Global High-Performance Trucks Market Overview
High-Performance Trucks Market Size was valued at USD 68.5 Billion in 2022. The High-Performance Trucks Market industry is projected to grow from USD 71.9 Billion in 2023 to USD 103.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.1% during the forecast period (2023 - 2032). The High-Performance Trucks Market is growing due to several factors.
Firstly, there is an increasing demand for heavy-duty vehicles, especially in industries such as construction, mining, and agriculture. Secondly, advancements in technology, such as improved fuel efficiency, better safety systems, and more powerful engines, are making high-performance trucks more attractive to buyers. Thirdly, government regulations are pushing for reduced emissions from vehicles, and high-performance trucks are often equipped with advanced emissions control systems, making them compliant with these regulations. Lastly, increasing urbanization has led to an increase in the number of trucks on the road, including high-performance trucks.
Moreover, the growing popularity of off-road driving is also fueling the expansion of the high-performance truck market. People are increasingly using their pickup trucks for off-road activities such as camping, hiking, and fishing. This has created a demand for trucks that can handle difficult terrain. Therefore, rising buyer investments in vehicle modification and customization are propelling the expansion of the high-performance trucks market. This is because owners are increasingly looking for ways to personalize and improve the performance of their automobiles. The increasing popularity of off-road driving is also propelling market expansion
Figure1: High-Performance Trucks Market, 2019 - 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
High-Performance Trucks Market Opportunity
- Increase In the Demand for Refrigerated High-Performance Trucks
Refrigerated high-performance trucks are used to transport temperature-sensitive goods, such as food, pharmaceuticals, and chemicals. These trucks need to be able to maintain a consistent temperature throughout the transportation process, which requires powerful engines and advanced cooling systems. The increasing demand for refrigerated high-performance trucks is being driven by the growth of the e-commerce industry. E-commerce retailers need to be able to deliver temperature-sensitive goods quickly and efficiently, which is driving the demand for refrigerated trucks.
In addition, the increasing demand for fresh food is also driving the demand for refrigerated high-performance trucks. Consumers are increasingly demanding fresh food, which requires refrigerated trucks to transport the food from the farm to the grocery store. As a result of these factors, the demand for refrigerated high-performance trucks is expected to grow in the coming years. This is expected to drive the growth of the high-performance trucks market.
High-Performance Trucks Market Component Segment Insights
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High-Performance Trucks Transmission Type Insights
Based transmission type, the High-Performance Trucks Market has been segmented into manual, automatic, and semi-automatic.
The manual segment held the majority share in 2022, contributing around ~50.8 % to the market revenue. Despite the rising popularity of automatic and semi-automatic transmissions, the manual transmission segment continues to hold its ground in the High-Performance Trucks Market. Manual transmission trucks remain a preferred choice for specific industries and regions where drivers prefer the sense of control and direct engagement provided by manually shifting gears. These trucks are favored in rugged terrains and heavy-duty applications, including construction, mining, and off-road operations. Moreover, manual transmissions often come at a more affordable price point, making them an economical option for businesses with budget constraints or in regions with limited access to advanced transmission technologies.
High-Performance Trucks Market Vehicle Type Segment Insights
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High-Performance Trucks Vehicle Type Insights
Based on vehicle type, the High-Performance Trucks Market has been segmented into conventional pickup, crew cab, sports trucks, long-haul trucks, and others. The sports Trucks segment held the majority share in 2022 contributing around ~34.6% to the market revenue. Sports trucks represent a niche segment within the high-performance trucks market, designed for enthusiasts seeking a blend of high-speed performance and utility. These trucks offer powerful engines, sport-tuned suspensions, and aggressive styling, appealing to customers looking for a unique driving experience.
While their market share is relatively smaller compared to other segments, sports trucks attract a specific demographic of buyers who prioritize both performance and practicality. As a result of these factors, the demand for sports trucks is expected to grow in the coming years. This is expected to drive the growth of the high-performance trucks market.
Figure2: High-Performance Trucks Market, by Vehicle Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
High-Performance Trucks Market Engine Segment Insights
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High-Performance Trucks Engine Insights
Based on engine, the High-Performance Trucks Market has been segmented into electric, gasoline, and diesel.
