High-Performance Trucks Market Projected to Reach USD 110.48 Billion by 2032 with CAGR Above 4.14%

Overview

The high-performance trucks market was valued at USD 76.68 billion in 2023 and is expected to reach USD 110.48 billion by 2032, registering a CAGR above 4.14% during the forecast period.

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• Initially, trucks were solely utilized for heavy-duty tasks. However, modern automakers have adapted by offering high-performance vehicles that serve as contemporary automobiles, providing enhanced comfort (accommodating up to five occupants), increased interior space, and improved fuel efficiency.
• High-performance trucks represent the pinnacle of truck technology, featuring robust engines and sophisticated electronic controls for efficient operation. These vehicles are equipped with advanced electronic control systems, power steering, and traction systems, making them ideal for various applications such as refrigerated transport, tanker operations, container hauling, and ready-mixed concrete delivery. High-performance trucks are typically classified into medium trucks, heavy trucks, and pickup trucks. The commercial vehicle market is primarily driven by increased investments in trucks and demands for quality enhancements by buyers.
• Transportation plays a vital role in the economies and daily lives of many developing countries, making disruptions and losses due to lockdowns significant.
• The stability of the post-COVID-19 world hinges on improvements in air quality, especially considering the virus's potential to cause lung damage for up to six months after infection. The transportation industry must spearhead initiatives to transition to cleaner energy sources and reduce emissions, particularly in and around transportation hubs.
• Transportation companies may perceive the current challenges as opportunities for improvement in passenger and cargo transport. Now is an opportune moment to look beyond immediate concerns and strategize for growth over the next five to ten years.
• The transportation industry boasts ample resources and skilled personnel capable of driving growth across various sectors. New regulations are emerging worldwide in response to the COVID-19 pandemic.
• While trucks have been a staple for over a century, the concept of high-performance trucks is relatively recent. Sales are primarily fueled by increased demand for commercial vehicles that excel in terms of production and marketing, particularly in the North American truck market. The rising demand for high-performance trucks is also boosting U.S. exports.
• Engine components of commercial trucks are undergoing upgrades, including new pistons, connecting rods, camshafts, and other parts, to enhance efficiency and performance. Key attributes of trucks include cargo capacity, weight-bearing capacity, and ground clearance. Recent years have seen the development of larger vehicles due to the demand for cost-effective machinery and the widespread use of additional trailers.Please send an email to the Towards Automotive Team with your queries.

High Performance Trucks Market Trends

Electric Trucks will Boost the Market Growth

Leading players in the automotive market, such as Ford Motor and General Motors, are introducing high-performance electric trucks to meet consumer demand. These electric trucks boast powerful electric engines and premium interior features including touch screens, leather seats, and panoramic glass.

For instance,

• Tesla unveiled three variants of its Cybertruck in 2019: tri-motor AWD, dual-motor all-wheel drive, and single-motor rear-wheel drive. The top-tier model offers a range of 500 miles, accelerates from 0 to 60 mph in 2.9 seconds, and can tow up to 14,000 pounds. Initial deliveries are scheduled for 2021.

The expansion of infrastructure is expected to stimulate economic growth and alleviate poverty. The integration of economies on a global scale encompasses various sectors such as railways, transportation, ports, energy, and airports, necessitating the development and management of infrastructure. Consequently, the construction industry's growth has fueled demand in the truck market, particularly for vehicles supporting increased business activities.

Rivian, backed by Amazon and Ford, is a notable entrant in the electric truck market with its R1T model. Equipped with a 180-kilowatt-hour battery pack providing a 400-mile range, this 700-horsepower pickup was originally slated for release in 2020 but faced delays due to transmission issues, now set for 2021.

Meanwhile, major industry players are expanding their manufacturing facilities to accommodate the production of new electric vehicle models. For instance, Ford commenced construction of a new production facility in Dearborn, Michigan, in September 2020, aimed at manufacturing the electric F-150. The Rouge Electric Vehicle Center, with an investment of nearly $700 million, will produce both the F-150 Power Boost hybrid and the all-electric F-150. Ford's commitment extends to investing approximately $11.5 billion to introduce 10 to 15 electric models by 2022. The global push for emission standards, particularly focusing on electric vehicles, is anticipated to further drive growth in the automotive market.

North America Holds Major Market Share

In 2019, trucks comprised over 15% of total vehicle sales in the United States. Consumers seeking performance trucks prioritize factors like size and power. Moreover, there's a rising trend in the luxury truck segment within the U.S. market.

High-performance trucks continue to dominate American sales, offering reliability and encountering less competition. Despite the challenges posed by COVID-19, retailers reported robust third-quarter sales in the U.S. In line with market demand, Hyundai announced a $410 million investment in 2019 to expand its Montgomery factory. Currently producing the Santa Fe SUV, Sonata, and Elantra sedans, the plant will commence production of the Santa Cruz pickup truck in 2021.

For instance,

• In August 2020, Fiat Chrysler introduced the Ram 1500 TRX, a cutting-edge pickup truck featuring a 6.2-liter supercharged Hemi V8 engine generating 702 horsepower and 650 pounds of torque, coupled with an eight-speed automatic transmission.

High Performance Trucks Industry Overview

The truck market includes key players like General Motors, Ford Motor Company, Fiat Chrysler Automobiles NV, among others, both on a global and regional scale. These major players have been expanding their capacities to keep up with the growing demand.

For instance,

• In 2019, General Motors revealed plans to invest $150 million in expanding its Flint auto assembly plant to ramp up production capacity. Concurrently, the Fort Wayne Assembly Plant also announced an additional investment of $24 million, focusing on passenger trucks such as the Chevrolet Silverado 1500 and GMC Sierra 1500 trucks.

High Performance Trucks Market Leaders

• General Motors
• Daimler AG
• Nissan Motor Company Ltd
• Ford Motor Company
• Toyota Motor Corporation
• Hyundai Motor Company
• Fiat Chrysler Automobiles
• Isuzu Motors Ltd.
• Honda Motor Company, Ltd.
• Tesla Inc.
• Nikola Corporation

High Performance Trucks Industry Segmentation

The high-performance trucks market report covers the current and upcoming trends with recent technological developments. The report will provide a detailed analysis of various market areas by vehicle, transmission, and propulsion type. The market share of significant high-performance truck manufacturing companies and country-level analysis will be provided in the report.

MARKET SEGMENTATION

By Transmission Type

• Automatic
• Automatic Manual Transmission (AMT)
• Manual

By Vehicle Type

• Conventional Pickup Trucks
• Crew-Cab
• Sport Trucks

By Propulsion Type

• IC Engine
• Hybrid & Electric

By Geography

• North America
  • United States
  • Canada
  • Rest of North America
• Europe
  
  • Germany
  • United Kingdom
  • France
  • Rest of Europe
• Asia Pacific
  
  • India
  • China
  • Japan
  • South Korea
  • Rest of Asia-Pacific
• Latin America
  
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  
  • South Africa
  • Rest of Middle East and Africa