The global Pickup Trucks Market size is estimated to reach USD 249.71 billion by 2028, registering a CAGR of 1.6% from 2022 to 2028, according to a new report by Grand View Research, Inc. The global market is driven by the increasing disposable income levels and growing middle-class population. Technological developments in the automotive industry have led to a significant decrease in vehicle retail prices and an increase in affordability, fueling the sales of new pickup trucks across the world. In addition, these trucks are significantly becoming luxury rides in various countries due to their enhanced appearance and aesthetics.
The emergence of e-commerce companies facilitated by
the increasing demand from techno-savvy consumers is further driving the product
demand from small- and medium-sized companies. Diesel-based vehicle type
segment dominated the market in 2021. Higher consumer preference for
diesel-based pickup trucks, due to the higher torque and calorific value than
any other fuel type, will support the segment growth. Diesel engines run more
efficiently and have a long life when towing heavy loads than other fuel types.
Moreover, the extensive product portfolio offered by the key manufacturers also
results in the higher adoption of diesel-based vehicles. The heavy-duty segment
is expected to register the fastest growth rate over the forecast period.
Increasing e-commerce business and demand for
heavy-duty trucks for delivery purposes across the world are surging rapidly.
Moreover, increasing interest of consumers in the newly launched aesthetically
improved models and increasing product launches by the key manufacturers are
credited to the segment growth. For instance, General Motors Company is
planning to launch its heavy-duty pickup truck, the 2022 GMC Sierra 3500HD with
401 horsepower and 464 lb-ft of torque. Central & South America is
anticipated to witness the second-fastest CAGR from 2022 to 2028. The rising
middle-income class, increasing disposable income, growing spending on personal
cars, and increasing expansion of key players in the region are expected to
drive the regional market growth.
For instance, in August 2018, Nissan increased the
production of Frontier pickup trucks by setting up a new production facility in
Cordoba, Argentina. As reported in February 2020, Toyota ramped up the
production of pickup trucks in its Mexican plant, also accelerating their
regional sales. The COVID-19 pandemic negatively impacted the global market
Pandemic-induced lockdowns and other restrictions caused unprecedented
challenges in the supply chain of the automotive industry. Shortage of
semiconductor chips and other auto parts resulted in the halting of production
of pickup trucks and impacted the overall sales revenue during the pandemic.
However, the market is expected to recover and register a considerable growth
rate post-pandemic.
Related Press Release@ Pickup Trucks Market Report
Pickup Trucks Market Report
Highlights
- North America dominated the global market in 2021 on account of the
strong presence of key manufacturers and the positive attitude of
consumers towards pickup trucks in the region
- The light-duty vehicle type segment dominated the global market in
2021 and will expand further at a steady CAGR from 2022 to 2028
- An extensive portfolio of light-duty pick-up trucks by key players,
growing sales, and higher consumer preference for light-duty vehicles are
attributed to the segment’s high market share
- The diesel fuel type segment dominated the global market in 2021.
Higher torque and high calorific value offered by diesel-based vehicles
boost the sales of diesel-based models
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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