Pickup Truck Market Synopsis

Pickup Truck Market Size Was Valued at USD 209.8 Billion in 2023 and is Projected to Reach USD 334.22 Billion by 2032, Growing at a CAGR of 5.31% From 2024-2032.

A pickup truck is a versatile motor vehicle renowned for its distinctive design, featuring an open cargo bed at the rear, separated from the front passenger compartment. This design allows for the transportation of various goods and equipment, making pickup trucks highly practical and adaptable for a wide range of purposes. They are celebrated for their robust capabilities, durability, and off-road prowess, appealing to both individual consumers and businesses alike.

• Available in diverse sizes, such as compact, midsize, and full-size, pickup trucks cater to different preferences and needs. The range of sizes corresponds to varying payload and towing capacities, offering consumers flexibility in choosing a truck that aligns with their specific requirements. The front cabin typically provides seating for passengers, combining functionality with passenger comfort.
• In the United States, the full-size pickup truck market has experienced significant growth, with major manufacturers like GMC, Ford, Chevrolet, Toyota, and Nissan all reporting substantial sales gains in 2023 compared to the previous year. The popularity of these trucks is evident in the annual sales figures, with GM, Ford, and others contributing to a 9.3% year-over-year increase in U.S. full-size pickup truck sales.
• The Ford F-Series stands out as the best-selling vehicle nameplate in the country, exemplifying the enduring appeal of pickup trucks. Ford's diverse lineup, including models like the F-150, F-150 Lightning, F-250, F-350, F-450, F-550, and F-600, underscores the broad application of pickup trucks in both personal and commercial contexts. This surge in sales reflects the continued significance of pickup trucks in American automotive culture, showcasing a harmonious blend of functionality, style, and practicality.

U.S. Full-size/HD Pickup Truck Sales: 2023

Pickup Truck Market Trend Analysis

The Growing Popularity of Off-Road and Adventure Activities

• As outdoor recreation gains traction, consumers increasingly seek vehicles that seamlessly blend rugged performance with everyday utility, and pickup trucks have become the epitome of this versatile combination.
• Off-road enthusiasts and adventure seekers often demand vehicles with enhanced capabilities to navigate challenging terrains such as dirt trails, rocky landscapes, and uneven surfaces. Pickup trucks, equipped with features like robust suspension systems, four-wheel drive, and specialized off-road packages, cater precisely to this demand. The market has responded with the introduction of off-road-focused models, enticing a new segment of buyers who value both functionality and adventure-ready performance.
• Manufacturers recognize the trend and invest in designing pickup trucks with off-road prowess, offering superior ground clearance, durable construction, and advanced traction control systems. The appeal of off-road capabilities extends beyond dedicated outdoor enthusiasts to a broader consumer base that values the sense of adventure, freedom, and the ability to explore diverse landscapes.
• The marketing and promotion of pickup trucks often highlight their off-road capabilities, showcasing their suitability for recreational activities such as camping, trail driving, and towing outdoor gear. This aligns with the evolving lifestyle preferences of consumers seeking not just transportation but vehicles that complement their active and adventurous pursuits. In essence, the growing popularity of off-road and adventure activities acts as a driving force propelling the pickup truck market, influencing both consumer preferences and industry innovation.

The Rise of Electric Vehicles (EVs)

• The rise of electric vehicles (EVs), particularly in the medium- and heavy-duty truck segment, represents a major opportunity for the global automotive market. In 2022, the sales of electric medium- and heavy-duty trucks reached 60,000 units worldwide, constituting approximately 1.2% of total truck sales globally. China, in particular, emerged as a dominant force, contributing significantly to the surge in electric truck sales. With 52,000 electric trucks sold in China alone, accounting for 4% of the country's total sales and a remarkable 85% of the global market, Chinese brands have gained prominence in South America, North America, and Europe.
• Despite Europe's relatively lower adoption rate of electric trucks, the region has seen a gradual expansion, with major logistics companies experimenting with electric trucks in both regional and long-haul operations. The availability of nearly 840 current and announced medium- and heavy-duty electric vehicle models in the Global Drive to Zero Emission Technology Inventory (ZETI) database further underscores the growing diversity and acceptance of electric trucks worldwide.
• In the United States, while electrification is in the early stages compared to other regions, there has been significant progress, with electric cars accounting for nearly 9% of new registrations in the first half of 2023. The electric pickup truck market is poised for substantial growth, with expectations of an eight-fold increase in the passenger EV market from 2023 to 2034.
• However, the real opportunity lies in India, where the heavy logistics sector is undergoing a transformative shift. With road transport responsible for over 90% of India's transport emissions, the electrification of trucks presents a crucial opportunity to address environmental concerns. Despite the current lag in electric truck adoption, the potential impact on reducing greenhouse gas emissions is immense, given that trucks contribute over 40% of road transport emissions. As India continues to grapple with the challenges of rising emissions, the adoption of electric trucks could play a pivotal role in achieving net-zero emissions, especially considering the significant number of trucks traversing vast distances annually. The shift toward electrification in the heavy logistics sector is a vital opportunity for sustainable development and environmental conservation in India.

