Pickup Trucks

Pickup Trucks

Global Pickup Trucks Market to Reach US$272.8 Billion by 2030

The global market for Pickup Trucks estimated at US$210.8 Billion in the year 2023, is expected to reach US$272.8 Billion by 2030, growing at a CAGR of 3.8% over the analysis period 2023-2030. Mid-Size Trucks, one of the segments analyzed in the report, is expected to record a 4.2% CAGR and reach US$141.6 Billion by the end of the analysis period. Growth in the Full-Size Trucks segment is estimated at 3.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$57.4 Billion While China is Forecast to Grow at 7.2% CAGR

The Pickup Trucks market in the U.S. is estimated at US$57.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$57.5 Billion by the year 2030 trailing a CAGR of 7.2% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 1.2% and 2.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.0% CAGR.

Pickup Trucks - Key Trends and Drivers

Pickup trucks have long been a staple of the automotive industry, valued for their versatility, durability, and capability to handle a wide range of tasks. These vehicles, which combine the cargo-carrying capacity of a truck with the comfort and convenience of a passenger car, are popular among both commercial users and private individuals. Traditionally, pickup trucks were primarily utilized for agricultural, construction, and utility purposes, thanks to their robust frames and powerful engines that allow for heavy towing and hauling. However, modern pickups have evolved to become more refined, offering advanced features and amenities such as luxurious interiors, advanced infotainment systems, and enhanced safety technologies, making them suitable for everyday use as well as work-related tasks.

Technological advancements have significantly transformed pickup trucks, making them more efficient, powerful, and versatile. Engine technologies have seen major improvements with the introduction of turbocharging, direct fuel injection, and hybrid powertrains, providing better fuel economy without sacrificing performance. Innovations in suspension systems and chassis design have enhanced ride comfort and handling, while advanced driver assistance systems (ADAS) such as adaptive cruise control, lane-keeping assist, and automated emergency braking have greatly improved safety. The integration of connectivity features, including Wi-Fi hotspots, GPS navigation, and smartphone integration, has made pickup trucks more user-friendly and aligned with modern consumer expectations. Additionally, the development of electric pickup trucks represents a significant shift, offering zero-emission alternatives with impressive towing and hauling capabilities, aligning with growing environmental awareness and regulations.

The growth in the pickup truck market is driven by several factors. One of the primary drivers is the increasing demand for versatile vehicles that can perform a variety of functions, from personal transportation to commercial applications. The rising popularity of outdoor activities and lifestyle trends that emphasize adventure and utility have also contributed to this demand. Technological advancements in vehicle design and manufacturing have made modern pickups more attractive to a broader audience, with improvements in fuel efficiency, safety, and comfort. The expansion of electric vehicle technology into the pickup segment is another key driver, as it attracts environmentally conscious consumers and meets stricter emissions regulations. Additionally, economic factors such as rising disposable incomes and a growing construction industry are fueling demand for pickup trucks. These combined factors ensure robust growth in the pickup truck market, catering to the diverse needs of both traditional and new customer segments.

Select Competitors (Total 34 Featured) -

• American Honda Motor Co., Inc.
• FCA US LLC (Ram Trucks)
• Ford Motor Company
• Foton International Trade Co., Ltd
• General Motors Corporation - Chevrolet
• Great Wall Motor Company Ltd.
• Hebei Zhongxing Automobile Co., Ltd.
• Isuzu Motors Limited
• Jiangling Motors Corporation Group
• Mahindra & Mahindra Ltd.
• Mitsubishi Motors Corporation
• Nissan North America, Inc.
• Tata Motors Ltd.
• Toyota Motor Sales, U.S.A., Inc.
• Volkswagen Group Australia Pty Ltd;

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.