Pickup Truck Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Pickup Truck Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Pickup Truck Market

The Pickup Truck market size was valued at208.67 billionin 2023, and the market is now projected to grow from 218.51 billion in 2024 to USD 333.34 billion by 2032, exhibiting a CAGR of 5.4% during the forecast period of 2023-2030.

The monetary uncertainty exacerbated by using the COVID-19 pandemic led to a downturn in patron spending, which include new car purchases. Consequently, severa ability customers deferred their plans to shop for a new vehicle due to economic obstacles, ensuing in a decline in both non-public and industrial automobile sales.

Globally, online retail structures are getting extremely popular and expected to pressure the marketplace increase over the forecast period. Customers shifted to on-line purchases, so the use of such vans inside the e-trade quarter has improved to offer remaining-mile transport offerings. Increasing demand for light-weight transportation answers in diverse industries and business sectors will drive the market boom over the following few years. The developing hobby of manufacturers in growing lightweight, fantastically green, and technologically advanced software vehicles is anticipated to open up new marketplace boom possibilities at some point of the forecast duration. This results in Pickup Truck market growth.

The growing air pollutants because of fossil-fueled automobiles caused several environmental crises. This has endorsed automobile production businesses to shift closer to sustainable resources of strength. They are adopting electrification of their pickup vehicles to promote 0 emissions while protective the surroundings.

Comprehensive Analysis of Pickup Truck Market

The Pickup Truck market is rising at an exponential charge due to its marketplace segmentation. The market is segmented into midsize, small size, and full size based on truck type. Based on propulsion type, the market is divided into electric, gasoline, diesel, and hybrid. Based on component, the market is bifurcated into electrical & electronics, drivetrain, interior, body, and chassis.

North America has the largest Pickup Truck market share. The vicinity led the worldwide marketplace percentage with a income percentage of over 70% in 2020. Some of the primary producers inside the marketplace encompass Ford Motor Company, General Motors, and Honda Motors inside the U.S., which might be helping the development of the marketplace in this vicinity. Canada and the U.S. are the top nations wherein truck utilization has expanded significantly because of a sturdy monetary gadget, better disposable profits of populace, upcoming Electric Vehicle (EV) tasks, and government laws regulating vehicles. Furthermore, the installed business area in North America's developed international locations will likely surge the decision for for pickup motors in this region. In North America, the developing want for digitization and speedy boom inside the e-exchange company boosted the demand for on-line buying structures, thereby fueling the auto profits.

The top players in the market play a crucial role in the Pickup Truck industry assuring industrial prospectus growth and setting market standards. These players include, Volkswagen AG (Germany),FAW Group (China), Fiat Chrysler Automobile (Netherlands), GMC (U.S.), Ford Motor Company (U.S.), Honda Motor (Japan), Isuzu Motor (Japan), Mercedes Benz (Germany), Nissan Motor Company (Japan), Toyota Motor Corporation (Japan), and Mahindra & Mahindra (India).

In June 2023, GM introduced an funding of over USD 1 billion in its Flint plant life to boost heavy-obligation pickup car production. GM also announced spending USD 579 million at its Flint Engine Operations to broaden a 6th-era V-8 combustion engine. Another USD 103.5 million can be spent on upgrading a separate Flint facility that helps pickup truck manufacturing.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 5.4% from 2024 to 2032

Unit Value (USD Billion) & Volume (Thousand Units)

Segmentation By Truck Type

Small Size

Midsize

Full Size

By Propulsion Type

Diesel

Gasoline

Hybrid

Electric

By Component

Drivetrain

Interior

Body

Electrical & Electronics

Chassis

By Geography

North America (By Truck Type, By Propulsion Type, By Component)

- U.S. (By Truck Type)

- Canada (By Truck Type)

- Mexico (By Truck Type)

Europe (By Truck Type, By Propulsion Type, By Component)

- U.K. (By Truck Type)

- Germany (By Truck Type)

- France (By Truck Type)

- Rest of Europe (By Truck Type)

Asia Pacific (By Truck Type, By Propulsion Type, By Component)

- China (By Truck Type)

- Japan (By Truck Type)

- India (By Truck Type)

- Thailand (By Truck Type)

- South Korea (By Truck Type)

- Rest of APAC (By Truck Type)

Rest of the World (By Truck Type, By Propulsion Type, By Component)


Please Note: It will take 5-6 business days to complete the report upon order confirmation.