Growth opportunities in the High-Performance Trucks market look promising over the next six years. This is attributed to the shift towards off-road vehicles followed by the benefits associated by these trucks, such as powerful electric powertrain and has exceptional interior options.
High Performance Trucks Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The two major factors contributing to the growth of the high-performance trucks market size include the shift towards off-road vehicles and the rising attraction towards the liveability of this type of vehicle. The top organization, such as Ford Motor and General Motor are focusing on launching high-performance electric truck in the market. The high-performance electric truck offers a powerful electric powertrain and has the best interior and other options such as panoramic glass, touch screen, and leather seats.
In 2019, Tesla launched the Cybertruck provides variants, including tri-motor AWD, dual-motor AWD, and single-motor rear-wheel-drive. Moreover, Amazon and Ford offered funds to startup “Rivan”, is the leading startups for the electric pickup market for its model RIT. This startup includes trucks with a 400-mile range and an 18-kilowatt-hour battery pack.
Several companies in the market are increasing their offering and production facilities to capture to the increasing demand for high-performance trucks. In 2020, Ford Motor announced its new manufacturing plant in Dearborn, Michigan, to produce electric F-150. In addition to this, the company have invested USD 700 million for the development of Rouge Electric Vehicle Center, for the production of F-150 Power Boost hybrid and fully electric F-150. In 2018, it also planned to spend around USD 11 billion to produce 40 hybrid and full electric vehicles.Several companies in the market are increasing their offering and production facilities to capture to the increasing demand for high-performance trucks. In 2020, Ford Motor announced its new manufacturing plant in Dearborn, Michigan, to produce electric F-150. In addition to this, the company have invested USD 700 million for the development of Rouge Electric Vehicle Center, for the production of F-150 Power Boost hybrid and fully electric F-150. In 2018, it also planned to spend around USD 11 billion to produce 40 hybrid and full electric vehicles.
Regional Drivers
On the regional coverage, North America is expected to lead the market over the forecast period. The U.S. is the top resale market for high performance trucks. Instead of the negative impact of the COVID-19, the sales of these trucks have surged in the U.S. In 2019, Hyundai have invested USD 410 million to increase their Montgomery plant. In addition to this, the top companies are introducing new truck models in the market. In 2020, Fiat Chrysler launched its new performance pickup truck, Ram 1500 TRX, with 6.2 litre supercharged Hemi V8 engine capacity of 702 horsepower and 650 foot-pounds of torque.
High Performance Trucks Market’s Leading Manufacturers:
- Volvo Corporation
- Daimler AG
- Scania
- Toyota Motor
- Ford Motor
- General Motors
- FCA
- Nissan Corporation
- PACCAR Inc.
- MAN
High Performance Trucks Market Segmentation:
Segmentation by Vehicle Type:
- Medium- & Heavy-Duty Trucks
- Electric Trucks
- Pickup Trucks
Segmentation by Power Output:
- 250-400HP
- 401–550 HP
- >550 HP
Segmentation by Application:
- Refrigeration
- Dumping
- Special Application
- Tanker
- RMC
- Container
- Distribution
Segmentation by Fuel Type:
- Diesel
- CNG
- LNG
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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