Impact of COVID-19 on the Global High-Performance Trucks Market
The high-performance trucks market has witnessed a negative impact on the product demand in recent months owing to the lockdowns imposed in the majority of the countries. These lockdowns have temporarily halted the manufacturing of automobiles since the coronavirus outbreak in December 2019. Also, several countries witnessed curfew-like situations where non-authorized people were not allowed to travel, consequently impacting the demand for automobiles. High-performance trucks feature high-performance traction systems and are equipped with powerful motors and intelligent electric control systems. The high-performance truck market is majorly driven by the increasing investments made by buyers for the modification and customization of trucks. The pandemic outbreak has hampered the demand for high-performance trucks significantly; however, the demand for high-performance trucks is anticipated to recover in the coming months as several governments prepare to lift the lockdowns in a phased manner.
The major factors contributing to the growth of the global high-performance trucks market are the introduction of stringent emission norms by governments of various developing and developed countries, an increase in the supply of temperature-sensitive material, leading to an increase in the demand for refrigerated, high-performance trucks, the growth of the organized retail industry, mainly in developing economies, the increase in demand for frozen perishable commodities, and the significant growth in infrastructure. However, the growth of the high-performance trucks market is expected to be restrained by the high cost of manufacturing and the limited scope of electrification of such high-performance trucks. However, the introduction of high-performance electric trucks with advanced features for ensuring better performance and enhanced driver comfort is expected to generate huge opportunities over the forecast period.