High-performance Trucks Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

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.

Scope of the report

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.

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Key Market Trends

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.

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