Pickup Truck Market Segment Analysis:

Pickup Truck Market Segmented based on Truck type, Propulsion Type, Vehicle Type, and application.

By Truck Type, Midsize segment is expected to dominate the market during the forecast period

• In the pickup truck market, the midsize pickup truck segment is poised to dominate the market during the forecast period, with major players like Ford, General Motors, and Toyota strategically capitalizing on its growth. This segment, characterized by vehicles large enough to command substantial price tags yet small enough to safeguard profit margins, has experienced a surge in sales exceeding 600,000 vehicles since 2019. Consumer preferences shifting away from traditional sedans to utility vehicles, including crossovers, SUVs, and especially pickup trucks, have contributed to this trend.
• Over the last decade, traditional midsize pickup truck sales have more than doubled, accounting for a notable 4.4% of total U.S. vehicle sales in the previous year. This surge reflects the changing automotive landscape and the increasing popularity of midsize trucks, which strike a balance between versatility, utility, and consumer preferences. As automakers continue to focus on this lucrative segment, the midsize pickup truck market is expected to maintain its dominance, offering a compelling combination of size, functionality, and profitability.

By Propulsion Type, The Diesel Engine segment held the largest share of 79.3% in 2022

• In the pickup truck market, the Diesel Engine segment has emerged as the frontrunner, holding the largest share. Diesel trucks are distinguished by their unparalleled power and performance, making them ideal for heavy-duty tasks such as towing and hauling. The high torque, particularly at low speeds, sets diesel engines apart in the realm of raw power. Despite their robust capabilities, diesel engines showcase notable fuel efficiency, burning less fuel and delivering superior mileage, offering an economical advantage in the long run.
• The durability and longevity of diesel engines contribute to their dominance in the pickup truck market. Renowned for their ability to withstand challenging conditions, diesel trucks, with regular maintenance, are built to last.
• A recent study by the Diesel Technology Forum underscores the resilience of diesel sales in passenger vehicles, with diesel engines constituting approximately 3% of overall passenger vehicle sales and around 13% for pickups. With over 6.6 million diesel pickups on the road, the Diesel Engine segment continues to dominate the pickup truck market, showcasing a harmonious blend of power, efficiency, and enduring performance.

Pickup Truck Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast Period

• North America is poised to dominate the pickup truck market over the forecast period, driven by the presence of leading manufacturers such as Ford Motor Company, General Motors, and Honda Motors. The robust economy and higher disposable income in the U.S. and Canada have significantly expanded truck usage in the region. The upcoming Electric Vehicle (EV) initiatives and government regulations further contribute to the growth of the pickup truck market.
• In North America, the commercial sector in developed countries is well-established, leading to a surge in demand for pickup vehicles. The region experiences a rising need for digitization, coupled with substantial growth in the e-commerce industry, contributing to increased vehicle sales.
• Ford's F-Series has consistently maintained its sales dominance, with projections exceeding 640,000 sales in 2022. The F-Series is a longstanding best-seller, securing the title of America's best-selling vehicle for 41 years and the best-selling truck for an impressive 46 consecutive years. General Motors and Fiat Chrysler also contribute to the market's strength, with the top three pickups, including Ford's F-Series, accounting for about 13% of the estimated 14.5 million vehicles sold in the U.S. last year. These factors collectively position North America as a key player in the pickup truck market, emphasizing its dominance and continued growth in the coming years.

