High Performance Trucks Market Size, Share & COVID-19 Impact Analysis, By Truck Type (Pickup Truck, MDT, and HDT), By Application (Dumping, Distribution, Refrigeration, Container & Tanker, and RMC), By Fuel Type (Gasoline, Diesel, and Others), By Transmission (Automatic, Semi-Automatic, and Manual), and Regional Forecast, 2021-2028

The global high performance trucks market size was USD 67 billion in 2020. 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 market is anticipated to grow from USD 71.7 billion in 2021 to USD 121.5 billion in 2028 at a CAGR of 7.8 % during the 2021-2028 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

The market has witnessed significant growth in the past few years. As the number of special applications of trucking with high power requirements is increasing, so is the demand for the product worldwide. These trucks are highly preferred for heavy-duty applications such as transport, logistics, construction, and others. Various types of high performance trucks utilized for these applications include pickup trucks, (MDT) medium-duty, and (HDT) heavy-duty trucks.

The growing commercial vehicle sale is the major driving factor for the market. In addition to this, increasing demand for efficient transportation and logistics operations across emerging countries for import and export activities is expected to boost the market growth in upcoming years.  Additionally, high performance trucks with refrigeration facilities are used to supply temperature-sensitive materials; hence their demand is increasing rapidly in the healthcare and food & beverages sector. Apart from this, these trucks are also employed in municipal operations across urban areas as garbage & delivery trucks, and other municipal functions.

LATEST TRENDS 

Electrification Initiatives to Drive High Performance Trucks Market Growth

Same as the passenger vehicles, commercial vehicles are also going through electrification. Recent development in Lithium-ion batteries has enabled the electrification of high performance trucks for long-range transport activities. In addition to this, changing government regulations regarding the emission control from heavy-duty vehicles and variation in fuel prices are some of the major factors driving the electrification of these trucks.

For instance, the implementation of Euro VI for heavy-duty vehicles has positively influenced the electrification of truck and bus segments in Europe. Moreover, expansion of the charging infrastructure industry and green mobility are further expected to boost the electrification of high-speed trucks during the forecast period.

DRIVING FACTORS

Rapid Infrastructural Development is Expected to Propel the Market Demand.

High performance trucks are employed in construction activities owing to their large capacity and high power. Hence, the increasing number of construction activities in developed and developing economies is expected to propel the demand for high performance trucks. According to the Associated General Contractors of America (agc.org), in 2020, the construction sector was the major contributor to the U.S. economy. The construction industry in the U.S. creates nearly 1.3 trillion USD worth of structures every year for manufacturing, mining, and a variety of other services. The growth of mining, manufacturing and logistics services further positively influences the global market in the forthcoming years.

Growing Popularity and Adoption of High performance Electric Trucks to Propel Growth

The growing electrification of high performance trucks is expected to generate new scope for market growth during the forecast period. According to the International Energy Agency, Global sales of electric trucks hit a record of over 6,000 units in 2019, which is expected to increase in upcoming years. These electric trucks are equipped with advanced telematics devices such as GPS location trackers, driver assistance, etc. Moreover, government support and generous subsidies for the purchase of electric vehicles are factors fueling the popularity of high performance electric trucks.

RESTRAINING FACTORS

High Manufacturing Cost to Hinder Market growth

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. In addition to this, varying fuel prices and changing government norms regarding emission control are major factors obstructing market growth.

SEGMENTATION

By Truck Type Analysis

Pickup Truck Segment to Experience Fastest Growth of 10.1% CAGR

Based on truck type, the global market for high performance trucks is segmented into pickup, medium-duty trucks, and heavy-duty trucks.

The pickup truck segment is anticipated to register the fastest CAGR during the forecast period. The growing consumer preference for pickup trucks in developed regions such as North America and Europe is expected to drive the segment growth. In addition to this, a high performance pickup truck comes with enhanced safety and driver experience. Pickup trucks accounted for 16.4% of the total auto sales in the United States in 2017.

By Application Analysis

Dumping Segment Held Largest Market Share of 26.77% in 2020

Based on the application, the market is segmented into dumping, distribution, refrigeration, container & tanker, and ready-mix concrete truck (RMC).

The dumping segment held the largest market share in 2020 owing to the growing construction and mining activities in developed and developing economies. For instance, the increasing government investment in infrastructural development projects such as the development of smart cities is expected to create a positive influence on the market.

