The Pickup Trucks Market Size was valued at USD 235.43 billion in 2023 and is expected to reach USD 292.49 billion by 2031 and grow at a CAGR of 2.75% over the forecast period 2024-2031.
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 trucks market will be driven by these variables.
Get More Information on Pickup Trucks Market - Request Sample Report
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.
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:
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
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
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.
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.
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.
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:
Light Duty
Heavy Duty
By Truck Type:
Small Size
Mid-Size
Full Size
By Fuel Type:
Diesel
Petrol
Electric
Others
Get Customized Report as per your Business Requirement - Request For Customized Report
North America had the biggest market revenue share of more than 74.00% in 2023, and it is predicted to maintain its lead from 2023 through 2031, 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
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.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 235.43 Billion |
| Market Size by 2031 | US$ 292.49 Billion |
| CAGR | CAGR of 2.75% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| 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 292.49 billion by 2031.
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:- Yes.
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 Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 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
9.2 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 good and accurate research report and selecting the best methodology to compete 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 at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of 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 university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
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 the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement 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 filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Air Powered Vehicle Market Size was valued at USD 119.96 million in 2023 and is expected to reach USD 4428.40 million by 2031 and grow at a CAGR of 57% over the forecast period 2024-2031.
The Industrial Vehicles Market Size was valued at USD 39.44 billion in 2022 and is expected to reach USD 54.09 billion by 2030 and grow at a CAGR of 4.02% over the forecast period 2023-2030.
The Electric Bus Market Size was valued at USD 18.4 billion in 2023 and is expected to reach USD 56.28 billion by 2031 and grow at a CAGR of 15% over the forecast period 2024-2031.
The Light Car Trailer Market size is expected to reach USD 2.05 Bn by 2030, the market was valued at USD 1.40 Bn in 2022 and will grow at a CAGR of 3.5% over the forecast period of 2023-2030.
The Light Commercial Vehicles Market Size was valued at USD 610.07 billion in 2023 and is expected to reach USD 936.27 billion by 2031 and grow at a CAGR of 5.5% over the forecast period 2024-2031.
The Intelligent Traffic Management System Market Size was valued at USD 11.14 billion in 2022 and is expected to reach USD 28.80 billion by 2030 and grow at a CAGR of 12.6% over the forecast period 2023-2030.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
