Pick-up Trucks Market Size - By Vehicle (Compact, Mid-size, Full-size, Heavy-duty), By Fuel (Gasoline, Diesel, Electric), By Application (Commercial, Industrial), Growth Prospects, Regional Outlook & Global Forecast, 2024 - 2032

Pick-up Trucks Market Size

Pick-up Trucks Market size was valued at USD 217.3 billion in 2023 and is estimated to register a CAGR of over 5.5% between 2024 and 2032. The expanding availability of electric options within the market is poised to drive significant growth. With the ongoing rise in petrol prices, there's a heightened appeal for fuel-efficient vehicles. Electric trucks offer a compelling advantage by eliminating the need for frequent visits to petrol stations and boasting lower running expenses, as energy costs tend to be lower than gasoline. This enhanced fuel efficiency of electric pick-up trucks presents substantial long-term cost savings for both businesses and individual consumers.
 

Furthermore, as awareness of climate change and stricter emissions regulations grows, there's a notable shift towards greener transportation options. Electric trucks provide a viable solution for reducing carbon footprints and complying with regulations, potentially averting penalties, and restrictions. For instance, in January 2024, General Motors unveiled the Chevrolet Silverado EV, equipped with 200-kWh Ultium lithium-ion battery pack. This move increases GM's footprint in the electric truck industry, providing a more practical and likely cheaper alternative to the Hummer EV. It emphasizes the varied offerings developing in this arena.

The growing popularity of off-roading is also one of the major factors driving the pick-up truck market growth. Pickup trucks have high ground clearance, strong engines, and durable suspensions, which are essential for navigating difficult terrains. Skid plates, winches, and off-road tires increase their capabilities off-road. To meet the growing demand for pick-up trucks manufacturers are launching new products.
 

For instance, in January 2023, Toyota enhanced its off-road-oriented Tacoma TRD pro variant with upgraded features including FOX shocks, skid plates, and exclusive wheels. This enhancement underscores Toyota's ongoing commitment to delivering adventure-ready trucks tailored to meet the demands of outdoor enthusiasts. By elevating off-road capabilities in pick-up trucks, this offering is expected to stimulate growth in the pick-up trucks market.
 

The high initial purchase price of pick-up trucks may potentially slow down-market growth. This reduces the possible client base and market growth. Pick-up trucks often command a premium price due to their robust construction, powerful engines, and versatile capabilities. This higher price point may pose a challenge for consumers who prioritize affordability when considering their vehicle options. Consequently, budget-conscious shoppers may hesitate to explore pick-up trucks as a viable choice, opting instead for more economical alternatives. In the case of potential buyers, the high price translates to increased loan payments, insurance charges, and maintenance costs, which may be a substantial financial hardship.
 

Pick-up Trucks Market Trends

The pick-up trucks industry is witnessing significant technological advancements. More efficient and powerful engines, upgraded gearboxes, and electric alternatives increase fuel efficiency, towing capacity & overall performance, making vehicles more adaptable and practical for everyday use. Also, lane departure warnings, blind-spot monitoring, and autonomous emergency breaking all increase truck safety & comfort during long rides. To enhance the vehicle capabilities manufacturers are launching innovative solutions in the market.
 

For instance, in September 2023, General Motors revealed that its sophisticated driving assistance technology, Super Cruise, will be available on the GMC Sierra and Chevy Silverado trucks in 2024. This hands-free driving technology will expand beyond premium automobiles to include the highly competitive full-size truck category.
 

Pick-up Trucks Market Analysis

Based on fuel, the diesel segment held over 65% of the market share in 2023. Diesel fuel contains more energy per gallon, resulting in improved fuel efficiency, particularly for larger loads and highway travel. Diesel engines often create higher torque at lower RPMs, resulting in improved towing and hauling capabilities. This is critical for heavy-duty applications, business fleets, and drivers that routinely haul large trailers or equipment. While diesel engines have unique maintenance requirements, their extended service intervals for oil changes and other normal maintenance can offset their maintenance expenses.
 

Based on application, the commercial segment recorded around 60% of the pick-up trucks market share in 2023. Pickup trucks offer high cargo capacity and towing capabilities, making them ideal for carrying tools, equipment, materials & items in a variety of commercial industries such as construction, landscaping, agriculture, and delivery services. Also, pick-up trucks are designed for harsh industrial conditions, to handle big loads, rugged terrains, and frequent use, reducing downtime and increasing productivity for businesses. Lastly, long service intervals and robust design may result in reduced maintenance costs than smaller, less-lasting vehicles.
 

The North American pick-up trucks market accounted for 60% of the revenue share in 2023, driven by factors such as growing infrastructure projects and continued demand for versatile vehicles. Additionally, the enduring demand for pick-up trucks stems from their adaptability across various industries and lifestyles, from commercial to industrial activities. Consumers prioritize spaciousness, towing capacity, and overall ruggedness, aligning perfectly with the attributes offered by pick-up trucks. Additionally, the introduction of electric pick-up trucks is poised to reshape the market landscape. These eco-friendly alternatives address growing environmental concerns while offering substantial cost savings in terms of fuel efficiency and maintenance.
 

Pick-up Trucks Market Share

Ford Motor Company and Toyota Motor Corporation dominate the market with over 15% revenue share. Ford Motor offers a diverse array of customization options and trim levels to accommodate a spectrum of consumer preferences & usage requirements. Additionally, they provide supplementary features, packages, and upgrade selections, empowering consumers to personalize their pick-up trucks, according to their unique lifestyles & preferences.
 

Toyota Motor Corporation integrates cutting-edge features, technologies, and safety enhancements into its pick-up truck models to elevate performance, comfort & convenience. Furthermore, the company provides sophisticated driver-assistance systems, connectivity features, and entertainment options, catering to the preferences of technologically savvy consumers.
 

Pick-up Trucks Market Companies

Major companies operating in the pick-up trucks industry are:

• Ford Motor Company
• General Motors
• Great Wall Motors
• Honda
• Isuzu
• Mitsubishi Motors
• Nissan
• Ram Trucks
• Toyota Motor Corporation
• Volkswagen
   

Pick-up Trucks Industry News

• In December 2023, Hyundai initiated the trademark application process in Australia for an electric pickup truck under the name Ionic T10 model. Hyundai plans to introduce this new model to the market by 2025 - 2026.
   
• In September 2023, Stellantis revealed its plans to invest USD 2 billion in a new electric car manufacturing plant in Michigan (U.S.). This move showcases the company’s focus on expanding its electric vehicle portfolio beyond the Ram 1500 REV.
   

The pick-up trucks market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) and shipment (units) from 2018 to 2032, for the following segments:

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Market, By Vehicle

• Compact
  • Gasoline
  • Diesel
  • Electric
• Mid-size
  • Gasoline
  • Diesel
  • Electric
• Full-size
  • Gasoline
  • Diesel
  • Electric
• Heavy-duty
  • Gasoline
  • Diesel
  • Electric

Market, By Fuel

• Gasoline
• Diesel
• Electric

Market, By Application

• Commercial
• Industrial

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA