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The pickup truck market size is forecast to increase by USD 102.91 billion at a CAGR of 5.01% between 2023 and 2028. The market is experiencing significant growth due to the increased utility of these vehicles in various sectors, including construction, agriculture, and transportation. Another key trend in the market is the increasing incorporation of lighter materials in pickup truck manufacturing, which not only reduces the weight of the vehicles but also enhances fuel efficiency and lowers emissions. Strict fuel efficiency and emission standards are driving manufacturers to innovate and develop more eco-friendly pickup trucks. These trends are expected to continue, shaping the future of the market.
The market is experiencing significant growth due to the increasing demand from B2C enterprises and the logistics industry. These vehicles, known for their cargo carrying capacity and versatility, are essential for commercial purposes in construction and infrastructure, off-road applications, and recreational uses. The market's growth can be attributed to the rapid economic growth and rising disposable incomes in various regions. Automobile manufacturers are responding to this trend by introducing new passenger car models with advanced specifications and features, including safety and connectivity. However, the complexity of pickup trucks, which are considered light-duty commercial vehicles, requires a bottom-up approach to understanding the market.
Predefined factors, such as vehicle registries, websites, car dealers, and environmental agencies, provide valuable insights into consumer preferences and trends. Websites and online marketplaces offer a convenient platform for buyers to compare specifications and prices of base models from various manufacturers. Environmental consciousness is also influencing the market, with manufacturers focusing on fuel efficiency and reducing emissions. Safety features, such as airbags and advanced driver-assistance systems, are becoming increasingly important to consumers. Overall, the market is poised for continued growth in the coming years.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The extended cab and crew cab segment is estimated to witness significant growth during the forecast period. Pickup trucks have gained significant popularity in the global market due to their versatility and suitability for both commercial and personal use. B2C enterprises and individual consumers alike value the cargo carrying capacity and flexibility of these multi-purpose vehicles. The specifications of pickup trucks vary, with base models offering different fuel efficiencies, propulsion types, and cargo carrying capacities. The E-commerce sector and the logistics industry have contributed to the increasing demand for pickup trucks, as they are essential for transporting goods and merchandise. Commercial vehicles, including midsize trucks, have become crucial for industries such as construction and infrastructure, off-road, and recreational purposes.
The complexity of pickup trucks has increased with the introduction of electric propulsion systems, including diesel, gasoline, hybrid, and electric pickup trucks. Consumer spending trends indicate a growing preference for fuel efficiency and environmentally friendly options. Environmental concerns and carbon emissions have become predefined factors in the selection process for both businesses and individuals. Websites, vehicle registries, and car dealers provide detailed information on pickup truck specifications, enabling customers to make informed decisions. The industrialization and rapid economic growth in various regions have led to rising disposable incomes, making pickup trucks an attractive investment for many. Overall, pickup trucks continue to be a preferred choice for those seeking versatile vehicles for commercial purposes or personal use.
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The extended cab and crew cab segment was valued at USD 229.00 billion in 2018 and showed a gradual increase during the forecast period.
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.
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The North American market is experiencing a shift towards more environmentally conscious and technologically advanced vehicles. Manufacturers are incorporating safety features such as driver-assistance systems and advanced infotainment systems to cater to evolving consumer preferences. Urbanization and the development of road networks have increased the demand for compact pickup truck models, which are more suitable for city driving. The market is characterized by intense competition, with product innovation and strategic partnerships being key differentiators. Fuel prices and economic conditions influence the choice of fuel type, with diesel, petrol, electric, light-duty, and heavy-duty pickups catering to individual and commercial use.
Manufacturers like Ford Motor and General Electric are investing in battery technology to offer electric pickup trucks, further expanding the market landscape.
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 driver of the market. Pickup trucks have gained significant popularity among consumers, surpassing the demand for new passenger cars. The versatility of pickup trucks, with their ability to carry heavy cargo loads and tow trailers, makes them an ideal choice for both commercial enterprises and individual consumers. For B2C enterprises, these vehicles cater to the logistics industry's needs, offering a higher cargo carrying capacity than mid-size trucks. Consumer spending in the E-commerce sector and industrialization have contributed to the rising demand for pickup trucks. Manufacturers offer various specifications in pickup trucks, catering to diverse customer preferences. 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.
