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Pickup Trucks Market

Pickup Trucks Market Size, Share and Segmentation by Vehicle Type (Light Duty, Heavy Duty), by Truck Type (Small Size, Mid-Size, Full Size), by Fuel Type (Diesel, Petrol, Electric, Others), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/AUTO/1207 | May 2022 | Region: Global | 120 Pages

Report Scope & Overview:

Pickup Trucks Market Size was valued at USD 223 billion in 2021 and is expected to reach USD 269.63 billion by 2028 and grow at a CAGR of 2.75% over the forecast period 2022-2028.

Pick-up trucks are becoming increasingly popular as a result of their freight and passenger-carrying capabilities. Although the pick-up truck has a larger trunk capacity, it can be used for both business and non-commercial purposes. The pick-up truck market in the United States is growing. Pick-up trucks are becoming more fuel-efficient, and manufacturers are attempting to create lighter pickup trucks. This is the aspect that is increasing the popularity of pick-up trucks and will continue to fuel the industry. Components are becoming lighter in weight, and steel parts are being replaced, making pickup vehicles lighter and more fuel-efficient. The pickup vehicle market will be driven by these variables.

Pickup Trucks Market Revenue Graph

Pickup trucks are light-duty commercial vehicles having a limited load capacity. Pickup trucks are used for both business and personal purposes. Pickup trucks are popular because they can be used for a variety of tasks, including pulling carriages and transporting products. One of the primary elements driving pickup truck market expansion is the rising need for commodities transportation.

MARKET DYNAMICS: 

KEY DRIVERS: 

  • Increasing goods transportation due to the growth of small and medium-sized businesses.

  • The growing demand for eco-friendly mobility and acceptance of electric vehicles is likely to propel the industry.

  • Transportation volumes have increased as a result of increased urbanization.

RESTRAINTS: 

  1. Government regulations on emission control and rising gasoline prices are becoming increasingly strict.
  2. The bulk of pickup trucks run on diesel, which results in increased CO2 emissions.
  3. High retail prices for these trucks are one of the market's stumbling blocks.

OPPORTUNITIES: 

  • Electric Vehicles (EVs) are seeing an increase in product introductions as a result of government initiatives and manufacturers.

  • Manufacturers' increasing interest in developing lightweight, highly efficient, and technologically advanced utility trucks.

CHALLENGES: 

  • Pickup trucks are frequently used for business purposes, and the price of full-size pickup trucks is quite high.

  • Increasingly strict pollution laws are expected to boost the market, which will be even more expensive.

IMPACT OF COVID-19:

The global impact of the COVID-19 pandemic on passenger automobile production and sales was negative. Pandemic-related lockdowns and other limitations posed unprecedented problems to the car industry's supply chain. Production lines were suspended and product sales plunged due to a dearth of auto components and semiconductor chips, as well as a labor shortage. The semiconductor chip shortage is likely to persist in the future. The pickup truck sector is also being harmed by a major reduction in financing deals. Vehicle manufacturers in the pickup truck industry are also suffering inventory shortages.

As a result, high-end and heavier truck models are being scrutinized due to a reported inventory shortfall. As a result, manufacturers are hoping that the unique virus will fade away shortly, allowing them to restart production and resurrect market growth.

BY KEY MARKET PLAYERS:

Stellaris N.V., Ford Motor Company, Suzuki Motor Corp, Toyota Motor Corp., Nissan Motor Co. Ltd., Mercedes Benz, Volkswagen Group, Ashok Leyland Ltd., General Motors Company, Tata Motors Ltd., Hyundai Motor Company, Kia Corporation, Isuzu Motors, and Mahindra & Mahindra Ltd are major players in the pickup trucks market.

MARKET ESTIMATION: 

Market, By Vehicle Type:

The market is divided into two categories based on the kind of vehicle type: light duty and heavy duty. The segment will rise due to increased consumer desire and the rising popularity of light-duty pickup trucks due to their appearance and small space and size. The popularity of these models around the world contributed to the light-duty vehicle segment's dominance.

Market, By Truck Type:

The market is divided into truck types, which are further divided into small, mid, and full size. Medium-type trucks are traditional pickup trucks that are quite popular in the majority of regions, as seen by the segment's large market share in the global pickup truck market. Small pickup vehicles are becoming increasingly popular, which is boosting the pickup truck market.

Market, by Fuel Type:

The market is separated into four types of fuel types: petrol, diesel, electric, and others. Consumer preference for diesel engine-based pickup trucks over other fuel types further helps market growth. Over the projected period, the electric segment is expected to increase at the fastest rate. When it comes to pickup truck efficiency, a diesel engine has numerous advantages.

