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Global Pickup Truck Market to reach USD 301.15 billion by the end of 2030

Global Pickup Truck Market Size study & Forecast, by Truck Type (Small Size, Mid Size, Full Size), by Propulsion Type (Diesel, Gasoline, Hybrid, Electric), by Component (Drivetrain, Interior Body, Electrical & Electronics, Chassis) and Regional Analysis, 2023-2030

Product Code: ALTPCV-13521426
Publish Date: 20-01-2024
Page: 200

Global Pickup Truck Market is valued at approximately USD 199.23 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5.3% during the forecast period 2023-2030. A pickup truck is a robust and adaptable motor vehicle crafted mainly for transporting cargo in an exposed bed positioned at the vehicle’s rear. Merging the features of a passenger car with the practicality of a truck, pickup trucks are a ubiquitous presence on roads and play a crucial role in diverse industries and individual lifestyles. Recognized by their unique cab-and-bed layout, these trucks come in various sizes, ranging from compact to full-size, to accommodate diverse requirements. Many pickup trucks are equipped with towing capabilities, enabling them to haul trailers, boats, or other vehicles, thereby augmenting their overall utility. The Pickup Truck Market is expanding because of factors such as increasing spending on passenger vehicles, expanding construction and infrastructure sectors and growing use of trucks in the e-commerce sector.

Growth in the construction and infrastructure sectors often leads to an increased demand for pickup trucks. These vehicles are favored for their ability to transport tools, equipment, and materials to job sites efficiently. According to Statista, the worldwide Construction industry spending in the year 2019, stood at USD 12 trillion which increased to USD 12.9 trillion in the year 2021 and it is projected to reach USD 19.2 trillion by the year 2035. Thus, rising spending in the construction industry indicates that there has been a rise in the number of construction projects, resulting in market growth. In addition, the integration of advanced technologies in pickup trucks and increasing demand for utility vehicles is creating new opportunities to the market. However, the high cost of Pickup Truck stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Pickup Truck Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to sustained and growing demand for utility vehicles, pickup trucks, with their versatility and practicality.. Additionally, expanding commercial applications beyond traditional sectors, such as construction and agriculture, are contributing to increased sales. The rise of e-commerce and the need for efficient last-mile delivery solutions further boost the demand for pickup trucks in logistics and transportation. The emergence of electric pickup trucks, coupled with a broader emphasis on sustainability, is attracting environmentally conscious consumers. Asia Pacific is expected to grow at the fastest rate over the forecast period, owing to factors such as rising urbanization and economic development in many countries across the region. As disposable incomes rise, there is a growing demand for versatile vehicles that cater to both personal and commercial needs, making pickup trucks an appealing choice. The expanding construction and infrastructure sectors in countries such as China, India, and Southeast Asian nations have boosted the demand for rugged and utilitarian vehicles for transporting goods and equipment resulting in market growth.

Major market player included in this report are:
Stellantis N.V.
Ford Motor Company
Toyota Motor Corp.
Nissan Motor Co. Ltd.
Volkswagen Group
Tata Motors Ltd.
Ashok Leyland Ltd.
General Motors Company
Hyundai Motor Company
Suzuki Motor Corp.

Recent Developments in the Market:
Ø In July 2023, Mitsubishi Motors Corporation introduced the All-New Triton One-ton Pickup Truck, showcasing a commitment to delivering durability and reliability. The vehicle is equipped with a newly developed engine that not only achieves higher output and also enhances environmental performance, embodying Mitsubishi’s dedication to innovation and sustainable driving solutions.
Ø In March 2023, Great Wall Motors unveiled its latest global pickup model, the POER KINGKONG. This impressive vehicle boasts a sleek and dynamic design, powered by a robust 2.0T engine paired with a dependable 6-speed manual transmission. The POER KINGKONG exemplifies GWM PICKUP’s enduring toughness and versatile performance, offering a compelling combination of style and functionality.