Diesel engine segments dominate the market, but electric propulsion systems are gaining traction due to environmental concerns and carbon emissions. Websites, vehicle registries, and car dealers provide detailed information on pickup truck models, their features, and prices. Complexity in the market arises from the various trims, cargo bed sizes, and cab configurations. Light-duty vehicles, suitable for construction and infrastructure projects, and recreational vehicles, used for off-road activities, further add to the market's diversity. Rapid economic growth and rising disposable incomes have led to increased demand for these versatile vehicles, making the market a significant contributor to the commercial vehicles sector.
Increasing incorporation of lighter materials in pickup truck manufacturing is the upcoming trend in the market. In the automotive industry, B2C enterprises are witnessing a significant demand for pickup trucks, particularly in the commercial vehicle sector. These versatile vehicles cater to various industries, including logistics, construction, and infrastructure, as well as off-road and recreational uses. New passenger cars are seeing a shift towards fuel efficiency and eco-friendliness, but pickup trucks continue to prioritize cargo carrying capacity and power for commercial purposes. Manufacturers are addressing environmental concerns by focusing on fuel efficiency and exploring alternative propulsion types. Diesel pickup trucks have long been popular due to their power and durability, but gasoline, hybrid, and electric pickup trucks are gaining traction.
The diesel engine segment is expected to dominate the market due to its high power-to-weight ratio, but electric propulsion systems are becoming increasingly competitive. Consumer spending trends in the e-commerce sector and industrialization are driving the growth of the market. Complexity in vehicle specifications, such as base models and predefined factors, can be found on various websites and vehicle registries. Car dealers also play a crucial role in the sales process, offering a range of options to cater to diverse customer preferences. As pickup trucks are used for various applications, their fuel efficiency and environmental impact are becoming important considerations.
The light-duty vehicles' cargo carrying capacity and versatility make them essential for businesses and individuals alike. With rapid economic growth and rising disposable incomes, the market is expected to continue its upward trajectory.
Increasing stringency of fuel efficiency and emission standards is key challenge affecting the market growth. The market is witnessing significant growth due to the increasing demand for commercial vehicles in various B2C enterprises and the logistics industry. With the rise of e-commerce and industrialization, there is a growing preference for midsize and light-duty pickup trucks for cargo carrying capacity and versatility. Consumer spending in the E-commerce sector is driving the demand for pickup trucks, as they are ideal for transporting goods from one place to another. The specifications of base models vary based on predefined factors such as fuel efficiency, propulsion type, and cargo carrying capacity. Pickup trucks are available in different propulsion types, including diesel, gasoline, hybrid, and electric.
The diesel engine segment dominates the market due to its high power output and fuel efficiency. However, there is a growing trend towards electric propulsion systems in pickup trucks due to environmental concerns and the need for reduced carbon emissions. Government regulations, including fuel efficiency standards and emissions norms, are influencing the design and development of pickup trucks. Car dealers and vehicle registries are also playing a crucial role in the market by providing information about the specifications, features, and prices of different pickup truck models. The complexity of pickup trucks caters to various commercial purposes, including construction and infrastructure, off-road, and recreational vehicles.
Rapid economic growth and rising disposable incomes in developing economies are further fueling the demand for pickup trucks.
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.
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 witnessing significant growth due to the increasing demand from B2C enterprises and the logistics industry for commercial purposes. Midsize and light-duty pickup trucks are popular choices due to their cargo carrying capacity and versatility, suitable for both commercial and recreational uses. Consumers prefer pickup trucks for their fuel efficiency, cargo capacity, and propulsion type options, including diesel, gasoline, hybrid, and electric pickup trucks. Diesel pickup trucks continue to dominate the market due to their superior power and torque, while electric propulsion systems are gaining traction due to environmental concerns and rapid industrialization. Predefined factors such as specifications, base models, and vehicle registries are crucial for buyers when making a purchase.
Further, websites, car dealers, and e-commerce sector play a significant role in the sales process. Complexity in the market is increasing due to the growing number of offerings and consumer preferences. Moreover, the use of aluminum has increased the efficiency of the vehicle without compromising its performance. Pickup trucks are generally made of steel. The logistics industry, construction and infrastructure, and off-road applications are key sectors driving the demand for pickup trucks. Consumer spending, fuel efficiency, and environmental concerns are some of the key factors influencing the market's growth. Rapid economic growth and rising disposable incomes in developing economies are also contributing to the market's expansion.
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 6.85% |
Market growth 2024-2028 |
USD 7.19 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.34 |
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, 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. |
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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 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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