Market Research Future (MRFR), in its latest report on the global high-performance trucks market 2020, reveals drivers and restrains of the market. Along with the report, a detail analysis of the influence of COVID 19 pandemic outbreak by MRFR is provided. As per MRFR study, the high-performance trucks global market is expected to thrive at about 4% CAGR across the review period.
The increase in the utility of high-performance truck and high-performance traction system can boost the expansion of the market. The affordability of intelligent electric control systems and powerful motors used in high-performance trucks can promote the expansion of the market across the study period. The high-performance truck market can also be driven by high investment made by buyers in the customization and upgradation of trucks.
Other crucial factors that can promote expansion of the global high-performance truck market are; the introduction of rigorous emission norms by governments across the globe and rise in supply of temperature-sensitive materials. The high demand for refrigerated high-performance trucks can spur the expansion of the market through the study period. The rapid pace expansion of the retail industry in developing economies can spur the expansion of the market across the review period. The growing demand for frozen perishable commodities, along with a significant improvement noted in infrastructure can cause the high-performance truck market to thrive.
On the downside, the high-performance trucks market rise can be hindered by high cost of manufacturing and the limited scope for the electrification of such high-performance trucks. However, electric high-performance trucks are equipped with advanced features that ensures better performance. This can impel the expansion of the market in the years to come.
The high-performance truck market size study is based on transmission type, application, and vehicle type.
The transmission type based, the high-performance truck market segments are Semi-automatic, Automatic, and Manual. The semi-automatic segment can gain high traction, hence substantial revenue.
The vehicle type based, high-performance truck market segments are Conventional Pickups, Long-Haul Trucks, Sports Trucks, and Crew Cab among others. The increase in the Crew Cab utility can boost the expansion of the high-performance truck market in the years to come.
The application based segments of the high-performance truck market are Dumping, Container, Tanker, Distribution, and Refrigeration among others.
The engine based segments of the high-performance truck market are Gasoline and Diesel. The wide range of application of diesel driven vehicles can prompt the expansion of the high-performance truck market in the years ahead.
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The high-performance truck market in Asia Pacific region can dominate the worldwide high-performance trucks market. Major factors that can contribute to the expansion of the high-performance truck market are the introduction of strict traffic regulatory norms and rapid developments such as axle loading. The inclination of consumer towards premium trucks can also underpin the expansion of the market across the study period. The hosting of major sports events in Asian regions have resulted in high a high demand for high-performance dumping trucks, which can bolster the expansion of the regional market. In Europe and North America, high demand for effective heavy weight transport and availability of modern transport facilities and technologies can boost the high-performance truck market growth in these regions across the review period.
The prominent players in the high-performance trucks market include ZF (Germany), Chevrolet (U.S.), Dodge (U.S.), GMC (General Motors Truck Company) (U.S.), Toyota Motor Corporation (Japan), Volvo trucks (Sweden), Paccar Inc. (U.S.), Daimler Trucks North America LLC (U.S.), Caterpillar Inc. (U.S.), MAN Truck & Bus AG (Germany) and Cummins (U.S.) others.
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