Global Pickup Trucks Market Report and Forecast 2024-2032

Global Pickup Trucks Market Outlook

The global pickup trucks market size reached a value of approximately USD 181.09 billion in 2023. The market is further projected to grow at a CAGR of 3.60% between 2024 and 2032, reaching a value of USD 248.96 billion by 2032.

Key Trends in the Market

Pickup truck is a non-passenger light-duty vehicle that has an enclosed compartment with an open body at the back that is used for carrying goods from one location to another. They are designed to ensure easy loading and unloading of the cargo.

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• Rise of freight and the growth of transportation businesses have enhanced the pickup trucks market demand. This increase in demand can be attributed to the ability of pickup trucks to tackle any terrain and carry heavy loads including vehicles, and vessels, among other products, without getting damaged.

• Growing popularity of outdoor activities such as camping drives and boating along with rising popularity of online shopping are together boosting the requirement for fuel-efficient vehicles such as pickup trucks.

• Technological advancements such as automatic transmission, improved connectivity, introduction of mirror-mounted cameras, and electrification of vehicles are attracting several consumers towards such vehicles, thus increasing the utilisation of pickup trucks and fuelling the pickup trucks market expansion.

Market Analysis

Based on fuel type, the market is segmented into diesel, petrol, and electric, among others. On the basis of truck type, the market is divided into heavy duty and light duty. By technology, the market is categorised into connected and not connected. Based on application, the market is bifurcated into commercial and personal. On the basis of region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global pickup trucks market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Ford Motor Company

• General Motors

• Toyota Motor Corporation

• FCA US, LLC

• Nissan Motor Co. Ltd

• Honda Motor Co., Ltd

• Renault Group

• Mahindra & Mahindra Ltd.

• Isuzu Motors Ltd. 

• Mitsubishi Motors Corporation

• Others

Market Share by Fuel Type

The diesel segment accounted for a large market share due to the rising demand for diesel trucks owing to their ability to produce high torque value. The production of more torque makes it easier to pull or handle large amounts of weight, thereby increasing the efficiency of the vehicle. The high compression ratio helps the diesel to self-ignite without spark plugs, which in turn, is propelling its usage for commercial purposes. Moreover, the temperature consistency maintained by diesel promotes superior fuel economy.

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Market Share by Region

North America accounted for a large portion of the pickup trucks market share and is expected to grow rapidly over the forecast period. The presence of leading manufacturers such as Ford Motor Company and General Motors, among others, is supporting the growth of the market in North America. Developed economy, presence of laws related to truck regulations, and high disposable incomes of individuals in the United States are further boosting the utilisation of pickup trucks in the region.

Competitive Landscape

Ford Motor Company was founded in 1903 and is headquartered in Michigan, United States. The company sells commercial vehicles, automobiles, and luxury cars to consumers around the globe.

General Motors is a multinational automotive manufacturing company that was founded in 1908. The company is headquartered in Michigan, United States and is known for providing automotive components, and automobiles and trucks, among others.

Toyota Motor Corporation was established in 1937 and has its headquarters located in Aichi, Japan. The company manufactures vehicles such as trucks, SUVs, minivans, cars, and hybrids.

Other players in the pickup trucks market include FCA US, LLC, Nissan Motor Co. Ltd, Honda Motor Co., Ltd, Renault Group, Mahindra & Mahindra Ltd., Isuzu Motors Ltd., and Mitsubishi Motors Corporation, among others.

Key Highlights of the Report