IMARC Group, a leading market research company, has recently releases report titled “Pickup Truck Market by Fuel Type (Diesel, Petrol, Electric, and Other), Vehicle Type (Light-Duty, Heavy-Duty), Application (Individual Use, Commercial Use), and Region 2023-2028” The study provides a detailed analysis of the industry, including the global pickup truck market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the pickup truck market?
The global pickup truck market size reached US$ 202.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 238.6 Billion by 2028, exhibiting a growth rate (CAGR) of 2.6% during 2023-2028.
What is a pickup truck?
A pickup truck is a light-duty motorized vehicle with two axles equipped with an enclosed cabin and a back end of a shipment bed encircled by three low walls with no roof. It also has a rearward gate that opens outward, allowing for easy loading and unloading of goods. It is also employed for hauling and towing carriages and transporting items. In addition, it offers advantages such as easy maintenance, high horsepower, torque, and greater capacity. Moreover, it has enormous cargo spaces, making it ideal for numerous commercial uses such as warehouses and distribution centers to transport and deliver goods. As a result, pickup trucks are widely adopted for personal and commercial use across the globe.
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What are the growth prospects and trends in the pickup truck industry?
The market is primarily driven by the growing preference for small-size utility trucks due to their compact sizes, better mobility, and affordability. In addition, the escalating demand for pickup trucks due to rapid urbanization, increasing disposable income, and the increasing popularity of off-roading events and participation in recreational activities and adventure sports are contributing to the market growth. In line with this, the significant expansion in the travel and tourism industry due to the easy availability of pickup truck rental services in tourist destinations is influencing the market growth. Moreover, the widespread adoption of electric and battery-operated pickup trucks to reduce carbon (CO2) emissions due to the growing demand for fuel-efficient and high-performance vehicles and the increasing awareness regarding the economic and ecological benefits of electric pickup trucks due to the rising prices of petrol represents other major growth-inducing factors.
Besides this, the increasing demand for hybrid light-duty pickup trucks due to their benefits, such as improved mileage, light materials, small engines, and regenerative braking systems, is accelerating the product adoption rate. Apart from this, the pickup truck market is growing at different rates in numerous regions, with North America being the largest market due to increasing demand for fuel-efficient vehicles, incorporation of advanced safety features, and favorable government policies to use electric vehicles (EVs) across the regions. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, in June 2021, Ford Motor introduced a new compact truck called Maverick. This model offers great value and is equipped with a standard 2.5L full hybrid engine or an optional 2.0L EcoBoost engine while featuring a 4G LTE Wi-Fi hotspot and an eight-inch Bluetooth display.
What is included in market segmentation?
The report has segmented the market into the following categories:
Fuel Type Insights:
Vehicle Type Insights:
- Individual Use
- Commercial Use
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Ashok Leyland Ltd.
- Ford Motor Company
- General Motors Company
- Great Wall Motors
- Isuzu Motors Limited
- Mahindra Mahindra Ltd
- Mitsubishi Motors Corporation
- Tata Motors Limited
- Toyota Motor Corporation
- Volkswagen AG.
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