What is the global market size of Pickup Truck Market?

Global Pickup Truck Market size was valued at USD 24.8 billion in 2021 and is poised to grow from USD 26.35 billion in 2022 to USD 38 billion by 2030, growing at a CAGR of 6.2% in the forecast period (2023-2030).

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: July, 2001
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.

Global Pickup Truck Market Report Snapshots

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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. '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'

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.

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.

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.

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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

Global Pickup Truck Market Insights

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