Global Pickup Truck Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Truck Type, Propulsion Type, Component, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Truck Type:
Small Size
Mid Size
Full Size

By Propulsion Type:

By Component:
Interior Body
Electrical & Electronics

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Pickup Truck Market, by Region, 2020-2030 (USD Billion)
1.2.2. Pickup Truck Market, by Truck Type, 2020-2030 (USD Billion)
1.2.3. Pickup Truck Market, by Propulsion Type, 2020-2030 (USD Billion)
1.2.4. Pickup Truck Market, by Component, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Pickup Truck Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Pickup Truck Market Dynamics
3.1. Pickup Truck Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Increasing spending on passenger vehicles Expanding construction and infrastructure sectors Growing use of trucks in e-commerce sector
3.1.2. Market Challenges High Cost of Pickup Truck
3.1.3. Market Opportunities Integration of advanced technologies in pickup trucks Innovation in Electric Pickup Trucks
Chapter 4. Global Pickup Truck Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Pickup Truck Market, by Truck Type
5.1. Market Snapshot
5.2. Global Pickup Truck Market by Truck Type, Performance – Potential Analysis
5.3. Global Pickup Truck Market Estimates & Forecasts by Truck Type 2020-2030 (USD Billion)
5.4. Pickup Truck Market, Sub Segment Analysis
5.4.1. Small Size
5.4.2. Mid Size
5.4.3. Full Size
Chapter 6. Global Pickup Truck Market, by Propulsion Type
6.1. Market Snapshot
6.2. Global Pickup Truck Market by Propulsion Type, Performance – Potential Analysis
6.3. Global Pickup Truck Market Estimates & Forecasts by Propulsion Type 2020-2030 (USD Billion)
6.4. Pickup Truck Market, Sub Segment Analysis
6.4.1. Diesel
6.4.2. Gasoline
6.4.3. Hybrid
6.4.4. Electric
Chapter 7. Global Pickup Truck Market, by Component
7.1. Market Snapshot
7.2. Global Pickup Truck Market by Component, Performance – Potential Analysis
7.3. Global Pickup Truck Market Estimates & Forecasts by Component 2020-2030 (USD Billion)
7.4. Pickup Truck Market, Sub Segment Analysis
7.4.1. Drivetrain
7.4.2. Interior Body
7.4.3. Electrical & Electronics
7.4.4. Chassis
Chapter 8. Global Pickup Truck Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Pickup Truck Market, Regional Market Snapshot
8.4. North America Pickup Truck Market
8.4.1. U.S. Pickup Truck Market Truck Type breakdown estimates & forecasts, 2020-2030 Propulsion Type breakdown estimates & forecasts, 2020-2030 Component breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Pickup Truck Market
8.5. Europe Pickup Truck Market Snapshot
8.5.1. U.K. Pickup Truck Market
8.5.2. Germany Pickup Truck Market
8.5.3. France Pickup Truck Market
8.5.4. Spain Pickup Truck Market
8.5.5. Italy Pickup Truck Market
8.5.6. Rest of Europe Pickup Truck Market
8.6. Asia-Pacific Pickup Truck Market Snapshot
8.6.1. China Pickup Truck Market
8.6.2. India Pickup Truck Market
8.6.3. Japan Pickup Truck Market
8.6.4. Australia Pickup Truck Market
8.6.5. South Korea Pickup Truck Market
8.6.6. Rest of Asia Pacific Pickup Truck Market
8.7. Latin America Pickup Truck Market Snapshot
8.7.1. Brazil Pickup Truck Market
8.7.2. Mexico Pickup Truck Market
8.8. Middle East & Africa Pickup Truck Market
8.8.1. Saudi Arabia Pickup Truck Market
8.8.2. South Africa Pickup Truck Market
8.8.3. Rest of Middle East & Africa Pickup Truck Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Stellantis N.V. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. Ford Motor Company
9.3.3. Toyota Motor Corp.
9.3.4. Nissan Motor Co. Ltd.
9.3.5. Volkswagen Group
9.3.6. Tata Motors Ltd.
9.3.7. Ashok Leyland Ltd.
9.3.8. General Motors Company
9.3.9. Hyundai Motor Company
9.3.10. Suzuki Motor Corp.
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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