By Engine, diesel segment holds the majority market share in 2022 contributing 73.1% of the market share. Diesel engines is the most dominant segments in the high-performance truck market for many years, owing to their exceptional torque, long-haul capabilities, and fuel efficiency. These trucks are the preferred choice for heavy-duty and long-distance transportation, especially in industries such as logistics, construction, and mining. While facing increased scrutiny due to emissions, diesel engines have seen continuous improvement in emission control technologies to meet stringent regulations.
High-Performance Trucks Market Application Segment Insights
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High-Performance Trucks Application Insights
Based on application, the High-Performance Trucks Market has been segmented into dumping, distribution, refrigeration, container, tanker, and others. By Application, the dumping segment holds the majority market share in 2022 contributing 29.2% of the market share.
The dumping segment in the High-Performance Trucks Market encompasses trucks specifically designed for heavy material handling and earthmoving applications. These trucks are equipped with robust chassis, powerful engines, and specialized hydraulic systems to efficiently transport and unload large quantities of materials such as soil, gravel, rocks, and construction debris. The dumping trucks find extensive use in construction, mining, and infrastructure development projects, where quick and efficient material disposal is crucial for productivity and cost-effectiveness.
High-Performance Trucks Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In terms of revenue, North America held the largest share of 54.9% in the High-Performance Trucks Market in 2022 and is expected to maintain its dominance during the forecast period.
The presence of key players and a focus on unique development in the region contribute to market growth. The region by country has been segmented into the US, Canada, and Mexico. North America is witnessing continuous growth in the High-Performance Trucks industry. It has a vast presence of R&D and truck manufacturing facilities, which is driving the implementation of High-Performance Trucks infrastructure in the region.
Increasing demand for efficient & fast transportation services due to rise of e-commerce & online shopping and infrastructure developments are some of the factors driving the growth of high-performance trucks market in the region. E-commerce has led to a surge in package deliveries, with more goods being shipped directly to consumers' homes. This has resulted in a higher demand for transportation services, including high-performance trucks, which can efficiently handle the increased delivery volumes. With the growth of same-day and next-day delivery options, there is a greater need for fast and efficient transportation services. High-performance trucks with powerful engines and advanced logistics capabilities are essential for meeting these time-sensitive delivery demands.
Figure3: High-Performance Trucks Market Size By Region 2022&2032
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
The APAC high-performance trucks market is second largest market in 2022 due to several factors such as, logistics & supply chain expansion and government initiatives & investments. As businesses in this region are expanding their operations and participating in global trade, there is a growing demand for efficient and reliable transportation solutions to move goods across various distances. High-performance trucks play a critical role in meeting these demands and supporting the dynamic logistics and supply chain landscape in the region. The expansion of logistics and supply chain networks has resulted in higher freight volumes across the Asia-Pacific region.
High-performance trucks, with their larger payload capacities and efficient engines, can handle these increased volumes effectively. These trucks are equipped with off-road capabilities, which are crucial for connecting these remote areas to major transportation hubs. High-performance trucks can be customized to meet the specific needs of different industries and cargo types. This flexibility makes them attractive to logistics providers seeking versatile transportation solutions.
The high-performance trucks market in Europe is experiencing significant growth due to several factors such as, advancements in technology and their versatility & customization. Technological advancements have led to significant improvements in various aspects of high-performance trucks, making them more efficient, safer, and environmentally friendly. Advanced engine technologies, such as turbocharging, direct injection, and hybrid powertrains, have improved the fuel efficiency of high-performance trucks. With rising fuel costs and environmental concerns, fuel-efficient trucks are in high demand, especially in Europe, where strict emission regulations are in place. The development and adoption of alternative fuels, such as natural gas, biofuels, and electricity, are gaining momentum in Europe.
High-Performance Trucks Key Market Players & Competitive Insights
With a strong presence across different verticals and geographies, the High-Performance Trucks Market is highly competitive and dominated by established, pure-play vendors. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments.
The High-Performance Trucks Market is highly competitive, with many vendors offering similar products and services. The major players in the market include AB Volvo, Daimler Truck AG, PACCAR Inc., MAN, Dongfeng Motor Company, Ford Motor Company, General Motors, Hino Motors, Ltd., Volta Trucks, Nissan USA and Others. AB Volvo has been focusing on expansion by merging with and acquiring companies in countries such as the US, Mexico, China, Brazil, and Russia. The company has been increasing investments in improving its technologies to ensure engines and transmissions are fuel-efficient, have lower emissions, and help reduce the weight of the vehicles and make them more aerodynamically compatible.
