According to the report by Expert Market Research (EMR), the Global Pickup Trucks Market Size reached a value of approximately USD 174.8 billion in 2022. Aided by the increasing demand for versatile vehicles and the growing application of pickup trucks in various sectors, the market is projected to further grow at a CAGR of 3.60% between 2023 and 2028 to reach a value of USD 216.12 billion by 2028.
Pickup trucks are light-duty vehicles that have an enclosed cabin and an open cargo area. They are commonly used in various activities, including personal transportation, commercial use, and off-road applications. They play a vital role in goods transportation, emergency services, and recreational activities, thus propelling the pickup trucks market growth. Apart from their functional properties, pickup trucks also possess excellent off-road capabilities, power, and space, making them a valuable asset in various commercial applications, including construction, agriculture, and services.
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The increasing consumer preference for versatile vehicles is driving the global pickup trucks market growth. With the growing awareness of the utility and comfort associated with pickup trucks, there has been a significant shift towards their use, leading to a surge in demand for pickup trucks. Additionally, the rising trend of off-road and recreational activities has further contributed to the increasing popularity of pickup trucks, as they are preferred vehicles for such activities.
The expanding applications of pickup trucks in various sectors also play a significant role in propelling the pickup trucks market demand. In the construction industry, pickup trucks are used for transporting tools and materials. The agriculture sector utilises pickup trucks for their power and space, which are essential in the transportation of various farm produce and equipment. Moreover, pickup trucks’ off-road capabilities make them an essential component in the emergency services sector, aiding the pickup trucks market development.
Further, the growing demand for vehicles that can handle a variety of tasks in both urban and off-road settings has led to an increased focus on pickup trucks. With the rise of activities requiring vehicles that offer space, power, and off-road capabilities, pickup trucks have emerged as a critical choice in the transportation sector, thereby boosting the pickup trucks market expansion.
Pickup Trucks Market Segmentation
The market can be divided based on fuel type, truck type, technology, application, and region.
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Market Breakup by Fuel Type
- Diesel
- Petrol
- Electric
- Others
Market Breakup by Truck Type
- Heavy Duty
- Light Duty
Market Breakup by Technology
- Connected
- Not Connected
Market Breakup by Application
- Commercial
- Personal
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global pickup trucks companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Ford Motor Company
- General Motors
- Toyota Motor Corporation
- FCA US, LLC
- Nissan Motor Co. Ltd
- Honda Motor Co., Ltd
- Renault Group
- Mahindra & Mahindra Ltd.
- Isuzu Motors Ltd.
- Mitsubishi Motors Corporation
- Others
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