Stringent Vehicle Emission Norms Commenced by Governments Coupled with The Well-Established Trucking Industry in The Region Is Anticipated to Propel the Growth of The North America High-Performance Trucks Market at A CAGR of 4.3% During the Forecast Period, 2019-2026

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North America high-performance trucks market is estimated to reach $1.52 billion in 2019 with a CAGR of 4.3% from 2019 to 2026.

The North America high-performance trucks market has been classified into vehicle type, transmission type, fuel type, power output, and application. The vehicle type segment has been divided into medium and heavy-duty trucks and pickup trucks. The transmission type has been classified into the manual transmission, automatic transmission, and semi-automatic transmission.

Stringent Vehicle Emission Norms Commenced by Governments Coupled with The Well-Established Trucking Industry in The Region Is Anticipated to Propel the Growth of The North America High-Performance Trucks Market at A CAGR of 4.3% During the Forecast Period, 2019-2026

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OVERVIEW

Strict vehicle emission norms initiated by governments in the North American region and mounting demand for frozen perishable commodities are boosting the growth of the market. Due to the stringent regulations linked to vehicle emissions, the demand for high-performance vehicles is increasing, as these vehicles are fuel-efficient and emit minimum emissions. Moreover, the progression in the supply of temperature-sensitive materials is anticipated to contribute to market growth, as such materials need refrigerated high-performance trucks for transportation. Furthermore, in recent years, the growth in the retail industry is predicted to support the market for high-performance trucks. On the flip side, the high cost of manufacturing is anticipated to negatively hamper the growth of the market.

The North America high-performance trucks market has been classified into vehicle type, transmission type, fuel type, power output, and application. The vehicle type segment has been divided into medium and heavy-duty trucks and pickup trucks. The transmission type has been classified into the manual transmission, automatic transmission, and semi-automatic transmission. Further, 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.

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Based on region, the North America high-performance trucks market has been divided into the U.S. and Canada. The well-established trucking industry in the U.S. and Canada supports industry growth. According to the data by the Bureau of Labor Statistics, about 5.8% of full-time American workers had a job in the trucking industry in 2018. Moreover, the growing government stringency over vehicle emission in Canada and the U.S. contribute to market growth. Additionally, the adoption of pickup trucks is high in this region. Further, the presence of key players such as Ford and General Motors Truck Company (GMC) in the region is expected to boost the market growth. In Canada, trucks are used for freight transportation especially in central Canada, where it used for transferring food products and high value processed goods. According to the data published by the Government of Canada, truck travel on the National Highway System (NHS) grew about 8% from 2005 to 2016. In addition to this, truck travel increased by 81% on the Northern and remote network during 2005-2016.

Prominent players functioning in the North America high-performance trucks industry are Cummins, General Motors Truck Company (GMC), Ford, Daimler Trucks North America LLC, Paccar, Inc., Allison Transmission Inc., Chevrolet, Volvo Trucks, and Caterpillar, Inc.  Key players are implementing strategies such as merger and acquisition, product launches, investments in R&D, product innovation, and collaboration to sustain their market share. For instance, in January 2020, Ford filed a patent on a rear-wheel steering mechanism. This mechanism could make the company’s big pickups sense smaller. Similarly, in January 2019, Daimler Trucks North America LLC unveiled SAE Level 2 automated truck in series production in North America with the state-of-the-art improvements to the Freightliner new Cascadia. Similarly, in January 2019, Cummins unveiled its next-generation 6.7L Turbo Diesel engine at the North American International Auto Show (NAIAS) in Michigan. This engine offers the power for RAM HD pickups to deliver increased payload and towing. Likewise, in May 2017, Jacobs Vehicle Systems and Daimler Trucks North America LLC entered into a long-term agreement to confirm that their long-standing partnership endures well in the coming years.

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