Pickup Truck Market Size Worth USD 299.98 Billion, Globally, by 2030 at a CAGR of 5.3%
Pickup Truck Market Size to be Valued at USD 299.98 Billion by 2030; Rising Use of Pickup Trucks in E-Commerce Sector and Growth in Off-Road Activities to Augment Market Growth
Pune, India., Oct. 05, 2023 (GLOBE NEWSWIRE) -- The global pickup truck market size was valued at USD 199.23 billion in 2022 and is expected to be worth USD 208.67 billion in 2023. The market is projected to reach USD 299.98 billion by 2030, recording a CAGR of 5.3% during the forecast period.
Pickup trucks are light-duty automobiles that can transport cargo as well as products. Many countries across North America, such as Mexico and the U.S. are using these trucks as passenger vehicles as well. These vehicles have a lot of space for cargo, which makes them suitable for different commercial applications. These features will boost their demand, thereby fueling the pickup truck market growth.
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*Drivers & Restraints-*
*Rising Vehicle Use in E-Commerce Sector and Growth in Off-Road Activities to Augment Market Growth*
Online retail shopping platforms have gained immense popularity in recent years, which is expected to drive the market share as these trucks can be used to offer last-mile delivery services. The demand for lightweight transport solutions has gained notable attention from end-users and customers. Many manufacturers are focusing on creating lightweight and technologically advanced utility trucks, which will further accelerate the market expansion.
However, strict government regulations regarding carbon emissions may increase the cost of these vehicles, thereby restricting the market’s progress.
*Report Highlights:**Report Coverage* *Details*
Forecast Period 2023-2030
Forecast Period 2023 to 2030 CAGR 5.3%
2030 Value Projection USD 299.98 Billion
Base Year 2022
Market Size in 2023 USD 208.67 Billion
Historical Data for 2019-2021
No. of Pages 200
*Competitive Landscape-*
*Firms to Use Long-term Growth Strategies to Boost their Market Presence*
Ford Motor, Jeep, Nissan, RAM, Fiat Chrysler Automobile, GMC, Toyota, and Volkswagen AH are some of the leading players operating in this market. They are implementing various long-term growth strategies, such as mergers, acquisitions, and partnerships, to enhance their market presence. There also boosting their R&D activities to identify long-term growth opportunities.
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*Segments-*
*Price Flexibility and Versatility Offered by Midsize Trucks to Boost their Demand*
Based on truck type, the market is segmented into small size, midsize, and full size. The midsize segment held a dominant pickup truck market share in 2022 as these truck provide high versatility in their operations and come in a flexible price range.
*Diesel Propulsion Engines to Gain Traction Due to their High Efficiency*
Based on propulsion type, the market is divided into gasoline, diesel, electric, and hybrid. The diesel segment captured a majority of the market share as diesel-powered engines are highly efficient and generate high torque value as compared to other engines.
*Consistent Technological Advancements to Boost Demand for Drivetrains*
Based on component, the market is bifurcated into drivetrain, interior, body, electrical & electronics, and chassis. The drivetrain segment is predicted to hold a dominant market share during the forecast period as manufacturers are introducing several technological advancements to improve their performance. With respect to region, the market covers North America, Europe, Asia Pacific, and the Rest of the World.
*Segmentation* *By Truck Type*
· Small Size
· Midsize
· Full Size
*By Propulsion Type*
· Diesel
· Gasoline
· Hybrid
· Electric
*By Component*
· Drivetrain
· Interior
· Body
· Electrical & Electronics
· Chassis
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*Regional Insights:*
*North America Market to Gain Momentum with Robust Presence of Reputed Vehicle Manufacturers*
North America dominated the global market and might maintain this position in the coming years as the region has a vast presence of reputed manufacturers that are operating in this market. These include Ford Motor Company, Honda Motors, and General Motors in the U.S. The region also has a well-established commercial sector, further enhancing the product demand.
The APAC region has held the second-largest share in the market as governments across the region have started introducing various initiatives to boost the electrification of these vehicles.
*Report Coverage:*
The report analyzes the market in detail and covers important areas such as leading product types, prominent manufacturers, competitive landscape, and key product applications. The report also provides valuable insights into the latest industry trends, highlights key market developments, and encompasses many other factors contributing to the market’s growth in recent years.
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*A list of prominent **Pickup Truck manufacturers operating in the global market:*
· Ford Motor Company (U.S.)
· FAW Group (China)
· Fiat Chrysler Automobile (Netherlands)
· GMC (U.S.)
