The high-performance trucks market is projected to grow at a CAGR of 4.06% from 2017 to 2025, and the market size is projected to reach 2.5 Million units by 2025 from 1.8 Million units in 2017. The market growth is primarily driven by the increasing demand for high load capacity trucks, with improved fuel efficiency & reduced emissions, which in turn is triggered by the increasing demand for applications of high power output trucks in refrigeration, construction & mining, distribution, and others.
The key strategy adopted by the major players in the high-performance truck market is new product development. OEMs are developing technologically advanced trucks which employ highly efficient engines, automatic transmission, higher engine output, and other performance features. For instance, PACCAR Australia has launched the Kenworth T610 truck in December 2016. The truck offers more driver space, increased visibility, and excellent ergonomics. It is equipped with X15 Euro V engine having a power output capacity of 485–600 hp. The supply contracts/partnerships/joint ventures strategy is the second most widely followed strategy in the market. In April 2015, Daimler and Nissan partnered with Mercedes-Benz for developing pickup trucks. These pickup trucks are designed to meet the specific needs of Daimler customers in Europe, Australia, South Africa, and Latin America.
The high-performance trucks market is dominated by a few global players and comprises several regional players. Daimler (Germany) is a leading player in the high-performance medium- and heavy-duty trucks market and is the world’s largest manufacturer of commercial vehicles. The company has a well-established geographic footprint and extensive after sales/service network. It has adopted the strategy of supply contracts/partnerships/joint ventures to increase its presence in the high-performance trucks market. In September 2016, Daimler Trucks North America (DTNA) has signed a USD 500 million strategic partnership with the Swedish-American energy storage manufacturer NorthStar Battery Company for the supply of ultra-high-performance pure lead AGM batteries. The company also adopted expansion as its key strategy; for instance, Daimler Trucks opened two retail alliance truck parts stores in California, US. The company added ATP diesel particulate filters, steel wheels, and slack adjusters in Alliance Truck Parts. The expansion would enable the company to service the customers effectively.
Volvo (Sweden) is identified as the second leading player among all the OEMs in the high-performance trucks market. The company follows the strategy of new product development to gain a competitive advantage in the high-performance trucks market. In July 2017, the company launched its new “VNL” series to meet needs of long-haul trucking customers and professional drivers. The VNL series trucks are equipped with Volvo D11 & D13 engines having power output capacity of 325–565 hp. Similarly, in October 2014, the company introduced two modern trucks—Volvo FL and Volvo FMX, a robust and powerful truck that has been designed for heavy-duty assignments. The company has also adopted the merger & acquisition strategy; for instance, Renault Truck Defence (RTD) unit, a group company of Volvo Trucks was acquired by French-German tank maker KNDS. The cost of the acquisition was USD 500 million. KNDS has acquired the RTD unit from Volvo Trucks on 24th July 2017.
High-Performance Trucks Market by Type (Pickup, M&HDV), Power Output (250–400, 401–550, >550 HP), Application (Dumping, Distribution, Refrigeration, Container, Tanker, RMC), Fuel Type, Transmission Type, and Region - Global Forecast to 2025
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