Pickup Trucks Industry Overview
The global pickup trucks market size was valued at USD 222.79 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 1.6% from 2022 to 2028.
The global market is majorly driven by the rising affordability due to growing disposable income, a high number of product launches, and increasing spending on passenger vehicles. Increasing spending on research and development by key companies enables product launches of new-generation pickup trucks with enhanced functionality, such as better torque, higher payload capacity, and increased fuel efficiency. An increasing number of product launches of improved and attractive pickup trucks by the key manufacturers creates buzz around the customers in the market and encourage consumers’ impulsive buying nature.
Gather more insights about the market drivers, restrains and growth of the Global Pickup Trucks Market
The main characteristics that influence the customers’ purchase decision include greater general utility, large cargo area, and a high towing capacity of these trucks. Global market growth is substantially restrained by the sluggish demand in some areas due to lower consumer reach and stringent rules & regulations. In some regions, parking and driving lanes of passenger cars do not provide enough space for safe operations, which affects the lower preference of the consumers for pickups in the area and fails to generate desired revenues. Also, strict government rules and regulations for greenhouse Gas(GHG) emission control hinders market entry. The majority of the pickup trucks run on diesel, and CO2 emission by the vehicle also soars higher.
High retail prices of these trucks are also one of the restraining factors of the market in some developing economies. The COVID-19 pandemic negatively impacted the overall production and sales of passenger cars around the world. Pandemic-induced lockdowns and other restrictions caused unprecedented challenges in the supply chain of the automotive industry. Shortages of auto parts and semiconductor chips as well as the lack of labor halted production lines and plummeted product sales. The shortage of semiconductor chips is likely to continue in the future also. According to The Economist Intelligence Unit of Economist Group, the semiconductor chip shortage is likely to continue well into 2022. The market is expected to recover and register a considerable growth rate post-pandemic.
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Market Share Insights
- January 2022: Toyota launched the luxury Tundra Capstone, a high-end version of a full-size pickup truck. Also, General Motors is planning to launch its first all-electric pickup truck by 2035 for heavy-duty hauling and towing.
- February 2020: Toyota ramped up the production of pickup trucks in its Mexican plant, also accelerating their regional sales.
- August 2018: Nissan increased the production of Frontier pickup trucks by setting up a new production facility in Cordoba, Argentina.
Key Companies profiled:
Some prominent players in the global pickup trucks market include
- Stellantis N.V.
- Ford Motor Company
- Toyota Motor Corp.
- Nissan Motor Co. Ltd.
- Volkswagen Group
- Tata Motors Ltd.
- Ashok Leyland Ltd.
- General Motors Company
- Hyundai Motor Company
- Suzuki Motor Corp.
- Kia Corp.
- Mahindra & Mahindra Ltd.
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