· Honda Motor (Japan)
· Isuzu Motor (Japan)
· Mercedes Benz (Germany)
· Nissan Motor Company (Japan)
· Toyota Motor Corporation (Japan)
· Mahindra & Mahindra (India)
· Volkswagen AG (Germany)
*COVID-19 Impact:*
*COVID-19 Pandemic Caused Decline in New Vehicle Demand, Impeded Market Growth*
The automotive industry was severely impacted by the COVID-19 pandemic as supply chains were severely disrupted, thereby slowing the production of light-duty vehicles. Many automakers were forced to close their manufacturing facilities and decrease their production targets due to lack of adequate raw materials and labor. Moreover, the pandemic also created severe economic uncertainty among people, making them reluctant to buy new vehicles. This scenario further impeded the expansion of this industry.
*Notable Industry Development:*
*December 2022 – *Toyota unveiled its first battery electric midsize pickup truck, called the Hilux Revo BV, for its customers in Thailand. The truck featured a single cab and an extended bed designed to support carbon neutrality.
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*Table of Content: *
· Introduction
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· Executive Summary
· Market Dynamics
· Market Drivers
· Market Restraints
· Market Opportunities
· Market Trends
· Key Insights
· Key Industry Developments - Mergers, Partnerships, and Collaborations
· Latest Technological Advancements
· Porters Five Forces Analysis
· Impact of COVID-19
· Global Pickup Truck Market Analysis, Insights and Forecast, 2019-2030
· 5.1 Key Findings / Definition
· 5.2. Market Analysis, Insights and Forecast - By Truck Type
· 5.2.1. Small Size
· 5.2.2. Midsize
· 5.2.3. Full Size
· 5.3. Market Analysis, Insights and Forecast - By Propulsion
· 5.3.1. Diesel
· 5.3.2. Gasoline
· 5.3.3. Hybrid
· 5.3.4. Electric
· 5.4. Market Analysis, Insights and Forecast - By Components
· 5.4.1. Drivetrain
· 5.4.2. Interior
· 5.4.3. Body
· 5.4.4. Electronics
· 5.4.5. Chassis
· 5.5. Market Analysis, Insights and Forecast - By Region
· 5.5.1. North America
· 5.5.2. Europe
· 5.5.3. Asia Pacific
· 5.5.4. Rest of World
· North America Pickup Truck Market Analysis, Insights and Forecast, 2019-2030
· Market Analysis, Insights and Forecast - By Truck Type
· Small Size
· Mid-Size
· Full Size
· Market Analysis, Insights and Forecast - By Propulsion
· Diesel
· Gasoline
· Hybrid
· Electric
· Market Analysis, Insights and Forecast - By Components
· Drivetrain
· Interior
· Body
· Electronics
· Chassis
· Market Analysis, Insights and Forecast - By Country
· U.S.
· Market Analysis, Insights and Forecast - By Truck Type
· Canada
· Market Analysis, Insights and Forecast - By Truck Type
· Mexico
· Market Analysis, Insights and Forecast - By Truck Type
· Europe Pickup Truck Market Analysis, Insights and Forecast, 2019-2030
· Market Analysis, Insights and Forecast - By Truck Type
· Small Size
· Midsize
· Full Size
· Market Analysis, Insights and Forecast - By Propulsion
· Diesel
· Gasoline
· Hybrid
· Electric
· Market Analysis, Insights and Forecast - By Components
· Drivetrain
· Interior
· Body
· Electronics
· Chassis
· Market Analysis, Insights and Forecast - By Country
· U.K.
· Market Analysis, Insights and Forecast - By Truck Type
· Germany
· Market Analysis, Insights and Forecast - By Truck Type
· Italy
· Market Analysis, Insights and Forecast - By Truck Type
· France
· Market Analysis, Insights and Forecast - By Truck Type
· Rest of the Europe
· Market Analysis, Insights and Forecast - By Truck Type
· Asia Pacific Pickup Truck Market Analysis, Insights and Forecast, 2019-2030
· Market Analysis, Insights and Forecast - By Truck Type
· Small Size
· Midsize
· Full Size
· Market Analysis, Insights and Forecast - By Propulsion
· Diesel
· Gasoline
· Hybrid
· Electric
· Market Analysis, Insights and Forecast - By Components
· Drivetrain
· Interior
· Body
· Electronics
· Chassis
· Market Analysis, Insights and Forecast - By Country
· China
· Market Analysis, Insights and Forecast - By Truck Type
· Japan
· Market Analysis, Insights and Forecast - By Truck Type
· India
· Market Analysis, Insights and Forecast - By Truck Type
· Thailand
· Market Analysis, Insights and Forecast - By Truck Type
· South Korea
· Market Analysis, Insights and Forecast - By Truck Type
· RoAPAC
· Market Analysis, Insights and Forecast - By Truck Type
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