High Performance Trucks Market is Expected to Reach $2.3 Million Units By 2025, Growing With a CAGR of 5.1%, During The Forecast Period of 2018-2025, says Esticast Research and Consulting
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As per the report “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, 2018 – 2025″.
The high performance trucks market is expected to reach $2.3million units by 2025, growing with a CAGR of 5.1%, during the forecast period of 2018-2025
“The pickup truck segment is one of the most competitive segments in the auto industry, having some of the most demanding customers all around the world. This scenario leads automakers to design higher-quality products, and to provide the best trucks for a wide range of disciplines. Application of high performance trucks in industrial applications such as mining, agriculture and logistics has significantly contributed in proliferating the import & export activities, especially within the cross border zones. Stringent government protocols pertaining to emission control with the requirement for replacing the old vehicles will further fuel the sales of trucks.”
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Owing to the inclination towards high power vehicles, sports trucks to witness a rapid hike in their demand
A continuously rising demand for SUVs, has emerged out as the major factor which has vigorously stimulated the market for sports trucks. North America is expected to be the largest markets for sports trucks in the near future. Moreover, as per a research, the number of SUV and crossover offerings in the United States market will increase nearly 50 percent over the period of next 5-10 years. Moreover, a continuous rise in the disposable income of people and hiking demands for luxury vehicles having high power and impressive efficiency, has led a major section of U.S. middle class families to opt for such sports trucks. In fact, various automobile experts are suggesting automobile companies for limiting their production of passenger cars in the face of overwhelming demand for trucks and sport-utility vehicles in North America and Europe. Mercedes, one of the leading manufacturers of luxury vehicles, has recently launched its X class Pickup in March 2018. This luxury truck is equipped with V6 engine, permanent four-wheel drive, 406lbft torque and power of 255 bhP.
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Owing to a rapid hike in industrial activities, Asia-Pacific will lead the global high performance truck market.
The Asia-Pacific high performance truck market held more than 1/3rd of the overall market in 2017. Rising demand from the logistics sector will considerably boost the sales of heavy-duty trucks in China & India. Also, an expansion in the fleet size will positively support the logistics and construction sectors, which in turn will drive the heavy duty and high performance trucks market. Growing demand for commercial vehicles used in agricultural and mining applications with improved transmission will further support the product penetration. Apart from that, improvised, connectivity based business models are also revolutionizing the demand for such vehicles, in order to enhance the safety, reduce cost of ownership, and improve comfort level. Development of road networks coupled with rising global sourcing of vehicle components will also support the demand of these trucks in Asia-Pacific region. As per the statistics revealed by Asia held nearly 46.7% of the total new commercial vehicle registrations in 2016. The total heavy truck production of Asia Pacific region was recorded at 3.2 million units in 2017.
Global High Performance Truck Market by Geography, 2017
Some major market players of the very market include, Volvo, Daimler, Scania, Ford, Toyota, FCA, Nissan, Cummins, Eaton, General Motors, PACCAR, Isuzu, Dodge, Arden and others.