US - Pickup Truck Market by Product and Type - Forecast and Analysis 2023-2027

US Pickup Truck Market Forecast 2023-2027 

The US pickup truck market size is estimated to increase by USD 51.05 billion between 2022 and 2027. The market size is forecast to grow at a CAGR of 4.92%. The growth 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 vehicles in the US. 

What will be the size of the US Pickup Truck Market During the Forecast Period?

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Market Dynamics

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.

Key Driver

Increased utility of pickup trucks is the key factor driving 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 the vehicles make them suitable for both commercial and non-commercial use. In the US, pickup vehicles are offered in a variety of finishes to accommodate more passengers without sacrificing cargo capacity.

Moreover, automobile companies equip the vehicles with luxurious interiors to bring a premium feel to passengers. This is one of the reasons why the demand is increasing among families looking for a comfortable family car for daily travel in the US. Therefore, these factors will drive the market during the forecast period.

Key Trends

Increasing incorporation of lighter materials in manufacturing is the primary trend shaping the market.  Pickup trucks are usually made of steel. Using alternative materials to build vehicles 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 during the forecast period. 

Key Challenge

The high manufacturing cost of these vehicles is a challenge that affects the market. Manufacturing pickup vehicles 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 sales. This will pose a challenge to the growth, which will impede the market during the forecast period.

Market Customer Landscape

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 strategies.

Market Customer Landscape

Who are the Major US Pickup Truck Market Companies?

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 research report also includes detailed analyses of the competitive landscape of the market and information about 12 market companies, including:

• 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
• Toyota Motor Corp.
• Volkswagen AG

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 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.

What is the Largest-Growing Segments in the Market?

The full-size pickup truck segment is estimated to witness significant growth during the forecast period. Automakers offer several variants of full-size vehicles 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 vehicle.

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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 vehicles 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 vehicles with risen towing or hauling capabilities. Therefore, these factors will boost the growth of the segment and the market during the forecast period.

Segment Overview

The market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook (USD Billion, 2017 - 2027)
  • Full-size pickup truck
  • Small-size
  • Mid-size pickup truck

• Type Outlook (USD Billion, 2017 - 2027)
  • Extended cab|crew cab
  • Regular cab

Market Analyst Overview

The Market in the US is witnessing significant growth driven by new-generation models boasting enhanced torque, payload capacity, and fuel efficiency. Despite initial challenges due to sluggish demand and supply chain disruptions during lockdowns, the market has rebounded, propelled by rising consumer reach and affordability. With a focus on greenhouse gas emission control and CO2 reduction, manufacturers are increasingly introducing electric segment options, aligning with global efforts to combat global warming. Companies like Stellantis Group and General Motors are at the forefront of product launches, investing heavily in research and development to meet evolving consumer preferences.

With a diverse range of light-duty and heavy-duty vehicle types catering to varying needs, the market continues to thrive, reflecting the country's enduring fascination with versatile and powerful trucks. The market is experiencing dynamic shifts, driven by developments in both developing and developed economies. The automotive industry, particularly the production and sales of passenger cars, plays a pivotal role. However, challenges like the semiconductor chip shortage and labor issues impact the sector. Insights into fuel types reveal a noteworthy trend in the diesel segment, contributing significantly to revenue share due to rising affordability. On the other hand, the growth rate of electric vehicles (EVs) is notable, influenced by disposable income and a focus on environmentally friendly options. Diving into vehicle types, light-duty pickup trucks are gaining traction, driven by factors such as the rising popularity of General Motors Company and their emphasis on horsepower. In the heavy-duty vehicle type segment, ongoing developments are shaping the landscape, emphasizing the role of passenger vehicles and their impact on the overall market dynamics.

US Pickup Truck Market Scope
Report Coverage	Details
Page number	128
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 4.92%
Market growth 2023-2027	USD 51.05 billion
Market structure	Concentrated
YoY growth 2022-2023(%)	4.35
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
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
Market dynamics	Parent market analysis, Market forecasting, 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.
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.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market across US
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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