Global high-performance trucks market is projected to observe a CAGR of 7.69% during the forecast period 2024-2031, rising from USD 86.50 billion in 2023 to USD 156.47 billion in 2031. The market has observed growth in recent years and is estimated to maintain a strong pace of expansion in the coming years due to rising requirement for high-performance trucks in different industries comprising agriculture, mining, logistics, and others, rise in technological advancements, rapid expansion of e-commerce industry, and significant increase in regulatory assistance. The need for high-performance trucks is growing significantly as it offers efficient and consistent transportation solutions in e-commerce and other industries.
Also, the expansion in the e-commerce sector has positively impacted the global high-performance trucks market growth as in present times more customers prefer online shopping. The rising requirement for trucks for special applications and fuel-efficient transportation of goods has surged the global high-performance truck demand across the globe in the forecast period. Furthermore, the considerable increase in investments in vehicle customization and personalization to improve the performance of trucks is fostering the expansion of the high-performance trucks market.
In addition, across emerging countries, the government is upgrading road infrastructure which would help to increase the effectiveness of transporting goods as these trucks are suggestively preferable for long-distance transportation on enhanced highways as they can handle heavy loads certainly and can maintain higher speeds.
For instance, in February 2024, Tata Motors Limited announced the launch of versatile heavy-duty trucks across South Africa to fulfill the rising requirement for smarter, safer, and greener cargo mobility. These trucks offer a dependable solution to securely carry heavy loads over long distances and rough terrains.
Launch of Electric Trucks Drive the Global High-Performance Trucks Market Growth
The demand for electric trucks is rising significantly due to increasing awareness concerning sustainable environment, favorable governmental policies concerning zero carbon emission, and a rapid shift towards eco-friendly transportation. The strict government regulations concerning carbon emission, rising investment by legal authorities in charging infrastructure, and production of high-performance trucks featuring advanced emissions control systems are projected to drive the global high-performance trucks market growth in the forecast period. Automakers in the automotive market are advancing the prevailing high-performance trucks and launching advanced trucks owing to the surging urbanization and rising demand for electric trucks.
For instance, in April 2024, Daimler India Commercial Vehicles Pvt. Ltd. announced the introduction of its first electric truck by 2025 to enter the electric commercial vehicle segment. They are planning to make carbon-neutral trucks and buses globally by 2050.
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Demand for Refrigerated High-Performance Trucks Pushes the Global High-Performance Trucks Market
The growing demand for refrigerated high-performance trucks drives global market growth as they help maintain the cold chain and confirm the quality and safety of perishable foodstuffs. Restaurants and hotels considerably prefer refrigerated high-performance trucks as they allow for the control of internal temperature coupled with delivery times, which further aid in improving and preserving the shelf life of food. In addition, market participants are efficiently using refrigerated high-performance trucks to preserve food quality and reduce health threats coupled with sustaining proper temperatures. Furthermore, key participants are unveiling new refrigerated high-performance trucks to address the increasing requirement for refrigerated high-performance trucks.
For instance, in June 2024, GS Global Corp revealed the launch of BYD Company Ltd.’s 1-ton electric truck, the T4K Refrigerated Truck, enabling travel of 205 km at room temperature and 164 km at low temperatures.
Favorable Government Regulations Drives the Global Market Growth
In emerging countries, governments are significantly developing road infrastructure and increasing investment in infrastructural activities, projected to drive global market growth. Also, governments across emerging countries are motivating the adoption of electric trucks and funding in building infrastructure for electric trucks, fueling the global high-performance trucks market demand. In addition, changes in government regulations concerning the zero-carbon emission control from heavy vehicles and rise in fuel prices are projected to surge the electrification of these trucks. Furthermore, support from the government and attractive subsidies by legal authorities for the sale and purchase of electric vehicles are key factors fostering the prevalence of high-performance electric trucks.
For instance, in May 2024, the government of India announced incentives for heavy-duty electric trucks to reduce diesel trucks and aid the steel, cement, and mining industries in transitioning from carbon-emitting HCVs that run on diesel.
Pickup Trucks Registers the Largest Global High-Performance Trucks Market Share
Pickup trucks dominate the largest market share in the global market owing to their multifaceted utility, comfortable daily drives, and dependable workhorses. These trucks are equipped with innovative features including in-bed trunk systems, and multi-configuration tailgates which drive the segmental growth. In addition, manufacturers in the global market are significantly integrating four-by-four drivetrains and terrain management systems to provide utility and joyride coupled with safety. Furthermore, the growing requirements for pickup trucks are increasing as manufacturers are making technological advancements comprising adaptive cruise control, autonomous emerging braking systems, and others. Also, manufacturers are introducing new pickup trucks to address the growing prevalence of online shopping.
For instance, in May 2024, BYD Company Ltd. announced the launch of its first pickup truck BYD SHARK in Mexico to redefine the global plug-in hybrid pickup market with advanced technology and different user-centric features.
Asia-Pacific Dominates the Largest Global High-Performance Trucks Market Size
Asia-Pacific dominates the largest market size in the global market due to expansion in the mining and construction sector, the rising number of infrastructural development projects, and presence of the major players across the emerging countries. In emerging countries, there is a rapid trend of personalization and customization in high-performance trucks, propelling the global market growth in the forecast period. Governments across developing countries, including India and China are framing policies and rules to decrease carbon footprints and promoting the adoption of hybrid and electric powertrains. Key companies in the global market are significantly collaborating to expand their market presence and hold the largest market share in the global market.
For instance, in July 2022, Pony.ai, Inc. announced its partnership with Sany Heavy Industry Co., Ltd., China’s largest heavy equipment manufacturer to jointly introduce level 4 autonomous trucks, to increase the share of alternative powertrains over time.
Future Market Scenario (2024 – 2031F)
- The significant rise in demand for durable and enhanced power output engines for carrying heavy loads, due to the rise in applications demanding power output and high torque is projected to propel the need for high-performance trucks.
- The global market growth is propelled by a growing requirement for efficient off-roading experience in trucks for heavy load carrying and commercial purposes.
- Expansion in the e-commerce and logistics sector drives the demand for global high-performance trucks market growth.
- The increase in the requirement for electric vehicles in high-performance trucks and infrastructural developments globally are estimated to propel the high-performance trucks market’ growth.
Report Scope
“High-Performance Trucks Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global high-performance trucks market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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