The high-performance trucks are equipped with a high-performance traction system, powerful motors, and intelligent electric control systems. With the changing consumer preferences inclined towards SUVs and trucks, manufacturers are diversifying their line-ups with off-roaders and fast, high-performance trucks & SUVs.
Resultantly, consumers are getting attracted to the livability of the high-performance truck. They are preferring them more over sports cars and off-roaders, which, as a result, escalates the market sales on the global platform, increasing their popularity and adoption.
According to Market Research Future (MRFR), the global high-performance truck market would garner a moderate growth by 2023, registering over 4% CAGR throughout the forecast period (2020 to 2023).
Additional factors that are substantiating the growth of the market include the increasing investments made by the manufacturers in R&D activities to drive innovations, modifications in the existing models, and customization of trucks. Moreover, the introduction of stringent emission norms by the governments in various nations, alongside, the increasing supply of temperature-sensitive material foster the growth of the market.
Also, an increase in the demand for frozen perishable commodities and the growth of the organized retail industry, especially in rapidly developing economies are propelling the market growth, creating a huge demand for refrigerating high-performance trucks.
Conversely, factors such as the prohibitive cost of manufacturing and the limited scope of electrification in such high-performance trucks are impeding the growth of the market up to some extent.
However, the introduction of high-performance electric trucks with advanced features that can ensure better performance and enhanced comfort for drivers are some of the factors that would support the growth of the market, generating tremendous opportunities over the forecast period.
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Global High-performance trucks Market - Segments
For a better understanding, the report has been segmented into five key dynamics:
By Transmission Type : Automatic, Manual, and Semi-Automatic.
By Vehicle Type : Crew Cab, Conventional Pickups, Sports Trucks, and Long-Haul Trucks, among others.
By Application : Dumping, Distribution, Refrigeration, and Container, Tanker among others.
By Engine : Gasoline and Diesel among others.
By Regions : Europe, North America, Asia Pacific, and Rest-of-the-World.
High-performance trucks Market - Regional Analysis
The Asia Pacific region would retain its dominance over the global High-performance trucks Market throughout the forecast period. Booming construction industry led by the ever-increasing population in China, Indonesia, and India supports the regional growth, increasing the uptake of these trucks. Same trends are expected to continue in the future as well.
The major factors substantiating the growth of the regional market include the shift in consumer preferences towards premium trucks, axle loading, and the introduction of regulatory developments such as emission control norms. The increasing number of infrastructure projects, especially in the rapidly developing countries such as India, China, South Korea, and Japan would provide a colossal impetus to the growth of the market in the region.
The High-performance trucks Market in the North American region accounts for the second-largest share, globally. The region is expected to generate a huge demand, especially for high-performance dumping trucks. The US market leads the regional market, showcasing a range of high-performance vehicles.
Just a couple of years ago, sales of passenger cars, SUVs, and trucks were almost at parity in the region. However, truck sales have risen while car sales have fallen. This trend would continue in the future, which would substantiate the growth of the market in the US and eventually in the North American region.
High-performance trucks Market - Competitive Analysis
Highly competitive, the High-performance trucks Market is driven by the increase in the production segment. The market appears to be highly fragmented owing to the presence of several well-established players. To maintain their market positions, these players incorporate strategic initiatives such as collaboration, acquisition, technology launch, partnership, and expansion.
The market is estimated to witness a relentless product launch, which would intensify the competitive nature of this market, further. In the wake of increasing demand for high-performance trucks, more models are envisaged to enter the mass market. Players emphasis on geographical expansion as well. Engine manufacturers strive to develop engines with adept technologies, unrivaled design, and features.
Players leading the global High-performance trucks Market include ZF (Germany), Chevrolet (US), Dodge (US), General Motors Truck Company (US), Volvo trucks (Sweden), Toyota Motor Corporation (Japan), Daimler Trucks North America LLC (US), Caterpillar Inc. (US), Paccar Inc. (US), MAN Truck & Bus AG (Germany), and Cummins (US), among others.
Industry/ Innovation/ Related News:
June 5, 2019 -- Tesla, Inc. (the US), an automotive and energy company announced that it is entering into the production of a high-performance pickup with a starting price of under USD 50,000. Even at such a prohibitive price, the Tesla pickup would still cost more than the average truck. The design of the Tesla pickup would pretty be as of a sci-fi. Tesla has decided to launch the truck soon, later in the year i.e.2019.
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