Global Pickup Truck Market to Reach US$ 256.0 Billion by 2032, Propelled by the Increasing Commercial Activities

May 24, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled “Pickup Truck Market Report by Fuel Type (Diesel, Petrol, Electric, and Other), Vehicle Type (Light-Duty, Heavy-Duty), Application (Individual Use, Commercial Use), and Region 2024-2032," the global pickup truck market size reached US$ 207.9 Billion in 2023. A pickup truck refers to a motor vehicle designed with an open cargo bed at the rear end for transporting goods. It consists of a robust engine, sturdy frame, crew cabin, safety features, and specialized towing equipment. A pickup truck is widely used for personal transportation, recreational activities, law enforcement, search and rescue, mobile workshops, and towing construction materials, livestock, agricultural produce, heavy machinery, and emergency supplies. It is a highly durable, versatile, and rugged vehicle that provides all-season performance, excellent payload carrying capacity, off-roading capabilities, and easy loading and unloading functionality. A pickup truck also has a compact design, which ensures better maneuverability, reduces fuel consumption, and enhances the safety of passengers and cargo.

Global Pickup Truck Market Trends:

The rising vehicle utilization in commercial activities is one of the primary factors driving the market growth. Pickup trucks are widely used in construction, mining, farming, and logistics applications to facilitate last-mile delivery, pick up returned products, and transport building materials, heavy machinery, agricultural produce, and other supplies. Furthermore, the growing vehicle demand for personal usage and towing recreational equipment, such as bicycles, motorcycles, all-terrain vehicles (ATVs), boats, jet skis, and snowmobiles for adventurous activities, camping, family picnics, and hunting trips is providing an impetus to the market growth. Additionally, the introduction of electric pickup trucks that are highly efficient, cost-effective, environment-friendly, generate low noise, offer an extended range, and reduce reliance on fossil fuels is strengthening the market growth. Besides this, the incorporation of innovative towing and hauling features, such as multiple view cameras, integrated trailer brake controller, smart haul mode, and air suspension, which increase cargo safety, improve vehicle handling, and enhance overall efficiency, is contributing to the market growth. Apart from this, the implementation of supportive government policies to boost economic activities and promote the adoption of eco-friendly modes of transportation to reduce emission levels is propelling the market growth. Other factors, including rapid urbanization activities, increasing investment in infrastructure development, and the rising expansion of e-commerce platforms and delivery services, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 256.0 Billion by 2032, exhibiting a CAGR of 2.27% during 2024-2032.

Market Summary:

  • On the basis of the fuel type, the market has been divided into diesel, petrol, electric, and others. Among these, diesel represents the largest segment.
  • Based on the vehicle type, the market has been bifurcated into light-duty and heavy-duty. At present, light-duty accounts for the largest market share.
  • On the basis of the application, the market has been classified into individual and commercial use. Among these, commercial use represents the largest segment.
  • On a regional basis, the market has been categorized into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Among these, North America holds the largest market for pickup trucks.
  • The competitive landscape of the industry has also been examined, with some of the key players being 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, etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Fuel Type, Vehicle Type, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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, etc.
Customization Scope 10% Free Customization
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Global Pickup Truck Market to Reach US$ 256.0 Billion by 2032, Propelled by the Increasing Commercial Activities
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