Global High-performance Trucks Market Overview
The key driver impacting the high-performance trucks market is the growth in the retail industry and strict government norms regarding toxic emission. For instance, As per Crescendo Worldwide Organisation, the worldwide Retail market sales reached over $24 Trillion in 2018. It is anticipated that global retail sales will reach around $30 Trillion by 2023. It is climbed from $23 Trillion in 2017. Indian retail industry across the globe is considered as of the fastest-growing, and it has sales of US$ 2.47 billion in 2019 is expected to reach US$ 1.1 trillion by 2020 as per the India Brand Equity Foundation. Moreover, the increase in the supply of temperature-sensitive material contributes to the high-performance truck's market growth in the coming years.
According to Value Market Research, the global High-performance Trucks market size was valued at around USD 2500 million in 2020 and is estimated to grow at a CAGR of about 4% during the forecast period 2021 to 2027.
The high demand for advanced trucks having high engine power requirements and long-haul trucks for efficient transportation of goods is likely to augment the demand in the forecast period. However, the electric high-performance truck may hamper the market in the long run. Also, the intense competition in the truck industry negatively impacts the market. The current industry trends, such as the alternative fuel high-performance trucks and high-performance trucks for special applications, are expected to offer several lucrative market opportunities for the key players.
The High-performance trucks market is vast, with many local and global players. The High-performance trucks market is extensive, with many regional and international players. The important market leaders follow several strategies to raise their market status, such as extending product portfolio, acquisitions, expanding product portfolio, contracts, amalgamation, contracts, acquisitions, product upgrades to enlarge their market share across the globe. The significant players studied in the report include Volvo, Nissan, Daimler, Paccar, Scania, MAN, GMC, Ford, FCA, and Toyota.
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In this research report, the High-performance trucks market is segmented by fuel type, power output, application, and region.
Analysis by Fuel Type:
By fuel type, the report is categorized into Diesel, CNG, and LNG. The Diesel segment dominates the fuel type segment with over 60% in the forecast period.
Analysis by Power Output:
By power output, the report is categorized into 250–450 hp, 401–550 h, and >550 hp. The 250-450 HP segment dominates the operation segment with over 40% share in 2020.
Analysis by Application:
By application, the report is categorized into distribution, container, dumping, refrigeration, tanker, RMC, and special application. The tanker segment dominates the application segment with over 20% share in 2020. It is due to the strict mandatory regulations connected to the loading and unloading of dangerous products such as chemicals, petroleum, and others. Moreover, growing utilization in oil and gas, chemical, and construction industries for transportation activities contributes to the tanker application segment growth in the forecast period.
Analysis by Region:
In the regional outlook of the global High-performance trucks market, the North America region dominates globally with a 25% market share in the forecast period. It is due to the growing US government's focus on the deployment of more alternative fueling stations and the increasing use of alternative commercial vehicles. For instance, the US government launched J.B. Hunt LNG Truck Project by installing 262 heavy-duty LNG trucks in Southern California. Moreover, the growing government efforts for infrastructure development encourage the high demand for high-performance trucks in this region, thus contributing to tremendous market growth across North America.
Market Segmentation covered in the Report:
By Fuel
By Power Output
- 250–450 hp
- 401–550 h
- >550 hp
By Application
- Distribution
- Container
- Dumping
- Refrigeration
- Tanker
- RMC
- Special Application
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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