Furthermore, it strategizes to offer a wide variety of products and expand its presence through market development. For instance, the company introduced Volvo Dynamic Steering (VDS) in the North American market to provide enhanced safety, driver comfort, and productivity. MAN is focusing on consistently realigning the company for development of fully autonomous, emission-free vehicles by the end of this decade. Company’s NewMAN strategy is focused on being a “robust company”, “smart innovator” and “strong team”. MAN will work towards developing new technologies and rely on solid partnerships with TRATON & VW. It aims to simplify its business processes for its customers with cutting-edge solutions to achieve sustainability.
The High-Performance Trucks Market is a consolidated market due to increasing competition, acquisitions, mergers, and other strategic market developments and decisions to improve operational effectiveness.
Key Companies in the High-Performance Trucks Market include
High-Performance Trucks Industry Developments
- In June 2023, Volvo Group has collaborated with Heidelberg Materials, the largest building materials company, to support the adoption of emission-free transport & loading equipment solutions
- In May 2023, PACCAR has collaborated with Toyota Motor North America, for development and production of zero emissions, hydrogen fuel cell (FCEV) Kenworth & Peterbilt trucks. These trucks will be driven by Toyota’s next-generation hydrogen fuel cell modules.
- In March 2023, Daimler Truck AG has collaborated with Siemens Digital Industries Software to build a new integrated digital engineering platform that will enable to develop innovative technologies for its trucks & buses faster and leaner.
High-Performance Trucks Market Segmentation
High-Performance Trucks Transmission Type Outlook
- Automatic
- Manual
- Semi-Automatic
High-Performance Trucks Vehicle type Outlook
- Conventional Pickups
- Crew Cab
- Sports Trucks
- Long-Haul Trucks
- Others
High-Performance Trucks Engine Outlook
High-Performance Trucks Application Outlook
- Dumping
- Distribution
- Refrigeration
- Container
- Tanker
- Others
High-Performance Trucks GVWR Outlook
- Up to 2 tonnes
- 2-4 tonnes
- 4-8 tonnes
- 8-16 tonnes
- Over 16 tonnes
High-Performance Trucks Class Outlook
- Compact/Mid Sized Trucks
- Full-size Trucks
- Class 5-6 Trucks
- Class 7-8 Trucks
High-Performance Trucks Regional Outlook
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North America
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Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
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Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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South America
- Chile
- Brazil
- Rest of South America
| Report Attribute/Metric |
Details |
| Market Size2022 |
USD 68.5 Billion |
| Market Size 2023 |
USD 71.9 Billion |
| Market Size 2032 |
USD 103.1 Billion |
| Compound Annual Growth Rate (CAGR) |
4.1% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2019- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Transmission Type, Vehicle Type, Engine, Application, GVWR, Class, and region. |
| Geographies Covered |
Europe, North America, Asia-Pacific, Middle East & Africa, and South America |
| Countries Covered |
The U.S, Germany, Canada, U.K., Italy, France, Spain, Japan, China, Australia, India, South Korea, Brazil, and others. |
| Key Companies Profiled |
AB Volvo, Daimler Truck AG, PACCAR Inc., MAN, Dongfeng Motor Company, Ford Motor Company, General Motors, Hino Motors, Ltd., Volta Trucks, Nissan USA |
| Key Market Opportunities |
· Increase in the demand for refrigerated high-performance trucks |
| Key Market Dynamics |
· Increasing investments made by the buyer for the modification and customization of trucks. · Emission standards enable original equipment manufacturers to design and manufacture high-performance trucks that release less pollutants |
Frequently Asked Questions (FAQ) :
The High-Performance Trucks Market size is expected to be valued at USD 68.5 Billion in 2022.
The global market is projected to grow at a CAGR of 4.1% during the forecast period, 2023-2032.
North America had the largest share of the global market.
The key players in the market are AB Volvo, Daimler Truck AG, PACCAR Inc., MAN, Dongfeng Motor Company, Ford Motor Company, General Motors, Hino Motors, Ltd., Volta Trucks, Nissan USA, and Others.
The dumping category dominated the market in 2022.
