High-Performance Trucks Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 3.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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High-Performance Trucks Market Analysis
The market for high-performance trucks is growing at a CAGR of more than 3% during the forecast period, 2020-2025.
- In the beginning, trucks were essentially only for heavy-duty work. Modern automakers have adapted this vision with the introduction to high-performance lorries, which can be used as an everyday vehicle and offer higher comfort with seating for five people, improved interiors, and improved fuel efficiency.
- Pickup trucks have been on the market for more than a century but were never meant to be high-performance vehicles. Increasing demand for high-performance commercial vehicles from the manufacturing and industrial sectors is majorly pushing the sale. North America is leading the high-performance truck market. The increasing demand for performance trucks has also helped to increase export from the United States.
- The commercial trucks are also getting modified for the internal engine components with new pistons, connecting rods, camshafts, and other equipment to enhance performance and adequate boost. The primary characteristics of a pickup are large cargo capacities, heavy-duty components, and prolific ground clearance. The demand for downsized engines and the rampant use of additional power trains to boost the engine have brought about the evolution of high-performance trucks in recent years.
High-Performance Trucks Market Trends
This section covers the major market trends shaping the High Performance Trucks Market according to our research experts:
Electric Trucks will Boost the Market Growth
Companies such as Ford Motor and General Motors, which are the high-performance truck market leaders, are introducing various electric high-performance electric trucks in the market. These electric trucks offer powerful electric powertrain and the best interiors and other premium options like touch screens, leather seats, and panoramic glass.
For instance, in 2019, Tesla launched the Cybertruck in three variants, tri-motor AWD, dual-motor AWD, and a single-motor rear-wheel-drive. With top variant figures like 500 miles range, 0 to 60 mph in 2.9 seconds, and a 14,000-pound towing. However, the first trucks will hit the market by 2021.
Whereas Amazon and Ford funded startup Rivian, one of the major startups in the electric pickup market with its model R1T. The startup is offering 400 miles range with its 180-kilowatt-hour battery pack. This 700 horsepower pickup truck was supposed to roll out from the factory in 2020, but due to the pandemic, it will be possibly hit the market in 2021.
Whereas major players in the market are expanding their production facilities for their new electric models. For instance, in September 2020, Ford broke ground in its new manufacturing plant in Dearborn, Michigan, where it will build an electric F-150. Ford has spent around USD 700 million to build this Rouge Electric Vehicle Center, manufacturing the F-150 Power Boost hybrid and fully electric F-150. The company has also announced that it will spend around USD 11.5 billion to produce 10 to 15 electrified models by 2022.
North America Holds Major Market Share
In 2019, trucks accounted for more than 15% of all vehicle sales in the United States. Consumers looking for a high-performance truck predominantly look for size and power. Also, the luxury truck market is becoming more prevalent in the United States.
High-performance trucks are also leading the United States' resale market, making it the most dependable vehicle that would lose lesser money than sedans and crossover. Despite COVID-19-related pressures, the truck market established strong first-quarter sales in the United States.
Similarly, in 2019, Hyundai announced that the company would invest USD 410 million to expand at its Montgomery plant. The facility already builds the Santa Fe SUV and the Sonata and Elantra sedans, and it will start production of the Santa Cruz light truck, which will begin in 2021.
Whereas major truck manufacturers are launching various new truck models in the market. For instance, in August 2020, Fiat Chrysler launched a new performance pickup truck, Ram 1500 TRX, which comes with a 6.2-liter supercharged Hemi V8 engine capable of 702 horsepower and 650 foot-pounds of torque. It has an eight-speed automatic transmission.
High-Performance Trucks Industry Overview
The high-performance trucks market is fragmented with various international and regional players such as General Motors, Ford Inc., Fiat Chrysler Automobiles, amongst others. Major players in the market are increasing their production capacities to meet the increasing demand. For instance,
- In 2019, General Motors announced that it would invest USD 150 million in its Flint truck assembly plant to increase full-size pickup truck production. At the same time, USD 24 million in its Fort Wayne assembly plant plans to increase the Chevrolet Silverado 1500 and GMC Sierra 1500 pickups and other crew cab models.
High-Performance Trucks Market Leaders
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General Motors
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Ford Motor Company
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Toyota Motor Corporation
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Hyundai Motor Company
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Fiat Chrysler Automobiles
*Disclaimer: Major Players sorted in no particular order
High-Performance Trucks Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
-
4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 By Transmission Type
- 5.1.1 Automatic,
- 5.1.2 Automatic Manual Transmission (AMT)
- 5.1.3 Manual
-
5.2 By Vehicle Type
- 5.2.1 Conventional Pickup Trucks
- 5.2.2 Crew-cab
- 5.2.3 Sport Trucks
-
5.3 By Propulsion Type
- 5.3.1 IC Engine
- 5.3.2 Hybrid & Electric
-
5.4 By Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.1.3 Rest of North America
- 5.4.2 Europe
- 5.4.2.1 Germany
- 5.4.2.2 United Kingdom
- 5.4.2.3 France
- 5.4.2.4 Rest of Europe
- 5.4.3 Asia Pacific
- 5.4.3.1 India
- 5.4.3.2 China
- 5.4.3.3 Japan
- 5.4.3.4 South Korea
- 5.4.3.5 Rest of Asia-Pacific
- 5.4.4 Rest of the World
- 5.4.4.1 Mexico
- 5.4.4.2 United Arab Emirates
- 5.4.4.3 Other Countries
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
-
6.2 Company Profiles
- 6.2.1 General Motors
- 6.2.2 Daimler AG
- 6.2.3 Nissan Motor Company Ltd
- 6.2.4 Ford Motor Company
- 6.2.5 Toyota Motor Corporation
- 6.2.6 Hyundai Motor Company
- 6.2.7 Fiat Chrysler Automobiles
- 6.2.8 Isuzu Motors Ltd.
- 6.2.9 Honda Motor Company, Ltd.
- 6.2.10 Tesla Inc.
- 6.2.11 Nikola Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
High-Performance Trucks Industry Segmentation
The high-performance trucks market report covers the current and upcoming trends with recent technological developments. The report will provide a detailed analysis of various market areas by vehicle, transmission, and propulsion type. The market share of significant high-performance truck manufacturing companies and country-level analysis will be provided in the report.
| By Transmission Type | Automatic, | |
| Automatic Manual Transmission (AMT) | ||
| Manual | ||
| By Vehicle Type | Conventional Pickup Trucks | |
| Crew-cab | ||
| Sport Trucks | ||
| By Propulsion Type | IC Engine | |
| Hybrid & Electric | ||
| By Geography | North America | United States |
| Canada | ||
| Rest of North America | ||
| By Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Rest of Europe | ||
| By Geography | Asia Pacific | India |
| China | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| By Geography | Rest of the World | Mexico |
| United Arab Emirates | ||
| Other Countries |
High-Performance Trucks Market Research FAQs
What is the current High Performance Trucks Market size?
The High Performance Trucks Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in High Performance Trucks Market?
General Motors, Ford Motor Company, Toyota Motor Corporation, Hyundai Motor Company and Fiat Chrysler Automobiles are the major companies operating in the High Performance Trucks Market.
Which is the fastest growing region in High Performance Trucks Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in High Performance Trucks Market?
In 2024, the North America accounts for the largest market share in High Performance Trucks Market.
What years does this High Performance Trucks Market cover?
The report covers the High Performance Trucks Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the High Performance Trucks Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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