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High Performance Trucks Market Size, Share & Industry 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, 2024-2032

Last Updated: May 27, 2024 | Format: PDF | Report ID: FBI105557

 

KEY MARKET INSIGHTS

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The global high performance truck market size was valued at USD 80.16 billion in 2023. The market is projected to grow from USD 86.58 billion in 2024 to USD 181.47 billion by 2032, exhibiting a CAGR of 9.7% during the forecast period.


The high-performance truck market refers to the segment of the automotive industry focused on producing, marketing, and selling trucks that offer exceptional performance, power, and capabilities. These trucks are designed and engineered to deliver superior speed, acceleration, towing capacity, payload capacity, and off-road capability compared to standard trucks. The high-performance truck market caters to enthusiasts, professionals, and industries that require rugged, powerful vehicles for demanding tasks such as towing heavy loads, traversing challenging terrain, and achieving high speeds.


High-performance trucks are characterized by their impressive performance capabilities, including powerful engines, high horsepower, torque, and acceleration. These trucks are often equipped with advanced drivetrain systems, performance-tuned suspensions, and aerodynamic enhancements to maximize performance on and off-road.


High Performance Trucks Market 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.


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High Performance Trucks Market Growth 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 64,000 units in 2023, 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.


High Performance Trucks Market Segmentation Analysis


By Truck Type Analysis


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Pickup Truck Segment to Experience Fastest Growth of 11.8% 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.


By Application Analysis


Dumping Segment Held Largest Market Share of 25.0% in 2023


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 2023 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 74.6% 2023


Based on the fuel type, the market is segmented into gasoline, diesel, and others. The diesel segment held the largest market share in 2023.


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 203     0, 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 48.7% in 2023


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 2032. 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 High Performance Trucks Market Size, 2023 (USD Billion)

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Asia Pacific is expected to register the fastest growth of 10.4 % 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 65.09 billion in 2023.


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 6.1% 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 increases year on year. 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 6.8% 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.


List of Key Companies in High Performance Trucks Market


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



KEY INDUSTRY DEVELOPMENTS



  • In January 2024, Volvo Trucks introduced an all-new heavy-duty truck platform for the North America market in parallel to a new heavy-duty truck range for Europe, Australia, and markets in Asia and Africa. New energy-efficient models, including trucks running on electricity and renewable fuels, will reduce CO2 emissions and take the company closer to the target of having a net-zero emission product range by the year 2040.

  • In October 2023, Daimler Truck subsidiary FUSO introduced its products and services at the Japan Mobility Show (JMS) from October 28 to November 5, including the fully remodeled heavy-duty Super Great truck and new eCanter applications and variants. The Super Great truck, which is joining Daimler Truck's heavy-duty family, features high performance, efficiency, and advanced safety features, including Active Brake Assist 6 and Active Side Guard Assist 2.0.

  • In March 2023, Daimler Truck signed a contract with Siemens to build an integrated digital engineering platform. Siemens Xcelerator portfolio enables Daimler Truck to advance the development of innovative technologies for its trucks and buses.

  • In January 2023, Bharat Benz introduced High-Performance Construction and Mining Trucks at Bauma CONEXPO INDIA 2023.  The new model range comes with a more powerful 320 HP BSVI diesel powertrain, delivering high wheel-end torque needed to negotiate tough, gradient mining roads.

  • In January 2023, DEUTZ AG (DEUTZ) signed an agreement with Daimler Truck AG, giving DEUTZ access to Daimler engines by the end of the decade. These contain both medium-duty engines (Daimler Truck MDEG series), which are suited for use in applications such as construction equipment, and heavy-duty engines (Daimler Truck HDEP series), which can be used to power heavy agricultural machinery.


REPORT COVERAGE


The global high performance trucks market reserach 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.


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Report Scope & Segmentation






















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 9.7% over 2024 to 2032



Unit



Value (USD Billion) & Volume (units)



Segmentation



By Truck Type



  • Pickup Trucks

  • Medium Duty Trucks (MDT)

  • Heavy Duty Trucks (HDT)



By Application



  • Dumping

  • Distribution

  • Refrigeration

  • Container & Tanker

  • RMC



By Fuel Type



  • Gasoline

  • Diesel

  • Others



By Transmission



  • Automatic

  • Semi-Automatic

  • Manual



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • The Middle East & Africa






Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 80.16 billion in 2023 and is projected to reach USD 181.47 billion by 2032.

In 2020, the Asia Pacific market size stood at USD 65.09 billion.

The market is projected to grow at a CAGR of 9.7% and exhibit exponential growth during the forecast period (2024-2032).

The truck type segment is expected to be the leading segment in this market during the forecast period.

The growing number of construction and mining projects is expected to propel market growth.

Daimler AG is the leading player in the global market.

Asia-Pacific dominated the market share in 2023.

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