MARKET SEGMENTATION:

By Vehicle Type:

  • Light Duty

  • Heavy Duty

By Truck Type:

  • Small Size

  • Mid-Size

  • Full Size

By Fuel Type:

  • Diesel

  • Petrol

  • Electric

  • Others

 Pickup Trucks Market Segment Chart

REGIONAL ANALYSIS:

North America had the biggest market revenue share of more than 74.00 percent in 2021, and it is predicted to maintain its lead from 2022 through 2028, increasing at the quickest CAGR. Because of the robust and well-established market in North America, particularly in the United States, the market is extremely concentrated. Leading businesses such as Ford Motor Company, General Motors, and FCA are headquartered in the United States and have a substantial presence and market penetration in the region. Furthermore, the region's rise can be attributed to increased product awareness, consumer spending, and disposable income, as well as favorable market dynamics. The increased popularity of pickup trucks among consumers in this region for daily transportation as well as heavy utility applications is related to the regional market's higher growth. The rising middle class increased consumer spending and disposable income, and the rapid development of important regional players is likely to fuel regional market growth.

REGIONAL COVERAGE:

  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Pickup Trucks Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 223 Billion
Market Size by 2028 US$ 269.63  Billion
CAGR CAGR of 2.75% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Vehicle Type (Light Duty, Heavy Duty)
• by Truck Type (Small Size, Mid-Size, Full Size)
• by Fuel Type (Diesel, Petrol, Electric, Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles  Stellaris N.V., Ford Motor Company, Suzuki Motor Corp, Toyota Motor Corp., Nissan Motor Co. Ltd., Mercedes Benz, Volkswagen Group, Ashok Leyland Ltd., General Motors Company, Tata Motors Ltd., Hyundai Motor Company, Kia Corporation, Isuzu Motors, and Mahindra & Mahindra Ltd
Key Drivers •Increasing goods transportation due to the growth of small and medium-sized businesses.

•The growing demand for eco-friendly mobility and acceptance of electric vehicles is likely to propel the industry.
RESTRAINTS •Government regulations on emission control and rising gasoline prices are becoming increasingly strict.
•The bulk of pickup trucks run on diesel, which results in increased CO2 emissions.


Frequently Asked Questions (FAQ) :

Ans:- The market size is expected to reach USD 269.63 billion by 2028.

Ans:- The mid-size segment  is expected to see the most significant growth.

Ans:- Ford Motor Company, Toyota Motor Corp., Mercedes Benz, Volkswagen Group, General Motors Company, Tata Motors Ltd., and Mahindra & Mahindra Ltd are the most prominent players in the market.

Ans:- North America region is anticipated to be the primary driver of the market.


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of the Ukraine-Russia War

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Global Pickup Trucks Market Segmentation, by Vehicle Type

8.1 Light Duty

8.2 Heavy Duty

 

9. Global Pickup Trucks Market Segmentation, by Truck Type

9.1 Small Size

9.2 Mid-Size

9.3 Full Size

 

10. Global Pickup Trucks Market Segmentation, by Fuel Type

10.1 Diesel

10.2 Petrol

10.3 Electric

10.4 Others

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 the USA

11.2.2  Canada

11.2.3  Mexico

11.3 Europe

11.3.1  Germany

11.3.2  the UK

11.3.3  France

11.3.4  Italy

11.3.5  Spain

11.3.6  The Netherlands

11.3.7  Rest of Europe

11.4 Asia-Pacific

11.4.1  Japan

11.4.2  South Korea

11.4.3  China

11.4.4  India

11.4.5  Australia

11.4.6  Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1  Israel

11.5.2  UAE

11.5.3  South Africa

11.5.4  Rest

11.6 Latin America

11.6.1  Brazil

11.6.2  Argentina

11.6.3  Rest of Latin America

 

12. Company Profiles

12.1 Mahindra & Mahindra Ltd,

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Stellaris N.V.

12.3 Ford Motor Company

12.4 Suzuki Motor Corp

12.5 Toyota Motor Corp.

12.6 Nissan Motor Co. Ltd.

12.7 Mercedes Benz

12.8 Volkswagen Group

12.9 Ashok Leyland Ltd.

12.10 General Motors Company

12.11 Tata Motors Ltd.

12.12 Hyundai Motor Company

12.13 Kia Corporation

12.14 Isuzu Motors

 

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share analysis

13.3 Recent Developments

 

14. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of a good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach a stage wherein we can provide our clients best and most accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research as the name suggests is a research process wherein, we collect data through readily available information. In this process, we use various paid and unpaid databases to which our team has access and gather data through the same. This includes examining listed companies’ annual reports, Journals, SEC filling, etc. Apart from this, our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various universities as well as individual libraries.

Secondary Research

Step 2: Primary Research

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Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply sides of the industry to make sure we land an accurate judgment and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses, and observation of on-field participants. The below-mentioned chart should give a better understanding of part 1 of the primary interview.

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