Pickup Truck Market Size, Share, Growth, Trends, Company Analysis, Regional Insights and Forecast 2020 - 2027

The global pickup truck market size is expected to reach around US$ 940 Bn by 2027, expanding at a CAGR of 2% during the forecast period 2020 to 2027, owing to the increase in affordability for vehicles among consumers and transition of people into middle and upper middle-income groups.

Drivers of Pickup Truck Market

  • The popularity of less than load (LTL) systems around a decade ago was majorly due to a surge in interest in large distribution center models, wherein trucks entered from one side and left from the other side. However, the last couple of years witnessed the revival of the less-than-load industry, primarily driven by the boom of the e-Commerce sector and significant penetration of automation in factories across the globe.
  • Evolving manufacturing models coupled with high demand from the LTL side is likely to boost the LTL transportation across the globe. Demand for efficient LTL transportation is likely to be driven by a rise in the number of smaller shipments due to expansion of the e-Commerce sector.
  • Rising penetration of smartphones and access to speedy Internet services has boosted consumer preference toward online shopping, which requires pickup trucks to deliver products. This, in turn, is anticipated to propel the pickup truck market during the forecast period.
  • Increase in middle class population across the globe has resulted in the rise in consumption, which in turn is expected to boost the goods transport volumes. Changes in consumer tastes and preferences where people are inclined toward Western lifestyles have led to a rise in the demand for deliveries that takes lesser time. This, in turn, is projected to drive the last mile delivery, which is likely to propel the pickup truck market during the forecast period.
  • Rising urbanization has resulted in an increase in transport volumes. Rapid expansion of the Internet retailing market across the globe is driving the first and last mile delivery market. Rising popularity of online shopping in countries is a key factor to drive the pickup truck market across the globe.

Report Highlights

  • Based on truck type, the medium segment held a leading share of the market, in terms of volume, in 2019; however, the full size segment accounted for a prominent share in terms of revenue. Medium type trucks are conventional pickup trucks and are highly popular in majority of regions, which is attributed to the high market share held by the segment in the global pickup truck market.
  • Small pickup trucks are continuously gaining popularity, which in turn is propelling the market for pickup trucks. Moreover, rising focus toward the development of high economy vehicles for SMEs drives the segment. On the other hand, higher popularity of full size trucks in North America and Europe due to their use in multipurpose application can be attributed to the significant share held by the full size segment of the global market.
  • Based on propulsion, the diesel segment held a prominent share, in terms of revenue, of the global market in 2019. Most full size trucks are diesel fueled, as diesel engines are capable of producing higher torque as compared to that generated by gasoline engines, which in turn propels the diesel segment of the pickup truck market.
  • Gasoline propulsion systems are mostly used by medium pickup trucks in North America and GCC Countries. Gasoline vehicles are more popular, owing to high availability of the gasoline. Additionally, gasoline is considered as a cleaner fuel as compared to diesel, which is boosting the gasoline segment. Hybrid and electric segments are anticipated to expand in the near future.
  • In terms of region, North America and Europe held a significant share of the global pickup truck market in 2019, owing to high production of trucks and higher preference for pickup trucks in the region. The global pickup truck market is directly influenced by expansion of small- and medium-scale enterprises.
  • Presence of the major pickup truck manufacturers, such as Ford Motor Company, GMC, and Toyota, led the region to hold a high share of the global market. High affordability and presence of SMEs in the region are propelling the demand for pickup trucks in Europe and North America.
  • The global pickup truck market is anticipated to expand during the forecast period, owing to an increase in affordability of vehicles among consumers and transition of people into middle and upper middle income group. For instance, after a global slowdown in the automobile industry, several governments have reduced taxes on automobiles to encourage sale of vehicles. This resulted in an increase in sale of vehicles in the second half of 2019.

Key Players

  • Ford Motor Company
  • FAW Group
  • Fiat Chrysler Automobile
  • General Motor Company
  • Great Wall Motors
  • Honda Motor Company, Ltd.
  • Isuzu Motors Ltd.
  • Mahindra & Mahindra Ltd.
  • Mercedes Benz
  • Mitsubishi Motors Corporation
  • Nissan Motor Co., Ltd.
  • Tata Motors
  • Toyota Motor Corporation
  • Volkswagen AG

Market Segmentation

By Truck Type

    • Small
    • Medium
    • Full Size

By Propulsion

    • Diesel
    • Gasoline
    • Hybrid
    • Electric           

By Region

    • North America
    • U.S.
    • Canada
    • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
    • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
    • East Asia
    • China
    • Japan
    • South Korea
    • South Asia Pacific
    • India
    • ASEAN
    • ANZ
    • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

The Pickup truck market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Pickup truck market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Pickup truck market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Pickup truck market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Pickup truck market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Pickup truck capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Pickup truck by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Pickup truck market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Pickup truck market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Pickup truck market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Pickup truck industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Pickup truck market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Pickup truck market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Pickup truck market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Pickup truck market. These factors have benefited the growth of the global market for Pickup truck. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Pickup truck. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Pickup truck are as follows:

  • History Year: 2016-2019
  • Base Year: 2019
  • Estimated Year: 2020
  • Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

Report Detail

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