The high-performance trucks market is projected to grow at a CAGR of 4.06% from 2017 to 2025, and the market size is expected to grow from 1.8 million units in 2017 to 2.5 million units by 2025.
Increasing stringency of emission norms across the globe has forced engine manufacturers to develop low-emission alternative-fuel engines. For instance, leading engine manufacturers such as Cummins and Caterpillar have developed engines for natural gas-powered trucks. The US and European governments are focusing on the deployment of more CNG and LNG fuelling stations and promoting the use of alternate fuel-powered commercial vehicles. For instance, according to European Alternative Fuels Observatory (EAFO), LNG stations increased significantly in Europe between 2008 and 2015. The total number of LNG fuelling stations in Europe was 33 282 in 2008, which increased by 20.32% from 2008 to 2015. Also, as LNG allows transporters to store more fuel in trucks in a smaller space, the demand for LNG-powered trucks is increasing significantly in long-run applications.
The increasing demand for higher capacity trucks for rigid application such as distribution, waste management is driving the high-performance 250 – 400 hp trucks market. High-performance trucks with a power output range of 250 – 400 hp are more useful in city distribution where freight load is not high. The growing organised logistics sector has led to the increased demand for rigid trucks for distribution purposes in Europe and North America. Similarly, large organised retailers such as Wal-Mart (US) and Tesco (UK) are exploring opportunities in emerging countries such as China and India and opening stores or creating buying hubs with the help of local market leaders. As the organised retail market is growing, the demand for distribution trucks is also increasing. This increasing demand for rigid distribution trucks is expected to boost the market for high-performance trucks with a power output of 250 – 400 hp.
Asia Oceania is estimated to dominate the high-performance trucks market. Factors such as strong economic growth, booming logistics and supply chain sector, stringent emission norms are responsible for the growth of Asia Oceania in the high-performance trucks market. Similarly, to build efficient road connectivity, countries such as India and China are significantly investing in infrastructure facilities. For instance, the Indian government has launched various infrastructure projects such as Sagar Mala Project, Bharat Mala Project, Rashtriya Rajmarg Zila Sanjoyokta Pariyojna Project, and Chardham-Highway Project.
China accounts for the largest share of the Asia Oceania high-performance trucks market owing to the presence of key medium- & heavy-duty OEMs such as BAIC, FAW, CNHTC, Dayun Group, BeiBen Truck, and others.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/16022018/global-high-performance-trucks-market-2018-2025/
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