Market Size of Automotive High Performance Trucks Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.56 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Automotive High Performance Trucks Market Analysis
The automotive high-performance trucks market was valued at USD 66.95 billion in the current year and is projected to grow to USD 85.12 million by the next five years, registering a CAGR of 4.56% in terms of revenue during the forecast period.
- The COVID-19 pandemic hindered the growth of the automotive high-performance truck market as the shutdown of manufacturing units coupled with supply chain disruptions resulted in decreased demand across various sectors like logistics, transportation, etc. However, post-pandemic, the market started gaining traction, with most shares occupied by growing construction and recreational activities worldwide.
- Over the medium term, expansion of industrial sectors in the emerging market, growing demand from the logistics industry, and rising demand from the construction sector (owing to growing construction activities). The market is expected to witness growth in the coming years, owing to growing economies across both developing and developed counties.
- Growing mining and construction sector activities among developing and developed nations are expected to contribute significantly to market growth. Further, rapid growth in the transportation and logistics industry, advancements in infrastructure, and increased recreational activities in global trade are anticipated to offer new opportunities for players in the market.
- The rapid expansion of e-commerce and logistics industries across the major regions, including North America, Europe, and Asia, is pushing the demand for a modern distribution network, which in turn is likely to increase the demand for high-performance trucks during the forecast period.
- Major manufacturers such as Daimler AG, Scania AB, Isuzu Motors Ltd., and others have seen a massive increase in e-commerce sales, which has boosted the logistics industry. Even though last-mile e-commerce transportation has traditionally relied on pick-up trucks and cargo vans, long-haul transportation is still dominated by heavy-duty trucks and trailers, likely to remain in the same demand trajectory.
