Surge in the Investments and Favorable Government Policies, and The Cultural and Economic Factors Propelled the Growth of the Pickup Trucks Market in the North America Region!

• Vikas Kumar
• December 23, 2023
• AUTOMOTIVE, NEWS
• Pickup Truck Market Analysis, Pickup Truck Market Forecast, Pickup Truck Market Growth, Pickup Truck Market Outlook, Pickup Truck Market Share, Pickup Truck Market Size, Pickup Truck Market Trends
• 0 Comments

The North America region dominated the market in the historic year and is expected to continue the same in the forecast period. The dominance of the North American region within the pickup truck market is cultural preferences. In the US and Canada, pickup trucks are seen as symbols of ruggedness, durability, and masculinity. individuals have a protracted-status love affair with pickup trucks dating back to the 1950s whilst automakers first started out selling them to most people. Pickup trucks are also associated with a positive way of life that appeals to many individuals, which includes outdoor activity and off-avenue adventures, that are famous in North America. Another reason for the dominance of pickup trucks in the North American region is that countries such as the U.S., and Canada are the two largest countries in terms of GDP and have strong manufacturing, financial, and service sectors. This has allowed consumers to have more disposable income, thus they are able to purchase higher-end vehicles such as pickup trucks. Government policies have contributed to North America’s dominant position in the pickup truck market. In the United States, pickup trucks are classified as light trucks, which means they are subject to lower fuel economy standards and taxes than passenger cars. This makes pickup trucks more affordable for buyers, leading to increased production. In addition, the U.S. government provides tax incentives to businesses that purchase these vehicles, including Section,179 deductions that allow businesses to deduct the cost of purchasing qualified equipment from revenue their taxable income. Moreover, the first pickup trucks have been developed back 100 years, and the major pickup truck manufacturers such as Ford, General Motors, and Chrysler have homes in the region.

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This has given them a head beginning in terms of experience and competencies in designing and producing pickup trucks, which has allowed them to dominate the market for many years. For instance, in 2020, the Ford F-Series was the best-selling vehicle in the US for the 39th consecutive year, with more than 787,000 units sold. Additionally, the major players in the market have announced investments in the pickup trucks market to lead the market. For instance, in January 2020, General Motors, another American automaker, recently announced that it would be investing $2.2 billion in its Detroit-Hamtramck assembly plant to produce electric pickup trucks.

Further, the North America Pickup Trucks Market is expected to grow at a strong CAGR of approximately 4% during the forecast period (2022-2030). North America is anticipated to emerge as the fastest-growing pickup trucks market primarily surging demand in small and medium enterprise business and to promote “Do it Yourself”. Meanwhile, the U.S constitutes to be the largest market in the North America region, accredited to the rising automotive industry, while Canada is the second largest player.

North America Pickup Trucks Market Revenue (2021-2030)- USD Mn

Based on the truck size, the market is segmented into small Size, medium Size, and Full Size. The mid-size pickup trucks accounted for the highest market share in the historic period and are anticipated to dominate the market in the forecast period.  Major factors contributing to the growth of the segments owing their versatility, as they have small sufficient to roam the town streets and parking lots, but nevertheless have the required power to haul and tow. The mid-length trucks are more fuel efficient in comparison to massive ones, making them a great alternative for folks that need a truck but don’t need to pay the high fuel price, and they may be used for ordinary purposes. Moreover, the major automotive manufacturers, such as the Ford Ranger, and Toyota Tacoma, are focusing on introducing mid-size trucks in the last couple of years. These pickup trucks have been offered a range of most advanced features such as off-roading, automatic transmission, safety features integration of airbags and etc., making them appealing to a wide range of customers.

On the basis of propulsion type, the market is categorized into diesel, petrol, electric, and hybrid. Among these, the diesel segment held a significant share of the market in 2021. The major factors that shaped the growth of the segment are the high torque and higher calorific value provided by the diesel engine. Additionally, Diesel engines are known to be greater fuel-efficient than other engines, which means that diesel pickup trucks can travel further on a single tank of gasoline compared to other pickup trucks. Moreover, when it comes to life span diesel engines are much more capable of greater life, as it has been built to withstand high pressures and temperatures which can lead to longer engine life. Due to consumer preferences over the last few years, major manufacturers such as GMC, Ford, Toyota, and Nissan offer a wide range of pickup trucks with the majority of them being diesel engines.

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Global Bonded Market Segmentation

Market Insight, by Truck Size

• Small Size
• Medium Size
• Full Size

Market Insights, by Propulsion Type

• Diesel
• Petrol
• Electric
• Hybrid

Market Insights, by Transmission

• Manual
• Automatic

Market Insights, by Cabin Type

• Regular/Single Cabin
• Extended Cabin
• Crew Cabin

Market Insight, by Region

• North America
  •  U.S.
  •  Canada
  • Mexico
  •  Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• APAC
  • China
  • Japan
  • India
  • South Korea
  • Rest of APAC
• Rest of the World

Top Company Profiles

• Ford Motor Company
• Great Wall Motor Company Limited
• GMC
• Honda
• Toyota Motor Corporation
• Nissan Motor Corporation
• Isuzu Motor
• Volkswagen AG
• Mahindra & Mahindra Ltd
• Tata Motors Limited