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The US pickup truck market size is forecast to increase by USD 49.4 billion at a CAGR of 4.6% between 2023 and 2028. The pickup truck market in the US is experiencing significant growth, driven by the increased utility of pickup trucks for both personal and commercial use. This trend is further fueled by the incorporation of lighter materials in pickup truck manufacturing, leading to improved fuel efficiency and reduced emissions. Additionally, the increasing sales of used vehicles in the US market present a lucrative opportunity for pickup truck manufacturers and dealers. The demand for pickup trucks is expected to continue its upward trajectory, as they offer versatility, durability, and functionality that cater to the diverse needs of consumers in the US.
The market is driven by several factors, including torque and towing capacity, payload capacity, and cargo area, which cater to the general utility needs of customers. Fuel efficiency is also a significant consideration for buyers, with both diesel and gasoline fuel types gaining popularity. However, the market has experienced sluggish demand due to various reasons, including consumer reach limitations and lockdowns. The supply chain disruptions caused by the pandemic have affected production and sales, leading to increased costs for auto parts and semiconductor chips. The diesel segment is expected to dominate the market due to its high torque and towing capacity, but the rising affordability and CO2 emission concerns of electric vehicles (EVs) in the electric segment are expected to drive growth at a higher rate in the coming years. Fuel-type insights reveal that the diesel segment is expected to maintain its market share, but the electric segment is expected to gain traction as developing economies adopt more sustainable transportation solutions.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The Full-size pickup truck segment is estimated to grow significantly during the forecast period. In the US market, full-size pickup trucks continue to be a preferred choice among customers due to their superior torque, payload capacity, and towing ability. Manufacturers offer various models within this segment, catering to diverse consumer needs. Full-size pickup trucks, with a gross vehicle weight rating (GVWR) ranging from 6,000 lbs. To 14,000 lbs., are characterized by increased engine capacity and higher ground clearance. These trucks often come in heavy-duty versions, denoted by numeric labels such as 3500 and 2500, boasting enhanced load-hauling and towing capacity. Capable of hauling fifth-wheel trailers, they cater to the requirements of businesses and individuals with significant cargo needs.
However, the pickup truck market has experienced sluggish demand due to various factors, including supply chain disruptions caused by lockdowns, labor shortages, and the unavailability of auto parts, particularly semiconductor chips. Fuel efficiency and CO2 emission concerns have led some consumers to consider fuel type insights, with the diesel segment experiencing a revival due to its fuel efficiency and higher torque. Additionally, the rising affordability of electric vehicles (EVs) and the growth rate of the electric segment have made them increasingly attractive options for some customers. These manufacturers offer a range of horsepower options, catering to various consumer preferences. The pickup truck market is expected to recover, with the demand for light-duty pickup trucks remaining strong.
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The Full-size pickup truck segment was valued at USD 138.10 billion in 2018 and showed a gradual increase during the forecast period.
Our market 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.
The increased utility of pickup trucks is the key driver of the market. Pickup trucks have gained significant popularity in the US market, surpassing the demand for sedans and hatchbacks. The primary reason for this shift is the enhanced utility these vehicles provide. Pickup trucks offer increased trunk capacity and superior towing capability, making them ideal for both commercial and personal use.
Unlike SUVs, crossovers, hatchbacks, or sedans, pickup trucks can transport larger cargo loads and accommodate a family of five comfortably. Manufacturers in the US offer various trims for pickup trucks to cater to diverse customer needs. For instance, extended cab trims prioritize additional passenger seats without compromising cargo bed space.
The increasing incorporation of lighter materials in pickup truck manufacturing is the upcoming trend in the market. In the US pickup truck market, automakers are prioritizing the development of fuel-efficient models to adhere to regulatory standards.
Additionally, the lighter weight enables more engine power to be allocated towards towing capabilities, allowing the use of a V6 engine instead of a V8 engine for greater towing capacity. Traditional pickups are predominantly constructed from steel, but the adoption of alternative materials, such as aluminum, is gaining traction. The shift towards lighter materials not only enhances fuel efficiency but also improves overall performance.
Increasing sales of used vehicles in the US is a key challenge affecting the market growth. The pickup truck market is witnessing a trend towards the increased popularity of used pickup trucks due to their affordability compared to new models. This trend is driven by the shortening of vehicle ownership cycles in the country, resulting in a constant influx of used pickup trucks into the market. Despite being used for only a fraction of their effective operational life, these vehicles offer significant cost savings.
However, the average ownership cycle of new passenger cars in the US is relatively small, with most cars being sold and exchanged for newer models after four to five years. This trend is expected to continue, potentially impacting the demand for new pickup trucks in the US during the forecast period.
The market forecasting 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 market growth analysis strategies.
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.
Tesla Inc.: The company offers pickup trucks, namely Cybertruck, made with ultra-hard 30X cold rolled stainless steel.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 market is driven by factors such as torque, payload capacity, and towing capacity, making it a preferred choice for customers in various industries. Fuel efficiency, a critical consideration for consumers, is influenced by the fuel type, with diesel continuing to be a popular option due to its higher payload capacity and torque. However, the market has been experiencing sluggish demand due to various reasons including lockdowns, supply chain disruptions, and labor shortages. The production and sales of light-duty pickup trucks have been impacted by these challenges.
Furthermore, the electric segment of pickup trucks is gaining traction due to rising affordability and the need to reduce CO2 emissions. The growth rate of the electric vehicle (EV) segment is expected to accelerate in the coming years. The Stellantis Group and General Motors Company are among the key players in the market, with horsepower and cargo area being other important factors influencing consumer reach. The fuel-type insights indicate that the diesel segment will continue to dominate the market, but the electric segment is poised for significant growth. Semiconductor chips and auto parts shortages are also impacting the market's recovery.
Market Scope |
|
Report Coverage |
Details |
Page number |
133 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.6% |
Market growth 2024-2028 |
USD 49.4 billion |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
4.18 |
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 LLC, Stellantis NV, Tesla Inc., Toyota Motor Corp., and Volkswagen AG |
Market dynamics |
Parent market analysis, market growth inducers and obstacles,market forecast , 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 market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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 Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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