Global Pickup Truck Market 2024-2031

Global Pickup Truck Market 2024-2031

Global Pickup Truck Market Size, Share & Trends Analysis Report by Truck Type (Small Size, Medium Size, Full Size), by Cabin Type (Drivetrain, Interior, Body, Electrical & Electronics and Chassis), by Cabin Configuration (Regular Cabin, Crew Cabin, Extended Cabin and Extended Crew Cabin), and by Propulsion Type (Diesel, Petrol, Electric and Other) Forecast Period (2024-2031)

The global pickup truck market is anticipated to grow at a CAGR of 7.2% during the forecast period (2024-2031) owing to the increasing incorporation of lighter materials in pickup trucks, and rising affordability due to growing disposable income. Increasing spending on R&D by major companies enables product launches of new-generation pickup trucks with improved functionality, such as stronger torque, higher payload capacity, and increased fuel efficiency. Additionally, the superior off-road capabilities of pickup trucks have been boosting the market growth. Most pickup trucks have 4WD or all-wheel drivetrains and chunkier tires to conquer inhospitable terrain such as sand, mud, or loose gravel.

Market Dynamics

Increasing Incorporation of Lighter Materials in Pickup Truck Manufacturing

To meet fuel economy regulations, manufacturers are concentrating on making their vehicles more fuel-efficient. Most pickup trucks are constructed of steel. However, pickup trucks made with alternative materials would use less fuel and emit fewer pollutants. Furthermore, more engine power may be dedicated to pulling or towing when lighter materials are employed in the production process. For instance, Ford Motor Co. sells an aluminum-bodied F-150 pickup vehicle. The aluminum F-150 pickup truck has a weight reduction of around 700 lbs and a higher mileage compared to the steel model. Hence, the vehicle's economy has enhanced owing to the use of aluminum, all without sacrificing performance. Therefore, it is anticipated that more and more manufacturers adopting this will fuel the market's expansion during the projected period.

New-Generation Pickup Trucks with Improved Functionality

An increasing number of product launches with improved and attractive pickup trucks by the major manufacturers creates buzz among the customers in the market and encourages consumers’ impulsive buying nature. For instance, in November 2023, Toyota Thailand launched a new pickup truck, adding an entry-level model in a leading selling segment in the country which is a global production hub for multiple light truck brands. The new Hilux Champ was designed to meet the needs of small businesses and consumers. This move marks a significant shift towards providing a more affordable, no-frills utility vehicle tailored for the Asian market. The pickup offers three powertrain options – a 2.0-liter petrol (1TR-FE), a 2.7-liter petrol (2TR-FE), and a 2.4-liter turbodiesel (2GD-FTV) with a 6-speed torque converter automatic.

Market Segmentation

Our in-depth analysis of the global pickup truck market includes the following segments truck type, cabin type, and fuel type:

Based on truck type, the market is sub-segmented into small, medium, and full size.

Based on cabin type, the market is bifurcated into drivetrain, interior, body, electrical & electronics and chassis.

Based on cabin configuration, the market is augmented into regular cabin, crew cabin, extended cabin and extended crew cabin.

Based on propulsion type, the market is augmented into diesel, petrol, electric and other (hybrid, CNG).

Diesel is Projected to Emerge as the Largest Segment

Based on the propulsion type , the global pickup truck market is sub-segmented into diesel, petrol, electric, and others. Among these, the diesel sub-segment is expected to hold the largest share of the market. The primary factors supporting the segment's growth include engine longevity, due to its design and construction, and fuel economy. According to the US Department of Energy, diesels typically deliver 25% to 35 % better fuel efficiency than gasoline engines. Due to their higher torque and hauling capability, diesel-powered pickup trucks are well-suited for heavy-duty usage in both personal and commercial settings. Additionally, they appeal particularly to those in the construction, agriculture, and transportation industries, where moving large weights is frequently required.

Extended Cabin Sub-segment to Hold a Considerable Market Share

In recent years, extended cabin pick-up trucks have become increasingly family-friendly, making them popular as alternatives to large SUVs.Extended Cabin pickup trucks have become more common as commercial vehicles that also attract people planning adventurous and off-road trips. These pickup truck vehicles also give the buyers luxury features, off-road capability, and huge load space. The models come with strong and bulging bodywork. The majority of extended cabin pickup trucks are integrated with modern features such as an infotainment system with android Auto, power steering with variable flow control, an electrochromic interior rearview camera, cruise control, ADAS (Advanced Driver Assistance Systems), ABS (Anti-lock Braking System) with EBD (Electronic Brakeforce Distribution system), vehicle stability control, airbags, parking sensors, and others.

Regional Outlook

The global pickup truck market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).

Asia-Pacific is expected to expand at a significant growth rate over the forecast period

Asia-Pacific is expected to grow at a significant rate owing to the increasing use of electric vehicles (EVs), significant government initiatives, and the easing of restrictions in developing countries such as China and India. For instance, in China, a May and October 2022 State Council notice signaled an easing of restrictions on pick-up trucks’ driving regulations. Under Central Government guidance, Shanghai, Chongqing, Tianjin, Hebei, Hainan, Fujian, Guangxi, Heilongjiang, Jilin, Liaoning, Jiangsu, and Zhejiang have all eased their pick-up truck driving restriction regulations, and over half of the provincial capital cities have recently lifted their restrictions. Pick-up trucks are now permitted to enter central districts during peak hours in several large cities with access placards and local license plates, or they can be treated the same as passenger cars. The lifting of regulations and the shift in young people's perspective of pick-up trucks from a tool for daily use to a symbol of an active and free lifestyle have spurred the growth of this sector in China. In 2020, China became the second-largest pickup truck market across the globe, with a reported sales of 452,000 units. Further, the country also sold 550,000 units of pickup trucks in 2021, with a year-on-year growth of 14%, and sold over 265,000 units in the first half of 2022.

North America Holds Major Market Share

Among all the regions, North America holds a major share owing to the presence of major market players, increasing consumer spending & disposable income, and the rising number of product launches from key manufacturers. In the US key players have a strong presence and market penetration in the region, with leading players, such as Ford Motor Company, General Motors, and FCA, headquartered in the US.

Additionally, the rapid expansion of the e-commerce industry and the growing need for digitalization in North America are augmenting the expansion of online shopping platforms, which in turn is anticipated to fuel the demand for pickup trucks. According to the 2020 ARTS release, e-commerce sales increased by $244.2 billion or 43% in 2020, rising from $571.2 billion in 2019 to $815.4 billion in 2020. Besides this, the strong preference for full-sized pickup trucks in the region, which are used for a wide range of activities from heavy-duty commercial applications to everyday personal use, is bolstering the market growth.

Market Players Outlook

The major companies serving the global pickup truck market include Ford Motor Co., STELLANTIS NV, Toyota Motor Corp., Nissan, Motor Co., LTD, Volkswagen AG, TATA Motors Ltd., General Motors, Ashok Leyland Ltd., Mahindra & Mahindra Ltd., and Hyundai Motor Co., among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in April 2023, Mahindra & Mahindra Ltd. launched eight new vehicles in the city range for Bolero Maxx Pik-up trucks. With a payload capacity ranging from 1.3 tonne to 2 tonne, including a 3,050 mm cargo bed, the range is available in two series HD series (HD 2.0L, 1.7L and 1.7, 1.3) and City series (City 1.3, 1.4, 1.5 and City CNG).

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global pickup truck market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.