Global High-Performance Trucks Market is Estimated to Reach $2.4 Billion in 2019 With a CAGR of 3.9% From 2019 to 2026, Says Esticast Research
LOS ANGELES and PUNE, India, Feb. 13, 2020 /PRNewswire/ -- Stringent Vehicle Emission Norms Commenced by Governments of Several Countries is Anticipated to Propel the Growth of the Global High-Performance Trucks Market at A CAGR Of 3.9% During the Forecast Period, 2019-2026
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Growing demand for frozen perishable commodities and strict vehicle emission norms started by governments and are catalyzing the growth of the global market. In addition, owing to the stringent regulations associated with vehicle emissions, the demand for high-performance vehicles is growing, as these vehicles emit minimum emissions and consume less fuel. Moreover, the growth in temperature-sensitive materials supply is estimated to contribute to market growth, as such materials require refrigerated high-performance trucks for transportation. Furthermore, the growth in the retail industry in the past few years is anticipated to support the high-performance trucks market. The governments in developed as well as developing nations are investing in improving their road facilities which necessitate the use of dumping trucks for carrying loads. According to the data published by the India Brand Equity Foundation (IBEF), in March 2019, the National Highway projects value $15.99 billion were established. Thus, the demand for dumping trucks is growing across the globe. On the other hand, the high cost of manufacturing and shifting focus of original equipment manufacturers (OEMs) towards electric trucks is anticipated to hamper the market growth. In addition, the increasing government incentives for electric vehicles is likely to restrain market growth.
High-performance Trucks Market By Vehicle type (Pickup Trucks, Medium- & Heavy-Duty Trucks), by Transmission type (Manual Transmission, Automatic Transmission, Semi-automatic Transmission), by Fuel type (Diesel, CNG, LNG), by Power output (250–450 HP, 401–550 HP, > 550 HP), Industry trends, Estimation & Forecast, 2017 – 2025 Know more about this Report : https://www.esticastresearch.com/report/high-performance-trucks-market/
The global high-performance trucks market has been divided into vehicle type, power output, transmission type, fuel type, and application. The vehicle type segment has been divided into medium and heavy-duty trucks and pickup trucks. The transmission type has been divided into manual transmission, automatic transmission, and semi-automatic transmission. Moreover, based on fuel type, the market has been segmented into diesel, CNG, and LNG. The power output segment has been bifurcated into 250-450 HP, 401-550 HP, and greater than 550 HP. Furthermore, the application segment has been classified into the tanker, container, RMC, dumping, refrigeration, distribution, and others.
Based on the region, the global high-performance market has been divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been bifurcated into the U.S. and Canada. Europe has been segmented into the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific region has been further classified into India, South Korea, China, Japan, and Rest of Asia-Pacific. Moreover, the South American region has been segmented into Argentina, Brazil, and the Rest of South America, while the Middle East & Africa is segmented into GCC Countries, South Africa, Egypt, and the Rest of the Middle East. In North America, the presence of a well-established trucking industry supports market growth. In addition, the presence of prominent market players such as Ford and General Motors Truck Company (GMC) in North America is anticipated to contribute to market growth. The consumption of high-performance trucks is growing in the Asia Pacific region owing to the shift of consumers towards premium trucks and revisions of vehicle emission norms.
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Prominent players functioning in the global high-performance trucks industry are Cummins, ZF, Toyota Motor Corporation, General Motors Truck Company (GMC), Ford, Eaton, Nissan Motor Co., Ltd, Daimler Trucks North America LLC, Paccar, Inc., Allison Transmission Inc., Chevrolet, Volvo Trucks, Caterpillar, Inc., and Scania. Key players in the market are employing strategies such as merger and acquisition, investments in R&D, product innovation, product launches, and collaboration to maintain their market share.
Strategic Initiatives by Key Players
- In July 2019, Scania India launched its Next Truck Generation (NTG), directed at the nation's mining industry. The launch was aimed to drive the evolution of the country's transport solutions in construction, long haulage business, and mining.
- In March 2018, Volvo Trucks launched the VNX series which was built specifically for the needs of heavy-haul trucking operations.
- In October 2016, Nissan Motor Co., Ltd acquired a 34% equity stake in Mitsubishi Motors.
- In January 2016, Toyota Motor Corporation announced the acquisition of Daihatsu.
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Global High-performance trucks Market Key Segments:
By Vehicle Type
- Medium and Heavy Duty Trucks
- Pickup Trucks
By Transmission Type
- Manual Transmission
- Automatic Transmission
- Semi-Automatic Transmission
By Fuel Type
- Diesel
- CNG
- LNG
By Power Output
- 250-450 HP
- 401-550 HP
- Greater than 550 HP
By Application
- Tanker
- Container
- RMC
- Dumping
- Refrigeration
- Distribution
- Others
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