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The compact pick-up truck industry is witnessing a notable trend toward Electric Vehicles (EVs). Electric compact pick-up trucks, which offer zero-emission driving, quick torque, and possibly lower running costs during their lifespan, are being developed by many automakers or are scheduled for release. For instance, in February 2024, Telo launched an electric mini pick-up truck as an active lifestyle solution. To improve driver and passenger safety, automakers are adding cutting-edge safety systems to compact pick-up trucks. This includes functions such as adaptive cruise control, blind-spot monitoring, lane-keeping assistance, automatic emergency braking, and pedestrian recognition systems.
An increasing number of connected technological elements and complex entertainment systems are seen in compact pick-up trucks. This includes Over-the-Air (OTA) software upgrades, Wi-Fi hotspots, GPS navigation, touchscreen displays, and smartphone connectivity (such as Apple CarPlay and Android Auto).
The diesel segment surpassed 70% of the market share in 2023 and is expected cross USD 24 billion by 2032, favored by the torque provided by diesel engines which can be advantageous for navigating challenging terrain.
The market size of compact pick-up trucks reached USD 29 billion in 2023 and is estimated to register 5% CAGR between 2024 and 2032, led by rising urbanization and mobility needs.
North America market accounted for 55% revenue share in 2023, attributed to the plenty of storage room for tools, leisure supplies, and do-it-yourself projects in addition to contemporary styling, cozy cabins, and cutting-edge technology.
Ashok Leyland, China FAW Group Corp., Ltd., Dongfeng Motor Corporation, Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., Hyundai Motor Corporation, Nissan Motor Co. Ltd., Tata Motors, and Toyota Motor Corporation.