The refrigeration segment is also expected to witness an eye-catching growth rate owing to the high demand for the supply of temperature-sensitive materials in the healthcare and FMCG sectors.

By Fuel Type Analysis

Diesel Segment Stood at 75.71% 2020

Based on the fuel type, the market is segmented into gasoline, diesel, and others. The diesel segment held the largest market share in 2020.

Trucks with diesel engines generate more power as compared to the others. In addition to this, they provide better efficiency as compared to gasoline-fueled engines. 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%.

Other fuels such as LNG, CNG, hydrogen fuel cells, or electric-powered are also expected to register significant growth during the forecast period. Depleting oil reservoirs and government initiatives to ban gasoline and diesel vehicles to reduce carbon emission increases demand for alternative fuels.

By Transmission Analysis

Semi-Automatic Segment Held a Significant Share of 46.53% in 2020

Based on transmission type, the market is segmented into automatic, semi-automatic, and manual transmission.

The semi-automatic segment is expected to hold the largest market share by 2028. The semi-automatic transmission provides comfort at par with automatic transmission and is less expensive than automatic; hence, it is highly adopted in automotive. In addition to this, semi-automatic transmission ensures enhanced fuel efficiency as compared to others.

REGIONAL INSIGHTS

Asia Pacific is expected to register the fastest growth of 8.6 % CAGR during the forecast period. Well established mining and construction sector in the region is one of the major factors behind the market growth. An increasing number of infrastructural development projects such as the Baihetan hydropower project and smart cities projects are expected to propel the market growth in the region. In addition to this, industrialization further creates a positive influence on the trucking and logistics industry and fuels market growth. Emerging countries like India, China, and Japan are expected to act as an engine for the growth of the high performance trucks market in the region. Asia Pacific stood at USD 49.8 billion in 2020.

North America is anticipated to expand at a steady CAGR during the forecast period. The presence of the major players in the region is one of the prominent factors behind the market growth. For instance, top pickup truck providers like Ford, GMC, and Chevrolet are supporting the market growth in the region. Moreover, the growing popularity of these trucks among the populace and increasing import-export activities in the U.S. are expected to boost the market growth during the forecast period. Further, technological advancement and a well-established charging service network for electric trucks fuel the region's market growth.

In Europe, the market is expected to expand with a 4.2% CAGR, owing to the increasing sales of trucks in the U.K. and Germany. According to the International Council on Clean transportation, the number of newly registered heavy-duty trucks and buses in Europe was 400,000 units in 2017. In addition to this, according to European Automobile Manufacturers Association, in the first quarter of 2021 European Union Commercial vehicle market expanded by 21.6%, with 501,703 total registered units. This increasing number of commercial vehicle sales is expected to positively influence the market during the forecast period. Moreover, the growing adoption of heavy-duty electric trucks in Europe is also expected to drive the market in years to come.

Latin America is expected to register a growth of 4.7% CAGR during the forecast period. The increasing popularity of pickup trucks in the region is driving market growth. Additionally, the growing automotive sector in emerging countries of Latin American such as Mexico, Brazil, and others is anticipated to fuel the market growth in the region.

The Middle East & Africa is expected to showcase stagnant growth. This is due to the increasing use of medium and heavy-duty trucks for construction activities is expected to support the market growth. Moreover, the adoption of high-performance trucks in the oil & petrochemical industry is anticipated to drive market growth over the forecast period.

KEY INDUSTRY PLAYERS

MAN SE is the Top Player in the Market

MAN SE is a global leader in the manufacturing of commercial vehicles; it operates through its division called MAN Truck & Bus and MAN Latin America division. MAN SE is owned by Traton SE, which is a subsidiary of automaker Volkswagen AG. MAN Truck & Buses produce trucks in the range of 7.5 to 44 Tons. The company offers various high-performance truck models with advanced technology to maintain its strong position in the market. The report also covers a detailed analysis of all the prominent players, their financial details, and business strategies.

LIST OF KEY COMPANIES PROFILED:

• Daimler (Germany)


• Volvo (Sweden)


• MAN (Germany)


• Ford (U.S.),


• GMC (U.S.)


• Isuzu Motors Ltd. (Japan)


• Dongfeng Motor Corporation(China)


• Tata Motors Limited (India)


• Hino Motors (Japan)


• Toyota (Japan)

KEY INDUSTRY DEVELOPMENTS:

• 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.


• 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. 

REPORT COVERAGE

The global high performance trucks market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation