Wilmington, Delaware, United States, April 25, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global pickup truck market is anticipated to grow at a 5.2% CAGR from 2023 to 2031. A market valuation of US$ 177.5 billion is anticipated by end of the forecast period.
The increasing purchasing power due to rising disposable income, a rise in the number of product launches, and increasing spending on passenger vehicles are expected to drive market growth. Also, increased spending on research and development by key companies is enabling new launches in new-generation pickup trucks. Newly launched features such as improved functionality, better torque, higher carrying capacity, and increased fuel efficiency are anticipated to help the market to reach new heights.
An increasing number of product launches for better and aesthetic pickup trucks by the key manufacturers quickly becomes the talk of the town around the customers. This promotes consumers’ impulsive buying nature, thereby fueling the sales of pickup trucks.
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The rise in demand for extra comfort and multi-purpose utility vehicles among the population is further expected to generate growth in the market. In addition, growing popularity of online retail channels, rules, and regulations enforced on pickup trucks regarding fuel economic systems are also expected to boost market growth.
The guidelines and regulations imposed on pickup trucks are fewer compared to the rules enforced on other massive passenger vehicles. This factor is estimated to foster growth in the market.
Key Takeaways from the Market Report
- The global pickup truck market is expected to be worth US$ 118.35 billion as of 2023.
- From 2023 to 2031, the market is expected to grow with a CAGR of 5.2 %.
- By fuel type, the diesel segment is expected to lead the market in 2023 by accounting for 95.4% market share.
- By cabin type, the double cab segment is expected to dominate the market by accumulating a 65.2 % market share in 2023.
- As per TMR projections, the demand for pickup trucks in China is expected to grow at a significant CAGR of 5.1% throughout the forecast period.
Pickup Truck Market: Growth Drivers & Trends
- The growing need for light-duty transportation vehicles in several industries and commercial sectors is anticipated to fuel the demand for pickup trucks during the forecast period.
- Growing preference for pickup trucks among the consumers is due to rapid urbanization and increasing income levels. This is facilitating market growth.
- The extensive utilization of pickup trucks for off-roading trips & events, and the rise in recreational activities and adventure sports is positively influencing the demand outlook.
- Key players are launching electrically operated pickup trucks to decrease their carbon footprint. Additionally, with rising petrol prices, high demand for fuel-efficient and high-performance vehicles, and rising awareness about the ecological benefits of using electric trucks, the demand for pickup trucks is expected to grow.
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Pickup Truck Market: Regional Analysis
- North America accounted for the largest market revenue share of more than 74% in 2022. It is expected to retain its lead by accumulating over 80% market share by end of the forecast period. The market in this region is expected to grow with a CAGR of 5% during the assessment period.
- Due to highly concentrated pickup truck industry, majorly in the United States, the demand outlook seems to show a positive trend for the coming years. The wide presence of key players in the region, with leading players, such as General Motors, Ford Motor Company, and FCA, is expected to drive the demand for pickup trucks in the region.
- Asia Pacific is expected to accumulate sizeable growth in the coming years. The market in this region is expected to grow with a CAGR of 5.1% during the forecast period.
Key Points from TOC: .
1. Preface
1.1. About TMR
1.2. Market Coverage / Taxonomy
1.3. Assumptions and Research Methodology
2. Executive Summary
2.1. Global Market Outlook
2.1.1. Market Size, Thousand Units, US$ Mn, 2017-2031
2.2. Go to Market Strategy
2.2.1. Demand & Supply Side Trends
2.2.1.1. GAP Analysis
2.2.2. Identification of Potential Market Spaces
2.2.3. Understanding the Buying Process of the Customers
2.2.4. Preferred Sales & Marketing Strategy
3. Market Overview
3.1. Macro-Economic Factors
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunity
3.3. Market Factor Analysis
3.3.1. Porter’s Five Force Analysis
3.3.2. SWOT Analysis
3.3.3. Value Chain Analysis
3.4. Key Trend Analysis
3.5. Regulatory Scenario
3.6. Cost Structure Analysis
3.7. Profit Margin Analysis
4. Global Pickup Truck Market, by Cabin Type
4.1. Market Snapshot
4.1.1. Introduction, Definition, and Key Findings
4.1.2. Market Growth & Y-o-Y Projections
4.1.3. Base Point Share Analysis
4.2. Global Pickup Truck Market Revenue (US$ Mn) Analysis & Forecast, 2017-2031, by Cabin Type
4.2.1. Single Cab
4.2.1.1. Small Size
4.2.1.2. Mid-Size
4.2.1.3. Full Size
4.2.2. Double Cab
4.2.2.1. Small Size
4.2.2.2. Mid-Size
4.2.2.3. Full Size
4.2.3. Extended Cab
4.2.3.1. Small Size
4.2.3.2. Mid-Size
4.2.3.3. Full Size
4.2.4. Others Cab
4.2.4.1. Small Size
4.2.4.2. Mid-Size
4.2.4.3. Full Size
5. Global Pickup Truck Market, by Fuel Type
5.1. Market Snapshot
5.1.1. Introduction, Definition, and Key Findings
5.1.2. Market Growth & Y-o-Y Projections
5.1.3. Base Point Share Analysis
5.2. Global Pickup Truck Market Revenue (US$ Mn) Analysis & Forecast, 2017-2031, by Fuel Type
5.2.1. Gasoline
5.2.2. Diesel
5.2.3. Electric
TOC Continued……
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Pickup Truck Market: Prominent Players
The global pickup truck market is characterized by the presence of numerous regional as well as global entities. Some key pickup truck providers profiled by TMR include:
- Toyota Motor Corporation
- ISUZU MOTORS
- Mitsubishi Motors
- Great Wall Motor
- Hyundai Motor Company
- Ford Motor Company
- Nissan Motor Company
- GMC
- KIA
- CHEVROLET
- Jeep
- SsangYong GB
- Foton Motor Inc.
- MAXUS
- JMC Motors
- MAZDA
Prominent developments in the pickup truck domain by key players are as follows:
- In November 2021, Ford Motors showcased an all-electric F-100 Eluminator concept, a zero-tailpipe-emissions demonstration truck powered by the all-new Ford Performance Parts Eluminator electric crate motor. This is now available for online purchase.
- In June 2021, Ford Motors launched a new compact truck called Maverick. Claimed to be a value-packed model by the company, this truck has a standard 2.5L full hybrid engine or a 2.0L EcoBoost engine as an option. A 4G LTE Wi-Fi hotspot and an eight-inch Bluetooth display are also included.
Pickup Truck Market- Key Segments
By Cabin type
- Single Cab
- Small Size
- Mid-Size
- Full Size
- Double Cab
- Small Size
- Mid-Size
- Full Size
- Extended Cab
- Small Size
- Mid-Size
- Full Size
- Others Cab
- Small Size
- Mid-Size
- Full Size
By Fuel Type
- Gasoline
- Diesel
- Electric
By Transmission
- Manual
- Automatic
By Region
- North America
- Asia Pacific
- Latin America
- Europe
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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