Pune, India, July , 2018 /MRFR Press Release/- Market Research Future published a half-cooked research report on “Global High-Performance Trucks Market Research Report - Forecast to 2023” -Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The high-performance truck comprises a high-performance traction system and is equipped with powerful motors and intelligent electric control systems. As consumer tastes shift further toward SUVs and trucks, companies are diversifying their line-ups with off-roaders and fast, high-performance trucks and SUVs. Simultaneously, consumers get attracted to the livability of these vehicles, compared with sports cars and off-roaders, which in turn, escalates the sales, owing to the growing popularity and adoption.
Acknowledging the kind of accruals the market is gaining currently, Market Research Future (MRFR) has recently published a study report giving out the complete market insight up to 2023. In its study report, MRFR asserts that the global high-performance truck market will garner an exponential value by 2023 registering a CAGR of approx.4 % between 2017 and 2023.
The factors substantiating the market growth include the increasing investments made by the consumers for the modification and customization of trucks, the introduction of stringent emission norms by the government of various nations, and the increase in the supply of temperature-sensitive material. Increase in demand for frozen perishable commodities and the growth of organized retail industry majorly in developing economies is fostering the market growth, further driving the demand for refrigerating high-performance trucks.
On the other hand, factors such as the huge cost of manufacturing and the limited scope of electrification of such high-performance trucks are expected to inhibit the market growth up to some extent. Nevertheless, the introduction of high-performance electric trucks with advanced features, ensuring better performance and enhanced driver comfort is expected to fuel the market growth, generating huge opportunities over the forecast period.
High-Performance Trucks Market – Segmentation
The Global high-performance trucks Market is segmented into five key dynamics for an easy grasp and enhanced understanding.
By Transmission Types : Comprises - Automatic, Manual and Semi-Automatic.
By Vehicle Types : Conventional Pickups, Crew Cab, Sports Trucks, and Long-Haul Trucks among others.
By Applications : Dumping, Distribution, Refrigeration, and Container, Tanker among others.
By Engines : Gasoline and Diesel among others.
By Regions : North America, Europe, APAC and Rest-of-the-World (RoW).
The semi-automatic segment is expected to grow at the rapid pace owing to the benefits provided by it such as the fuel-efficiency and the comfort.
Global High-Performance Trucks Market – Geographical Analysis
Asia Pacific market for high-performance trucks is projected to lead the global market followed by the markets in North America and Europe region respectively. Booming construction industry coupled with the growing population in China, Indonesia & India attributes the regional growth. Same trends will be contributing to the market growth in the future as well.
The major factors substantiating the market growth include the introduction of regulatory developments such as emission control norms, axle loading, and the shift in consumer preferences towards premium trucks. The increasing infrastructure projects in India, South Korea, China, and Japan are expected to generate huge demand for high-performance dumping trucks in the region.
The US is a lucrative market too, showcasing a range of high-performance trucks. Furthermore, the sales of passenger cars and SUVs and trucks were almost at parity just a few years ago, but with the exception of a spike in 2012, car sales have fallen while truck sales have risen. The trend is expected to continue substantiating the market growth in the US as eventually in the North America Region.
Global High-Performance Trucks Market – Competitive Analysis
The highly competitive market of the high-performance trucks is driven by the increase in the production in the segment. The market appears to be highly fragmented. A number of large and small key players are operating in the market, churning the competition. To maintain their market position these players incorporate collaboration, acquisition, partnership, technology launch, and expansion.
The competitive nature of this market is envisaged to intensify as more models enter the mass market, which seems to be inevitable in the wake of increasing demand for these vehicles. These players emphasis upon new product development initiatives, and geographical expansion. The market is anticipated to witness relentless innovations and development of new products that will eventually result in intense competition among the engine manufacturers. The key manufacturers strive to develop vehicles with the adept technologies, unrivaled design, and features.
Chevrolet (US), ZF (Germany), Dodge (US), Toyota Motor Corporation (Japan), GMC (General Motors Truck Company US.), Volvo trucks (Sweden), Daimler Trucks North America LLC (US), Paccar Inc. (US), Caterpillar Inc. (US), Cummins (US) and MAN Truck & Bus AG (Germany) are some of the prominent players at the forefront of competition in the global high-performance trucks market. Profiling them in its analysis MRFR explores the strategies keeping them at the front.
Industry/ Innovation/ Related News:
May 26, 2018 – Honda Motor Company, Ltd. (Japan), a multinational public manufacturer of automobiles, aircraft, motorcycles, and power equipment presented its high-performance compact pickup. A quick little pickup is converted into a Civic Type R high-performance hatchback into hot hauler by the special products team at its U.K. factory.
February 09, 2018 – Ford Motor Company (US), a multinational automaker introduced its latest high-performance truck - the Ford Ranger Raptor. Powered by a twin-turbocharged 2.0-litre diesel engine, the Ranger Raptor is based on the UK’s best-selling pick-up truck, featuring all sorts of gubbins to distinguish it as the ultimate version of the vehicle.