Pickup Truck Market Size Worth USD 256.5 Billion, Globally, by 2028 at 4.65% CAGR

Pune, India, Sept. 05, 2022 (GLOBE NEWSWIRE) -- The global pickup truck market size is projected to hit USD 256.5 billion by 2028 at a CAGR of 4.65% during the forecast period. The rising vehicle electrification and advanced technologies adoption are anticipated to fuel the market growth. Fortune Business Insights has presented this information in its report titled, "Pickup Truck Market, 2021-2028". The market size stood at USD 177.7 billion in 2020 and USD 186.6 billion in 2021.

Furthermore, the rising usage of pickup trucks for lightweight transportation purposes by the expanding e-commerce industry is anticipated to be a key factor driving the market growth.

Industry Development

• November 2021 – Ford unveiled the all-electric F-100 Eluminator concept, a zero-tailpipe-emissions demonstration truck powered by the all-new Ford Performance Parts Eluminator electric crate motor, which is now available for purchase online.
• June 2021- Ford Motor has announced the launch of a new compact truck called Maverick. This value-packed model has a 2.5L full hybrid engine as standard or a 2.0L EcoBoost engine as an option, a 4G LTE Wi-Fi hotspot, and an eight-inch Bluetooth display.

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Report Scope & Segmentation:

Regional Insights

Presence of Key Players to Boost Growth in North America

North America is anticipated to attain the largest pickup truck market share. The presence of key market players, including General Motors, Ford Motor Company, and Honda Motors is a key factor driving the region's market growth. The U.S. is one of the top countries where the use of these trucks has augmented due to higher personal disposable incomes of consumers, growing digitalization, and the rapidly expanding e-commerce industry.

Europe is expected to exhibit substantial growth due to the expanding automotive industry across the U.K. and other European countries.

Asia Pacific is projected to witness remarkable growth in the forthcoming years. The rising demand for electric and self-driving vehicles, increasing vehicle production, improving disposable incomes, and favorable government initiatives are projected to boost the region's market growth.

The rest of the world is likely to exhibit sluggish growth due to lower product adoption and fewer automotive OEMs.

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Market Drivers-

Rising Electrification to Fuel Global Market

The swift population expansion, infrastructural development, industrial expansion, and soaring urbanization are the primary drivers of the pickup truck market growth. The expansion of the automotive industry across developing nations impacts the public transport demand and creates lucrative growth opportunities.

The development of highly efficient, lightweight, and technologically advanced pickup trucks is expected to create ample growth opportunities. The rising usage of the product for lightweight transportation purposes by the expanding e-commerce industry is anticipated to be a key factor driving the market growth.

The automotive industry is evolving by launching eco-friendly and efficient solutions. This is happening due to the rising electrification of vehicles and the adoption of modern technologies in the wake of stringent emission norms. The introduction of strict norms on emissions implemented by governments is propelling the demand for electric vehicles, and this has also boosted the demand for electric pickup trucks.

However, the high costs of these vehicles due to stringent government policies and regulations may hinder market growth.

Market Segmentations-

Truck Type, Propulsion Type, and Region are Studied

On the basis of truck type, the market is trifurcated into full size, mid-size, and small size. On the basis of propulsion type, the market is segmented into electric, hybrid, gasoline, and diesel. Geographically, the market is categorized into Europe, Asia Pacific, North America, and the Rest of the World.

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COVID-19 Impact

COVID-19 Pandemic: Declining Sales of Automotive to Obstruct Growth

The outbreak of the COVID-19 pandemic has taken a huge toll on the automotive industry across the globe. It has compelled various automakers to shut down their production processes. A decline in the sales and production of vehicles is likely to hamper the demand for Pickup Trucks amid this pandemic. Our extensively researched reports would help you choose the right strategy to come out of this grave situation.

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Competitive Landscape-

Key Players Launch New Offerings to Acquire Growth

The market is fairly fragmented and comprises international and regional players competing neck-to-neck. They adopt partnerships and collaborations, new product launches, technological advancements, and other strategies to acquire growth. For instance, Chevrolet unveiled an Electric Silverado in April 2021. The new electric vehicle was manufactured at the Zero assembly factory in Detroit and Hamtramck, Michigan.

Companies Profiled in the Pickup Truck Market Research Report:

• Ford Motor Company (Dearborn, U.S.)

• FAW Group (Changchun, China)

• Fiat Chrysler Automobile (Amsterdam, Netherlands)

• GMC (Detroit, U.S.)

• Honda Motor (Tokyo, Japan)

• Isuzu Motor (Tokyo, Japan)

• Mercedes Benz (Stuttgart, Germany)

• Nissan Motor Company (Yokohama, Japan)

• Mahindra & Mahindra (Mumbai, India)

• Volkswagen AG (Wolfsburg, Germany)

Table of Content

1. Introduction

1.1. Research Scope

1.2. Market Segmentation

1.3. Research Methodology

1.4. Definitions and Assumptions

2. Executive Summary

3. Market Dynamics

3.1. Market Drivers

3.2. Market Restraints

3.3. Market Opportunities

4. Key Insights

4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships

4.2 Distribution Analysis

4.3 Porter's Five Forces Analysis

4.4 PEST Analysis

4.5 Technological Developments

4.6 Impact of COVID-19

5. Global Pickup Truck Market Analysis, Insights and Forecast, 2017-2028

5.1. Key Findings / Summary

5.2. Market Analysis, Insights and Forecast – By Truck Type

5.2.1 Small Size

5.2.2 Mid-size

5.2.3 Full Size

5.3. Market Analysis, Insights and Forecast – By Propulsion Type

5.2.1 Diesel

5.2.2 Gasoline

5.2.3 Hybrid

5.2.4 Electric

5.4.4 Market Analysis, Insights and Forecast- By Region

5.4.1 North America

5.4.2 Europe

5.4.3 Asia Pacific

5.4.4 Rest of the World

6. North America Pickup Truck Market Analysis, Insights and Forecast, 2017-2028

Continued…

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