USD 24.8 billion
Global Pickup Truck Market Size, Share, Growth Analysis, By Truck Type(Small Size Pickup Truck, Mid-Size Pickup Truck), By Propulsion Type(Diesel Pickup Truck, Gasoline Pickup Truck) - Industry Forecast 2024-2031
Report ID:
SQMIG25C2102 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
64 |
Figures:
75
Global Pickup Truck Market Insights
Global Pickup Truck Market size was valued at USD 24.8 billion in 2019 and is poised to grow from USD 26.35 billion in 2023 to USD 38 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).
Pickup trucks are commercial vehicles that are used for light to heavy jobs in the construction and logistics industry. The size of a pickup truck determines the complexity of the job. Besides, these vehicles come in various sizes depending on type of demand. The highest-selling pickup truck was the Ford f-series in the US which recorded a figure of 787,422 units followed by Chevrolet Silverado and Ram pickup with selling figures of 594,094 units and 563,676 units respectively in the year 2020. These trucks are mainly used in the logistics and transport industry and are considered light-duty vehicles. Pickup trucks have a good cargo carrying capacity for commercial purposes. With increasing customer preference for multi-purpose vehicles that provide better fuel efficiency and also cruse while carrying essential touring materials is increasing the demand for pickup truck market.
US Pickup Truck Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Mid-size pickup truck
Fastest Growth
Mid-size pickup truck
Growth Rate
6.2% CAGR
Global Pickup Truck Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Pickup Truck Market Size by Truck Type, 2021-2028 ($ Bn)
Global Pickup Truck Market Size by Truck Type, 2021-2028 (%)
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Global Pickup Truck Market Segmental Analysis
The global pickup truck market is segmented on the basis of truck type, propulsion type, and region. Based on truck type, the market is segmented into small-size pickup trucks, mid-size pickup trucks, and full-size pickup trucks. Based on propulsion type, the market is segmented into diesel pickup trucks, gasoline pickup trucks, hybrid pickup trucks, and electric pickup trucks. Based on region, the global Pickup Truck market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Pickup Truck Market Analysis by Truck Type
The pickup truck market is divided into small-size pickup trucks, mid-sized pickup trucks, and full-size pickup truck segments. The mid-size pickup truck segment is accounted for 40% of the total market segment in the year 2021 and expected to retain its dominance during the analysis period. These are high-power trucks that could perform various tasks and it comes in an attractive price range which makes them the most value for money option for buyers.
The small-size and full-size pickup trucks are expected to grow at a faster rate during our analysis period. The full-size pickup trucks are used at the commercial level for various purposes and hold the second largest market share of 32% in the year 2021. Increasing millennials’ preference for multipurpose as well as better performance and mobility is pushing the growth of small-size pickup trucks globally.
Pickup Truck Market Analysis by Propulsion Type
In 2022, the diesel engine segment held a mammoth portion of 79% of the global pickup truck market and the gasoline and hybrid segment will see tremendous growth during the forecast period with a CAGR of 6.5% due to increase in global emission norms. Ease of mobility and higher fuel efficiency in small-size pickup trucks with diesel engines enabled the diesel engine segment to dominate the market.
Growing environmental concerns make governments around the world to increase focus on reducing carbon emissions. This has propelled the growth of electric propulsion systems in pickup trucks and is expected to grow tremendously in the future. All these factors will help the pickup truck market to grow during the projected period.
Global Pickup Truck Market By Truck Type, 2021 (%), 2023 (%)
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Global Pickup Truck Market Regional Insights
North America is the leading producer and consumer of pickup trucks worldwide with a revenue share of around 66% of the global pickup truck market in 2022. The North American Pickup truck market accounted for US$ 120 billion in 2022 and is expected to grow to US$ 160 billion by the year 2030 with a CAGR of 5.9% over the period. Leading manufacturers like Ford Motors, General Motors, and Toyota Motors are the major factor in this pickup truck market dominance in the region. US and Canada are the major contributors to this dominance with increasing demand for electric mid and full-size pickup trucks and will fuel the market growth during the analysis period.
Europe and the Asia Pacific are expected to register a CAGR of 9% during the forecast period. High demand for sports utility vehicles and the lack of availability of small-size pickup trucks in the region are major factors for slow growth in the segment. But increasing investments by huge manufacturers to tap into the untapped market will drive the pickup truck segment growth during the analysis period.
Global Pickup Truck Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Pickup Truck Market Dynamics
Pickup Truck Market Drivers
Rising of e-commerce and growing industrialization are major factors driving the market.
- The growing popularity of online platforms and e-commerce has increased home delivery orders globally. These deliveries are carried out by mid and full-sized pickup trucks.
- Besides, the technological advances in the pickup truck category is one of the significant drivers for its popularity in remote areas.
Pickup Truck Market Restraint
Increasing environmental concerns and regulation of carbon emissions are restraining the market growth.
- Awareness regarding carbon emission and its harmful effects on the environment has forced governments around the world to make strict automobile policies to control carbon emissions.
- Growing regulation and finding alternatives has increased the cost of vehicles and this in turn is restraining the pickup truck market growth.
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Global Pickup Truck Market Competitive Landscape
The global pickup truck market is relatively fragmented, with a high level of competition. Few large players, like Ford Motor Company, Isuzu Motor, and Toyota Motor Corporation, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Pickup Truck Market Top Player’s Company Profiles
- Chevrolet
- Dodge
- Ford
- GMC
- Honda
- Isuzu
- Jeep
- Land Rover
- Mahindra
- Mazda
- Mitsubishi
- Nissan
- Ram
- SsangYong
- Tata
- Toyota
- Volkswagen
- Great Wall Motors
- JAC Motors
- Changan Automobile
Pickup Truck Market Recent Developments
- In June 2022, Daimler Truck a multi-national truck manufacturing company in India named Bharat Benz has laid the foundation for a 1.3MW solar plant which will add up to its existing 3.3MW solar capacity and is planning to go 100% new carbon zero by 2025.
- In April 2022, Isuzu Motor announced its mid-sized pickup truck named v-ross pickup in India with an updated infotainment system and other engine upgrades majorly BS6 1.9-liter turbo diesel engine, and with a price tag of 19.80 lakhs ex-showroom India.
Global Pickup Truck Key Market Trends
- Emergence of EV pickup truck: Rising fuel prices across the globe and increasing environmental concerns about the gasoline and diesel engines are pushing the growth of electric pickup trucks. The electric vehicle market is witnessing a growth of 39% CAGR over two years and projected to grow at a tremendous pace.
- Increase in investments for Innovative Products: Now every large manufacturer is investing in the e-pickup truck segment and rewarding government policies and growing e-vehicle demand have witnessed an amazing return. This trend seemed to grow during the analysis period and with more development in the technology and growing aftermarket service will see a boom in the electric pickup truck segment which will drive the growth of the pickup truck market during the analysis period.
Global Pickup Truck Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global pickup truck market report analysis, the pickup trucks have been very successful over the years. The mid-size pickup truck segment is accounted for 45% of the total market segment in the year 2022 and expected to retain its dominance during the analysis period. Leading manufacturers like Ford Motors, General Motors, and Toyota Motors are the major factor in this pickup truck market dominance in the region. US and Canada are the major contributors to this dominance with increasing demand for electric mid and full-size pickup trucks and will fuel the market growth during the analysis period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 24.8 billion |
| Market size value in 2031 | USD 38 billion |
| Growth Rate | 6.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered | |
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Pickup Truck Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Pickup Truck Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Pickup Truck Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Pickup Truck Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Pickup Truck Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Pickup Truck Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Pickup Truck Market Report Snapshots
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