Pickup Truck

Pickup Truck

A pickup truck is a light commercial vehicle that has an open or closed box to haul the cargo with a comparatively low capacity than a basic truck. Pickup trucks are excellent on-road and off-road capabilities with great safety records. Pickup trucks have better fuel efficiency with small fuel tanks compared to regular trucks. Moreover, several North American countries such as the U.S., Canada, and Mexico use such trucks as passenger vehicles due to their massive size in nature.

The Pickup Trucks Market is expected to grow at a steady rate of around 4% shaped by the growing use of pickup trucks for the e-commerce industry. The e-commerce industry has an exponential growth in the past few years due to the global presence of big e-commerce giants such as Amazon, Flipkart, and Alibaba. The consumer preference for shopping has changed due to convenience, and various types of offers such as Amazon Sales, and Big Billion day sales provided by the e-commerce players. Moreover, with the digitalization and robust internet and mobile penetration more and more consumers have access to the internet worldwide that to can purchase online. Pickup trucks offer a perfect solution for efficient and flexible transportation of packages and items from the distribution units to the customer drop locations. E-commerce giants have integrated pickup trucks into their fleets to handle the last leg of delivery services. Furthermore, millennials and Gen Xers are the biggest online shoppers, with 67% of millennials and 56% of Gen Xers preferring to shop online versus in a brick-and-mortar store. For instance, In 2021, according to the report published by International Trade Administration, the global retail e-commerce sales in 2014 were USD 1336 Billion geared up to USD 4280 Billion in 2020, and expected to touch USD 6388 billion in 2024.

Therefore, the growing e-commerce industry drives the pickup truck market in the upcoming years.

• Based on the truck size, the market is segmented into small Size, medium Size, and Full Size. The mid-size pickup trucks accounted for the highest market share in the historic period and are anticipated to dominate the market in the forecast period. Major factors contributing to the segments’ growth are their versatility, as they have small sufficient to roam the town streets and parking lots, but nevertheless have the required power to haul and tow. The mid-length trucks are more fuel efficient in comparison to massive ones, making them a great alternative for folks that need a truck but don’t need to pay the high fuel price, and they may be used for ordinary purposes. Moreover, the major automotive manufacturers, such as the Ford Ranger, and Toyota Tacoma, are focusing on introducing mid-size trucks in the last couple of years. These pickup trucks have been offered a range of most advanced features such as off-roading, automatic transmission, safety features integration of airbags and etc, making them appealing to a wide range of customers.
• On the basis of propulsion type, the market is categorized into diesel, petrol, electric, and hybrid. Among these, the diesel segment held a significant share of the market in 2021. The major factors that shaped the growth of the segment are the high torque and higher calorific value provided by the diesel engine. Additionally, Diesel engines are known to be greater fuel-efficient than other engines, which means that diesel pickup trucks can travel further on a single tank of gasoline compared to other pickup trucks. Moreover, when it comes to life span diesel engines are much more capable of greater life, as it has been built to withstand high pressures and temperatures which can lead to longer engine life. Due to consumer preferences over the last few years, major manufacturers such as GMC, Ford, Toyota, and Nissan offer a wide range of pickup trucks with the majority of them being diesel engines.
• On the basis of transmission, the market is categorized into manual, and automatic. Among them, the automatic segment is the focal point and has led the market in 2021, and is expected to register the highest growth rate in the forecast period. This is mainly due to its popularity as an easier-to-use, the driver doesn’t need to shift gears when towing or hauling heavy loads. The automatic segment provides smoothness when riding on the road and gives better fuel efficiency that makes it an affordable ride to consumers and makes them a choice to buy. Moreover, the major automotive manufacturers are launching a wide range of automatic pickup trucks such as the 10-speed automatic transmission found in the Ford F-150.
• On the basis of cabin type, the market is categorized into regular/single cabin, extended cabin, and crew cabin. Among them, the crew segment has led the market in 2021 and is expected to register the highest growth rate in the forecast period. The major factor that attributed to the growth of the segment is because of the extra space they offer. These trucks have full four doors and a larger back seat that can comfortably seat up to 5-6 members. Therefore, people are using crew pickup trucks for the purpose of recreational activities and camping which geared up the demand for this segment. Major companies operating in the market are coming up with smart features such as heated and cooled seats, and advanced infotainment systems.
• For a better understanding of the market adoption of the bonded magnets industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Mexico, Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), Rest of World. The North American region is projected to be the dominating region in the forecast period as the region has the home of big automotive giants such as Ford, GMC, and others that are in the production of pickup trucks, and pickup trucks have been a part of American culture for many years. North America is prevalent in all major sectors such as farming, construction, and landscaping which is solely associated with pickup trucks as it shows blue-collar work and pickup trucks are often considered a symbol of independence and freedom which is highly valued in North America being a Western culture. Moreover, the growing industrialization and infrastructure projects have also geared up the demand for pickup trucks as it has been highly utilized for the purpose of exploration. Moreover, the growing e-commerce sector in the region has been an important reason for the development of pickup trucks being used in last-mile delivery.
• Some of the major players operating in the market include Ford Motor Company; Great Wall Motor Company Limited; GMC; Honda; Toyota Motor Corporation; Nissan Motor Corporation; Isuzu Motor; Volkswagen AG; Mahindra & Mahindra Ltd; Tata Motors Limited.