High Performance Trucks Market to Exhibit 7.8 % CAGR by 2028 Backed by Rising Import-Export Activities Worldwide, foresees Fortune Business Insights™
Pune, India, July 27, 2021 (GLOBE NEWSWIRE) -- The global high performance trucks market size is expected to gain momentum by reaching USD 121.5 billion by 2028 while exhibiting a CAGR of 7.8 % between 2021 to 2028. In its report titled “High Performance Trucks Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 67 billion in 2020.
The increasing adoption of electric and high performance trucks is expected to fuel the market growth in upcoming years. For instance, the International Energy Agency report shows a dramatic demand for global sales of electric trucks. The sales rose to 6000 units in 2019, which is expected to increase in years to come. These heavy-duty electric vehicles are equipped with advanced applications and software such as advanced telematics, GPS trackers, driver assistance, and others. Moreover, government initiatives and support for the purchase of electric vehicles are also driving the market growth.
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By the truck type, the market is trifurcated into a pickup truck, medium-duty truck, and heavy-duty truck.
On the basis of its application, it is divided into dumping, distribution, refrigeration, container & tanker, and RMC. By fuel type, it is segmented into gasoline, diesel, and others. Based on its transmission, it is divided into automatic, semi-automatic, and manual.
Based on transmission type, the manual segment held a market share of about 40.92% in 2020 and is expected to experience exponential growth during the forecast period. This is owing to the increasing number of manual trucks carrying out logistics activities across the globe.
Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Increasing Construction & Infrastructural Development is Expected to Propel the Market Demand.
The increasing number of construction activities in developed and developing economies is expected to drive the high performance trucks market growth. According to the report by Associated General Contractors of America, the construction sector has served as the major contributor to the U.S. economy. It creates around USD 1.3 trillion revenue every year from various types of services such as mining. In addition, it also takes finished goods from manufacturers to retailers. Therefore, the high demand for heavy-duty trucks to meet the supply chain and logistics services is anticipated to promote the growth of the market positively in upcoming years.
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Asia Pacific to Dominate Owing to Increasing E-commerce Services
Asia Pacific is expected to remain at the forefront and hold the highest position in the market during the forecast period owing to increasing industrialization and booming e-commerce in the region. According to a report TheLoadStar published in 2019, E-commerce is helping fuel a surge in demand for trucks. Asia Pacific stood at USD 49.8 billion in 2020.
North America is also anticipated to exhibit an eye-catching CAGR over the forecast period. This is ascribable to the presence of major players in the region. For instance, the presence of top pickup truck manufacturers such as Ford, GMC, and Chevrolet is expected to fuel the regional market. Further, technological advancement and a well-established network for electric trucks in the region are expected to drive the market during the foreseeable years.
Key Players to Focus on Launching New Products to Intensify the Market Competition
The market is consolidated by major companies striving to maintain their position by focusing on new launches. For instance, in March 2021, Indian manufacturer Tata Motors launched Signa 3118.T. It is India’s first 3-axle 6*2 trucks with 31 tonnes of weight. It will help enhance the net operating profit for its customers by ~45%* over a 28-tonne truck. Moreover, other key players are adopting proactive strategies such as new partnerships, mergers, and collaborations to favor the market's growth in the upcoming years
April 2021: Volvo Group and Daimler Truck AG launched a new joint venture Cellcentric to meet the target of sustainable transport and carbon-free Europe.
List of Key Players Profiled in the Global Market for High Performance Trucks:
Isuzu Motors Ltd. (Japan)
Dongfeng Motor Corporation(China)
Tata Motors Limited (India)
Hino Motors (Japan)
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