Report Scope & Overview:
Pickup Trucks Market Size was valued at USD 229.13 billion in 2022 and is expected to reach USD 284.66 billion by 2030 and grow at a CAGR of 2.75% over the forecast period 2023-2030.
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 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.
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.
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.
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, 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.
By Vehicle Type:
By Truck Type:
By Fuel Type:
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2022||US$ 229.13 Billion|
|Market Size by 2030||US$ 284.66 Billion|
|CAGR||CAGR of 2.75% From 2023 to 2030|
|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.
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
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
184.108.40.206 United Kingdom
220.127.116.11 South Korea
18.104.22.168 Rest of the World
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
9.3 Full Size
10. Global Pickup Trucks Market Segmentation, by Fuel Type
11. Regional Analysis
11.2 North America
11.2.1 the USA
11.3.2 the UK
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Mahindra & Mahindra Ltd,
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
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