include the introduction of rigorous emission norms by the government worldwide, growing supply of temperature-sensitive materials, growing demand for refrigerated high-performance trucks, booming retail industry, demand for frozen perishable commodities, significant improvement in infrastructure, and these trucks being equipped with advanced features for better performance.
On the flip side, high manufacturing cost, limited electrification scope of these high-performance trucks, and the on-going COVID-19 impact may deter the global high-performance trucks market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global high-performance market based on vehicle type, application, and transmission type.
By transmission type, the global high-performance truck is segmented into manual, automatic, and semi-automatic. Of these, the semi-automatic segment will lead the market over the forecast period.
By vehicle type, the global high-performance truck market is segmented into crew cab, sports trucks, long-haul trucks, conventional pickups, and others. Of these, the crew cab segment will dominate the market over the forecast period.
By application, the global high-performance truck market is segmented into refrigeration, distribution, tanker, container, dumping, and others.
Regional Analysis
By region, the high-performance trucks market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will lead the market over the forecast period. Rapid developments like axle loading, the introduction of strict regulatory norms, consumers’ inclination towards premium trucks, and the hosting of top sports events are adding to the global high-performance trucks market in the region.
In North America, the high-performance trucks market is predicted to have healthy growth over the forecast period. Demand for effective heavyweight transport coupled with the availability of modern technologies and transport facilities are adding to the global high-performance trucks market growth in the region.
In Europe, the high-performance trucks market is predicted to have sound growth over the forecast period. The presence of several LNG fuelling stations, demand for LNG-powered trucks, and the European government laying emphasis on the deployment of more LNG and CNG fueling stations and promoting the usage of alternate fuel-powered commercial vehicles are adding to the global high-performance trucks market growth in the region.
In the Rest of the World, the high-performance market is predicted to have steady growth over the forecast period.
Key Players
Leading contenders profiled in the global high-performance truck market report include Cummins (U.S.), MAN Truck & Bus AG (Germany), Caterpillar Inc. (U.S.), Daimler Trucks North America LLC (U.S.), Paccar Inc. (U.S.), Volvo trucks (Sweden), Toyota Motor Corporation (Japan), GMC (General Motors Truck Company) (U.S.), Dodge (U.S.), Chevrolet (U.S.), and ZF (Germany).
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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