The pickup truck market is segmented by type (full-size trucks, midsize/small trucks, others) and application (individual use, commercial use). The report covers global opportunity analysis and industry forecasts from 2021 to 2026, published by Valuates Reports in the automotive industry category.
The global pickup truck market size was valued at USD 166.21 billion in 2019 and is expected to reach USD 207.72 billion by the end of 2026, growing at a compound annual growth rate (CAGR) of 3.2% during the forecast period 2021-2026. Additionally, the pickup truck market is expected to witness the sale of 8.85 million truck units by the end of 2025.
Key factors driving the growth of the global pickup truck market include:
- Style and Technical Improvements: A combination of style and technical enhancements, such as advanced driver assistance systems, is attracting consumers to trucks.
- Rise in Online Shopping: The growing consumer preference for online shopping, in turn, requires the use of trucks to transport these products.
- Demand for Low-Consumption Vehicles: Another factor driving the pickup truck market’s growth is the increasing customer demand for low-consumption vehicles for outdoor activities such as boating and camping, as well as a growing preference for trucks over SUVs.
Trends Influencing Pickup Truck Market Growth:
- Technological Improvements: The incorporation of technological improvements to enhance driving comfort is expected to boost the pickup truck market’s growth. Modern trucks come equipped with features such as Bluetooth connectivity, all-wheel drive (AWD), automatic transmissions, and DVD players, among others. Truck manufacturers are focusing on improving the driving experience by incorporating advanced driver assistance systems, including blind-spot alerts and rear cross-traffic warnings, along with a variety of camera views.
- E-commerce Growth: The demand for pickup trucks is expanding due to an increase in product transportation due to the growth of e-commerce and small and medium-sized enterprises (SMEs). Furthermore, the increased use of pickup trucks, as they provide a better value proposition and can accommodate more passengers while still transporting cargo, is expected to drive pickup truck market growth.
- Dual-Use Vehicles: Another factor driving the market’s expansion is the increasing demand for low-consumption vehicles suitable for both on and off-road use. Pickup trucks are equipped with wheels that easily navigate muddy, wet, and rocky terrains, making them ideal for activities such as fishing and hunting. The vehicle’s cabin is elevated above the axle, providing the driver with greater visibility, which is advantageous for off-road driving and city traffic congestion.
Regional Outlook: Due to increased pickup truck manufacturing and a growing preference for trucks in the region, North America and Europe are expected to maintain a substantial share of the pickup truck market during the forecast period. This shift in consumer preference toward pickup trucks and the rising number of small and medium-sized enterprises using pickup trucks to transport their shipments contribute to this trend.
