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The pickup truck market size is estimated to grow at a CAGR of 5.01% between 2023 and 2028. The market size is forecast to increase by USD 102.91 billion. The accelerated growth of the market is due to various factors, including the increased utility of pickup trucks, the expanding product portfolio for pickup trucks, and the rising penetration of advanced driver assistance features in pickup trucks
The report offers extensive research analysis on the Pickup Truck Market, offering forecasts for the industry segmented by Type, which comprises extended cab and crew cab, regular cab. Additionally, it categorizes Product into full-size pickup truck, small-size and mid-size pickup truck, and covers regions, including North America, APAC, Europe, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increased utility of pickup trucks is the key factor driving the market growth. Pickup trucks are increasingly being preferred over sedans and hatchbacks, as these offer a higher value proposition. Furthermore, the increased trunk capacity and towing capability of pickup trucks make them suitable for both commercial and non-commercial purposes. These vehicles can transport greater cargo loads, as well as carry a 5-member family, unlike an SUV, a crossover, a hatchback, or a sedan.
Moreover, automobile makers are capitalizing on the increasing demand for pickup trucks globally and implementing various refinements to increase their fuel efficiency. Vehicle makers are equipping pickup trucks with plush interiors to provide a premium feel to passengers. This is also one of the reasons for the growing preference for pickup trucks by families looking for a comfortable or daily commute family car. Thus, such factors will drive the market's growth during the forecast period.
Increasing incorporation of lighter materials in pickup truck manufacturing is the primary trend shaping market growth. Vehicle makers are focusing on increasing the fuel efficiency of their vehicles to comply with fuel efficiency standards. Pickup trucks are generally made of steel. Using alternate materials to manufacture pickup trucks would increase fuel efficiency and reduce emissions. Moreover, when lighter materials are used for manufacturing, more engine power can be allocated to pulling or towing.
For example, Ford Motor offers an F-150 pickup truck made of aluminum. The aluminum F-150 pickup truck is about 700 lb. lighter than the steel variant and offers increased mileage. Moreover, the use of aluminum has increased the efficiency of the vehicle without compromising its performance. Thus, such a proposition is expected to be followed as a trend in the market by other major vehicle manufacturers and will propel the market's growth during the forecast period.
Increasing stringency of fuel efficiency and emission standards is a challenge that affects market growth. Declining air quality levels have driven various environmental organizations globally to take strict action and impose regulations. Vehicular emissions from cars and light trucks, including pickup trucks, are one of the major contributors to air pollution. The Federal Government in many countries has also enacted fuel efficiency standards to decrease the consumption of petroleum fuels. Fuel-efficient vehicles produce significantly less emissions as less fuel is consumed.
Furthermore, the average fuel economy for light-duty vehicles, including pickup trucks and cars, was about 25.7 miles per gallon in 2020. This is driving regulatory bodies to upgrade the existing fuel economy standards. Rising stringency of fuel efficiency and emission standards will pose a challenge to producing pickup trucks and may impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Pickup Truck Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The extended cab and crew cab segment is estimated to witness significant growth during the forecast period. pickup truck vehicles can carry a larger number of passengers and are capable of hauling cargo in their cargo bed. Extended cab-style pickup trucks have smaller seats in the back and small doors that can be opened from the inside to provide access to the rear seats. Crew cab-style pickup trucks offer two rows of seats and four full-size doors.
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The extended cab and crew cab segment was the largest segment and was valued at USD 229.00 billion in 2018. Customers seeking a cost-effective vehicle that can seat a family comfortably and transport a significant amount of cargo would prefer an extended cab pickup model. Conversely, those who prioritize large and comfortable seats that provide additional seating space for their passengers and do not necessitate a large cargo bed will prefer a crew cab pickup. Thus, such factors under the extended cab and crew cab segment will drive the growth of the market during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Modern pickup trucks have advanced technologies like driver-assistance systems, infotainment advancements, and connectivity possibilities despite being historically appreciated for their strong towing and payload capacities. The rising desire for automobiles that skillfully blend workhorse characteristics with comfort and convenience is reflected in this progression.
Moreover, automobile manufacturers in North America, like Ford Motor, General Electric, etc., have equipped pickup trucks with advanced technologies such as coil-spring rear suspensions and turbocharged V6 engines to create vehicles compatible with personal and commercial usage. Furthermore, major vehicle manufacturers are vying for market share by offering various online design customization options for their pickup models. This growth is projected to remain strong in the North America pickup truck market during the forecast period.
The pickup truck market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Pickup Truck Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.01% |
Market Growth 2024-2028 |
USD 102.91 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.63 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Dr. Ing. h.c. F. Porsche AG, Ford Motor Co., General Electric Co., Honda Motor Co. Ltd., Hyundai Motor Co., Isuzu Motors Ltd., Jiangling Motors Corp. Ltd., KG Mobility, Mahindra and Mahindra Ltd., Mercedes Benz Group AG, Mitsubishi Motors Corp., Renault SAS, Rivian Automotive Inc., Stellantis NV, Suzuki Motor Corp., Tata Motors Ltd., Ashok Leyland Ltd., Beijing Automotive Group Co. Ltd., Great Wall Motor Co. Ltd., and Toyota Motor Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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