Pickup Truck Market Size, Share & Analysis Report, 2021-2027
The global Pickup Truck market gathered revenue around USD 171.2 Billion in 2020 and market is set to grow USD 290.10 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 3.20% during the prediction period 2021 to 2027.
Growth Factors:
The increase in affordability for vehicles among consumers and transition of people into middle and upper middle-income groups. The global pickup truck market is mature; however, expansion of small- and medium-scale enterprises coupled with high popularity for pickup trucks in developed countries is still boosting the market worldwide.
The expansion of the automotive industry has boosted the pickup trucks market across the globe. Moreover, rising preference among consumers for pickup trucks instead of a passenger vehicle has been a key factor driving the market. Developed countries, which highly promote do-it-yourself services, witness higher penetration of pickup trucks as compared to other vehicles, as pickup trucks are multipurpose vehicles that can be useful for their owners to carry small loads, towing caravans, and other carriages. The expansion of SMEs in last five years has been a key driver for the pickup truck market in the developing as well as developed countries. The demand for pickup trucks has increased at a noble pace owing to a significant rise in last mile delivery services in last decade.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Pickup Truck market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Pickup Truck market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
| Report Scope | Details |
| Market Size | USD 290.10 Billion by 2027 |
| Growth Rate | CAGR of 3.20% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Truck Type, Propulsion And Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Ford Motor Company, FAW Group, Fiat Chrysler Automobile, General Motor Company, Great Wall Motors, Honda Motor Company, Ltd., Isuzu Motors Ltd., Mahindra & Mahindra Ltd., Mercedes Benz, Mitsubishi Motors Corporation, Nissan Motor Co., Ltd., Tata Motors, Toyota Motor Corporation, and Volkswagen AG. |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Pickup Truck market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Market: Segmentation:
Based on truck type, the medium segment held a leading share of the market, in terms of volume, in 2020; however, the full size segment accounted for a prominent share in terms of revenue. Medium type trucks are conventional pickup trucks and are highly popular in majority of regions, which is attributed to the high market share held by the segment in the global pickup truck market.
Small pickup trucks are continuously gaining popularity, which in turn is propelling the market for pickup trucks. Moreover, rising focus toward the development of high economy vehicles for SMEs drives the segment. On the other hand, higher popularity of full size trucks in North America and Europe due to their use in multipurpose application can be attributed to the significant share held by the full size segment of the global market.
Based on propulsion, the diesel segment held a prominent share, in terms of revenue, of the global market in 2020. Most full size trucks are diesel fueled, as diesel engines are capable of producing higher torque as compared to that generated by gasoline engines, which in turn propels the diesel segment of the pickup truck market.
Gasoline propulsion systems are mostly used by medium pickup trucks in North America and GCC Countries. Gasoline vehicles are more popular, owing to high availability of the gasoline. Additionally, gasoline is considered as a cleaner fuel as compared to diesel, which is boosting the gasoline segment. Hybrid and electric segments are anticipated to expand in the near future.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Pickup Truck Market include: Ford Motor Company, FAW Group, Fiat Chrysler Automobile, General Motor Company, Great Wall Motors, Honda Motor Company, Ltd., Isuzu Motors Ltd., Mahindra & Mahindra Ltd., Mercedes Benz, Mitsubishi Motors Corporation, Nissan Motor Co., Ltd., Tata Motors, Toyota Motor Corporation, and Volkswagen AG.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
Market: Segmentation
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Pickup Truck market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Pickup Truck market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Pickup Truck markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Pickup Truck Market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers