According to the report, the global pickup truck market is projected to reach US$ 950 Bn by 2030, expanding at a CAGR of ~2% during the forecast period, owing to the increase in affordability for vehicles among consumers and transition of people into middle and upper middle-income groups. The global pickup truck market is mature; however, expansion of small- and medium-scale enterprises coupled with high popularity for pickup trucks in developed countries is still boosting the market worldwide.
Expansion of Pickup Truck market
The expansion of the automotive industry has boosted the pickup trucks market across the globe. Moreover, rising preference among consumers for pickup trucks instead of a passenger vehicle has been a key factor driving the market. Developed countries, which highly promote do-it-yourself services, witness higher penetration of pickup trucks as compared to other vehicles, as pickup trucks are multipurpose vehicles that can be useful for their owners to carry small loads, towing caravans, and other carriages. The expansion of SMEs in last five years has been a key driver for the pickup truck market in the developing as well as developed countries.
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Regional Analysis of Pickup Truck market
In terms of region, the global pickup truck market has been segregated into North America, Europe, East Asia, South Asia Pacific, Middle East & Africa, and Latin America. North America and Europe held a prominent share of the global market. The popularity of full size pickup trucks is significantly high in these regions boast of major manufacturers such as Ford Motor Company and General Motors. Pickup trucks are best-selling vehicles in the U.S.; Ford, GMC, and RAM have been key manufacturers that accounted for a major share of total pickup trucks sold in North America. Pickup trucks are popular in the region as consumers can tow their trailers, launch their boats, transport all their children’s dorm supplies to college, use it for business, and still be the most intimidating light-duty vehicle on the road.
Prominent players operating in the global pickup truck market include Ford Motor Company, FAW Group, Fiat Chrysler Automobile, General Motor Company, Great Wall Motors, Honda Motor Company, Ltd., Isuzu Motors Ltd., Mahindra & Mahindra Ltd., Mercedes Benz, Mitsubishi Motors Corporation, Nissan Motor Co., Ltd., Tata Motors, Toyota Motor Corporation, and Volkswagen AG.
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Improvisations in Tailgates of Pickup Trucks Grab Attention of Premium Customers
Automotive giants are making big-budget investments for the marketing of pickup trucks. Likewise, companies are reinventing the tailgate in trucks to suit the convenience of owners. For instance, the General Motors Company— a global leader in development and services of automobile and automotive parts, conducted a marketing campaign called the this-ain’t-your-father’s-tailgate movement with their MultiPro Tailgate, which is an origami wonder that can be deployed in six different ways.
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Global Pickup Truck Market: Segmentation
Pickup Truck Market, by Truck Type
Small
Medium
Full Size
Pickup Truck Market, by Propulsion
Diesel
Gasoline
Hybrid
Electric
Pickup Truck Market, by Region
North America
U.S.
Canada
Latin America
Brazil
Mexico
Rest of Latin America
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe
East Asia
China
Japan
South Korea
South Asia Pacific
India
ASEAN
ANZ
Middle East & Africa
GCC Countries
South Africa
Rest of Middle East & Africa
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