The Diesel High Performance Truck Market Is Still Growing

President Biden puts F-150 Lightning through the paces.

It has to be fun to be a president. Fun might not be the most apt word when you think about hostile critics and the need to have a thick hide. Nevertheless, there are some perks that come with the job. For example, last week President Joe Biden took a ride in the new EV Ford F-150 Lightning. His little cruise on the Ford test track made headlines across the country.

That news story brought to mind another story that got headlines when Teddy Roosevelt was president at the beginning of the last century. Roosevelt had approved the development of a new submarine for the U.S. Navy. It was called The Plunger. Some people were critical of the submarine as a weapon because it seemed un-American to use stealth to sneak up on enemies rather than fight face-to-face.

When the submarine was completed and tested, the president used his executive authority to go take it for a spin. That is, President Roosevelt wanted to see what it was like to be submerged underwater, to check it out and experience it first hand rather than simply get reports from the captains. The day he went out there was a storm, but with the Plunger twenty or forty feet underwater (depending on which account you read), it was a perfectly smooth excursion, ever though the surface was turbulent.

There were critics (this is where the thick skin is useful) who castigated him for risking his life for a unique nautical expedition. Nevertheless, he thoroughly enjoyed the experience.

ALL THIS CAME TO MIND as I read about a new report on the global growth of the diesel high performance diesel truck market. EVs are making headlines, but analysts who look at what is really happening (as opposed to what is generating buzz) acknowledge that the diesel market is still in a growth mode. 

An April MarketWatch report states that the diesel engines market was $7,921 million in 2019 and will be $9743 million in 2025. Part of this growth is driven by a surging demand in construction and auxiliary power equipment. 

Another report by Industry Growth Insights is projecting continued growth through 2028. Though their data analysis sees a tapering of the growth rate, the diesel engine market will not see a decline for quite some time. A report by The Shot Caller has similar expectations. Their report predicts growth to the end of 2026, with an implied continuation into 2027. 

No one can say for sure how quickly the adoption of EVs will occur. For now, there's limited infrastructure and a multitude of hurdles for EVs. 

The news stories regarding the unveiling of the EV Ford F-150 Lightning have focused on Ford's bold embrace of the EV future, making a risky bet on their number one selling truck. There's another side to the story, however, which we covered earlier this month. Ford engineers are developing a new diesel engine design utilizing an old-style concept. (See The Next Ford F-150)

In other words, Ford management is preparing for a future that can go either way. For now, the need for diesel power is continuing to grow, and the leaders recognize this. 

Related Links
President Roosevelt's Trip Aboard The Plunger
A Lot is Riding on F-150 Lightning Electric Truck