Pickup Truck Market Top Key Players:

• Ford (USA)
• Chevrolet (USA)
• Ram (USA)
• Jeep (USA)
• Gmc (USA)
• Dodge (USA)
• Toyota (Japan)
• Volkswagen (Germany)
• Honda (Japan)
• Nissan (Japan)
• Mitsubishi (Japan)
• Mazda (Japan)
• Land Rover (UK)
• Isuzu (Japan)
• Tata (India)
• Mahindra (India)
• Ssangyong (South Korea)
• Great Wall Motors (China)
• Jac Motors (China)
• Changan Automobile (China) And Other Major Players

Key Industry Developments in the Pickup Truck Market:

• In August 2024, Isuzu Motors Limited and Applied Intuition, Inc. announced they had signed a Strategic Partnership Agreement to jointly develop Level 4 autonomous commercial trucks. The companies committed to accelerating the joint development over a five-year partnership, with Isuzu leveraging Applied Intuition’s advanced Silicon Valley-based technologies. Through this collaboration, Isuzu aimed to expedite the launch of its autonomous driving business and take a leading role in addressing Japan's 2024 workstyle reform legislation and other challenges in the logistics industry.
• In April 2024, Ram announced a new milestone in the evolution of its off-road truck offerings with the introduction of the most capable and affordable off-road truck lineup in the industry. The lineup included the all-new 2025 Ram 1500 RHO, 2025 Ram 1500 Rebel, 2025 Ram 1500 Warlock, 2024 Ram 2500 Power Wagon, and 2024 Ram 2500 Heavy Duty Rebel, marking the most off-road models the brand had ever offered.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. PICKUP TRUCK MARKET BY TRUCK TYPE (2017-2032)
   1. PICKUP TRUCK MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. SMALL SIZE
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. MIDSIZE
   5. FULL SIZE
7. PICKUP TRUCK MARKET BY PROPULSION TYPE (2017-2032)
   1. PICKUP TRUCK MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. DIESEL
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. GASOLINE
   5. HYBRID
   6. ELECTRIC
8. PICKUP TRUCK MARKET BY VEHICLE TYPE (2017-2032)
   1. PICKUP TRUCK MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. LIGHT-DUTY
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. HEAVY-DUTY
9. PICKUP TRUCK MARKET BY APPLICATION (2017-2032)
   1. PICKUP TRUCK MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. INDIVIDUAL USE
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. COMMERCIAL USE
10. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
       1. Competitive Positioning
       2. PICKUP TRUCK Market Share By Manufacturer (2022)
       3. Industry BCG Matrix
       4. Heat Map Analysis
       5. Mergers & Acquisitions
    2. FORD (USA)
       1. Company Overview
       2. Key Executives
       3. Company Snapshot
       4. Role of the Company in the Market
       5. Sustainability and Social Responsibility
       6. Operating Business Segments
       7. Product Portfolio
       8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
       9. Key Strategic Moves And Recent Developments
       10. SWOT Analysis
    3. CHEVROLET (USA)
    4. RAM (USA)
    5. JEEP (USA)
    6. GMC (USA)
    7. DODGE (USA)
    8. TOYOTA (JAPAN)
    9. VOLKSWAGEN (GERMANY)
    10. HONDA (JAPAN)
    11. NISSAN (JAPAN)
    12. MITSUBISHI (JAPAN)
    13. MAZDA (JAPAN)
    14. LAND ROVER (UK)
    15. ISUZU (JAPAN)
    16. TATA (INDIA)
    17. MAHINDRA (INDIA)
    18. SSANGYONG (SOUTH KOREA)
    19. GREAT WALL MOTORS (CHINA)
    20. JAC MOTORS (CHINA)
    21. CHANGAN AUTOMOBILE (CHINA) AND OTHER MAJOR PLAYERS
11. GLOBAL PICKUP TRUCK MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Truck Type
       4. Historic And Forecasted Market Size By Propulsion Type
       5. Historic And Forecasted Market Size By Vehicle Type
       6. Historic And Forecasted Market Size By Application
       7. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
12. INVESTMENT ANALYSIS
13. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies