Pickup Truck Market: Current Analysis and Forecast (2022-2030)
Emphasis on Truck Size (Small Size, Medium Size, and Full Size); Propulsion Type (Diesel, Petrol, Electric, and Hybrid); Transmission (Manual, and Automatic); Cabin Type (Regular/Single Cabin, Extended Cabin, and Crew Cabin); and Region/Country
The pickup truck market is expected to grow at a strong CAGR of around 4% during the forecast period, driven by the increasing demand for fuel-efficient vehicles. Moreover, the growing popularity of the outdoor lifestyle, the rising demand for commercial vehicles due to the rise in small and medium enterprises, and the promotion of the “Do it Yourself” service, especially in the North American region have fueled the demand for pickup trucks. The increasing cost of fuel prices makes consumers more price sensitive when it comes to buying vehicles especially commercial vehicles such as pickup trucks, and heavy-duty commercial vehicles. The increase of small and medium-sized firms (SMEs) and the growing number of customers and commercial enterprise owners has contributed to the demand for fuel-efficient vehicles. SMEs frequently require vehicles for transportation and transport purposes, and fuel performance is a crucial consideration for those businesses, as it can help to reduce operating expenses and boom profitability. Pickup trucks are fuel-efficient and have low maintenance cost compared to other commercial vehicles such as heavy-duty vehicles. For instance, the average mileage obtained from heavy-duty commercial vehicles is up to 6-10 km/liter whereas pickup trucks have an average mileage of 14-16km/liter. This is particularly true for commercial applications, where fuel efficiency can have a significant impact on the bottom line of a business. Therefore, the rising demand for fuel-efficient vehicles for commercial purposes encouraged the demand for the pickup truck market.
Some of the major players operating in the market include 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.
Insights Presented in the Report
“Amongst truck size, the mid-size segment held the highest market share in 2021”
Based on the truck size, the market is segmented into small Size, medium Size, and Full Size. The mid-size pickup truck accounted for the highest market share in the historic period and is anticipated to dominate the market in the forecast period. Major factors contributing to the growth of the segments owing to their versatility, as they have small sufficient to roam the town streets and parking lots, but have the required power to haul and tow. The mid-length truck is 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, etc, making them appealing to a wide range of customers.
“Amongst propulsion types, the diesel segment held the significant market share in 2021”
Based on 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.
Pickup Truck Market Report Coverage
“North America dominated the pickup truck market in 2021”
The North American region is projected to be the dominating region in the forecast period as the region has the home of big automotive giants such as Ford, GMC, and others that are in the production of pickup trucks, and pickup trucks have been a part of American culture for many years. North America is prevalent in all major sectors such as farming, construction, and landscaping which is solely associated with pickup trucks as it shows blue-collar work and pickup trucks are often considered a symbol of independence and freedom which is highly valued in North America being a Western culture. Moreover, the growing industrialization and infrastructure projects have also geared up the demand for pickup truck as it has been highly utilized for exploration. Moreover, the growing e-commerce sector in the region has been an important reason for the development of pickup trucks being used in last-mile delivery.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global pickup truck market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Pickup Trucks Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global pickup truck market were the three major steps undertaken to create and analyze the adoption of pickup trucks in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global pickup truck market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the pickup truck market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the pickup truck market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as truck size, propulsion type, transmission, and cabin type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the pickup truck market. Further, we conducted factor analysis using dependent and independent variables such as truck size, propulsion type, transmission, and cabin type of the pickup truck market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the pickup truck market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global pickup truck market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the pickup truck market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global pickup truck market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global pickup truck market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, end-user, and sales channel in the global pickup truck market.
The main Objective of the Global Gaskets and Seals Market Study
The current & future market trends of the global pickup truck market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the pickup truck market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the truck size, propulsion type, transmission, and cabin type
- Define and analysis of the regulatory framework for the pickup truck industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the pickup truck market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the pickup truck market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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