Westford, USA, Nov. 21, 2022 (GLOBE NEWSWIRE) -- The global pickup truck market is expected to grow at a CAGR of 4.7% during the 2022-2028 period, according to a report by SkyQuest. The growth of the pickup truck industry is mainly attributed to the increasing preference for these vehicles among consumers in developed markets such as North America, Europe and Asia Pacific. Pickup trucks are typically used for commercial purposes such as transporting goods or providing utility services. The segments that are expected to experience the highest growth rates include utility vehicles (up 9% annually) and cargo vans (up 7%). However, Pickup trucks will also be increasingly used for personal purposes such as tourism and commuting due to their comfortable seating arrangements and superior handling characteristics.
Pickup trucks remain a popular option for small businesses and consumers alike in the global pickup truck market, even in an increasingly competitive marketplace. SkyQuest forecasts that global sales of pickup trucks will exceed 1 million units in 2021. In the U.S., pickup truck sales are forecasted to grow by 9% in 2021. These growth rates reflect the popularity of pickups as family vehicles as well as their utility for commercial use, such as moving goods around a warehouse or construction site.
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Despite rising demand, there are several challenges that the pickup truck market is likely to face during the forecast period. Among these challenges are stricter emissions regulations in many developed markets, which has led to declining sales of diesel cars; increased competition from luxury vehicles such as SUVs; and increasing fuel prices, which are harming profitability of truck manufacturers.
Global Sales of Pickup Trucks to Surpass 4.8 million Units by 2028
The global pickup truck market is expected to reach 4.8 million units by 2028, according to a report published by SkyQuest. This represents an increase of more than 30% from the 3.7 million units sold in 2021. The main markets for pickups are the United States, Canada and Europe, but Asia-Pacific will grow at an even faster rate and account for almost one third of the total market by 2028.
The key factors driving this growth are rising demand from small businesses and fleet operators as well as increased interest among consumers in SUVs that can also be used for personal use. In addition, new models such as the crossover segment are gaining popularity owing to their versatility.
The trend of Americans buying pickup trucks instead of other vehicle types is only set to continue as the market grows by 7% annually through 2022, reaching an estimated volume of 5.1 million units. In China, the pickup truck market is especially booming, with annual growth rates hovering near 15%. Sunny Yang, research director at JTEKT corporation believes that there are a few key reasons for the pickup truck boom: "the growing popularity of off-road activities and cargo transportation; consumer demand for large pickups with improved fuel economy; and increasing urbanization and consumer demand for vehicles capable of operating in different environments.
E-pickups are gaining momentum in Global Pickup Truck Market
With the growing popularity of electric cars, it's no surprise that pickup truck demand is starting to shift towards electric pickups. SkyQuest has just released its analysis of global electric pickup truck market and the news is good for those looking to invest in this sector.
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From 2017 to 2022, global electric pickup truck demand grew by 75%. This significant growth indicates that there's a lot of potential for electric pickups to become mainstream vehicles. In terms of regions, Europe appears to be the biggest market for electric pickups, with an estimated demand of 118,000 units in 2022. North America follows close behind with an estimated demand of 110,000 units. Asia Pacific is forecasted to have the lowest demand for electric pickups at 50,000 units.
One potential challenge facing companies investing in this pickup truck market is the cost of batteries and chargers. However, as battery costs continue to decline, it should become more affordable for consumers to buy electric pickups. The growth of e-commerce could also help reduce costs associated with purchasing a vehicle such as an electric pickup truck.
Electric pickups, or e-pickups as they are often called, are becoming more popular each year. This is due to a number of reasons: the benefits of electric driving over gasoline-powered vehicles, the growing number of SUVs and pickup trucks that are available with all-electric drivetrains, and the growing concern about climate change.
As of 2022, there are already over 15 models available in the United States pickup truck market alone. There are many reasons why electric pickup trucks make sense for businesses and consumers alike. They can save money on fuel costs over time due to their ability to run on electricity rather than gasoline. They also emit less pollution per mile than traditional gasoline trucks, making them better for the environment. Finally, electric pickups are becoming increasingly popular because they offer a more comfortable ride than traditional diesel or gasoline trucks.
Challenges
From a production standpoint, the pickup truck is one of the most complex and expensive vehicles on the road. On average, a pickup truck is costing around $30.41K in the global Pickup Truck Market. There are myriad challenges that the manufacturers must overcome in order to create reliable, durable pickups that consumers will love. Here are five of the top challenges:
1. Producing a small, lightweight vehicle with efficient fuel economy and payload capacity.
2. Meeting stringent safety standards while retaining an engaging driving experience.
3. Creating trucks that can be easily customized for individual buyer needs and preferences in the pickup truck market.
4. Ensuring that pickups remain popular even as they undergo continual technological advancements.
5. Managing the increasing costs of materials and labor while still delivering a profitable product to stakeholders
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Top Players in Global Pickup Trucks Market
- Ford Motor Company (US)
- FAW Group (China)
- Fiat Chrysler Automobile (Netherlands)
- GMC (US)
- Honda Motor (Japan)
- Isuzu Motor (Japan)
- Mercedes-Benz Group AG (Germany)
- Nissan Motor Company (Japan)
- Toyota Motor Corporation (Japan)
- Mahindra & Mahindra (India)
- Tata Motors (India)
- Suzuki Group (Japan)
- Volkswagen AG (India)
- Hyundai Motor (South Korea)
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