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The US - pickup truck market size is estimated to grow at a CAGR of 4.92% between 2022 and 2027. The market size is forecast to increase by USD 51.05 billion. The growth of the market depends on several factors such as the increased utility of pickup trucks, the increasing product portfolio for pickup trucks, and the increasing penetration of advanced driver assistance features in pickup trucks in the US.
This US pickup truck market report extensively covers market segmentation by product (full-size pickup truck, small-size, and mid-size pickup truck) and type (extended cab, crew cab, and regular cab). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 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 growth of the market. Pickup trucks are increasingly popular over hatchbacks and sedans because they offer better value. Additionally, the raised trunk capacity and towing capacity of pickup trucks make them suitable for both commercial and non-commercial use. In the US, pickup trucks are offered in a variety of finishes to accommodate more passengers without sacrificing cargo capacity.
Moreover, automobile companies equip pickup trucks with luxurious interiors to bring a premium feel to passengers. This is one of the reasons why the demand for pickup trucks is increasing among families looking for a comfortable family car for daily travel in the US. Therefore, these factors will drive market growth during the forecast period.
Increasing incorporation of lighter materials in pickup truck manufacturing is the primary trend shaping the growth of the market. Pickup trucks are usually made of steel. Using alternative materials to build trucks will increase fuel efficiency and reduce emissions. In addition, when lighter materials are used for production, more engine power can be allotted to towing or pulling.
Additionally, the aluminum variant offers greater towing capacity by using a V6 engine instead of a V8. The use of aluminum increases the vehicle's performance without affecting its performance. Therefore, such a proposal is expected to be followed by major automobile manufacturers as a trend in the US market and will boost the growth of the market during the forecast period.
The high manufacturing cost of pickup trucks is a challenge that affects the growth of the market. Manufacturing pickup trucks is capital-intensive due to the high precision required for components such as brakes, axles, suspension systems as well and traction and steering cylinders. In addition, the prices of raw materials such as stainless steel, hardened steel, cast iron, and other metal alloys continuously fluctuate. The adoption of newer technologies will also increase production costs.
Additionally, regulations on fuel emissions and efficiency are driving OEMs to install advanced technologies, increasing production costs. Rising production costs force manufacturers to pass costs on to customers, slowing new pickup truck sales. This will pose a challenge to the growth of pickup trucks, which will 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 also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
US 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 12 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 full-size pickup truck segment is estimated to witness significant growth during the forecast period. Automakers offer several variants of full-size pickup trucks because these trucks offer higher profit margins to dealers than compact and mid-size pickups. All pickups have a Gross Vehicle Weight Rating (GVWR) of 6,000 lbs to 14,000 Ibs considered a large pickup truck.
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The full-size pickup truck segment was the largest segment and was valued at USD 133.28 billion in 2017. Full-size pickup trucks primarily come with V6 engines and higher engine configurations such as V8 options for better performance and fuel economy. V8-powered full-size trucks offer advanced powertrain technologies, such as cylinder deactivation, to streamline engine operation. Automakers, specifically General Motors and Ford Motor Co., are offering diesel variants of full-size pickup trucks with risen towing or hauling capabilities. Therefore, these factors will boost the growth of the segment and the US - pickup truck market during the forecast period.
The US pickup truck market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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US Pickup Truck Market Scope |
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Report Coverage |
Details |
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Page number |
128 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.92% |
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Market growth 2023-2027 |
USD 51.05 billion |
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Market structure |
Concentrated |
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YoY growth 2022-2023(%) |
4.35 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Ford Motor Co., General Electric Co., Honda Motor Co. Ltd., Hyundai Motor Co., Isuzu Motors Ltd., Mitsubishi Motors Corp., Nissan Motor Co. Ltd., Rivian Automotive Inc., Stellantis NV, Tesla Inc., Toyota Motor Corp., and Volkswagen AG |
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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, and market condition analysis for the forecast period. |
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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 Product
7 Market Segmentation by Type
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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