Press release
Pickup Trucks Market Size, Share | Growth Forecast 2032
According to the report by Expert Market Research (EMR), the global pickup trucks market size reached a value of USD 181.09 billion in 2023. Aided by economic development, urbanisation, technological advancements, and shifting consumer preferences, the market is projected to further grow at a CAGR of 3.60% between 2024 and 2032 to reach a value of USD 248.96 billion by 2032.
A pickup truck, commonly referred to as a "pickup," is a type of light-duty truck characterized by an open cargo area, known as a bed, located behind the cab. Pickup trucks typically feature a separate cabin for passengers and a rear cargo bed, which is either integrated into the body of the vehicle or attached to the chassis.
The robust growth of construction, infrastructure, and logistics sectors in emerging economies has significantly contributed to the pickup trucks market share. These vehicles play a pivotal role in transportation, material handling, and goods delivery, catering to the needs of construction companies, contractors, and logistics providers. Moreover, government initiatives aimed at infrastructure development, such as road construction, utility installation, and urban expansion projects, have further bolstered the demand for pickup trucks equipped with specialised features and capabilities to meet diverse job requirements.
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The global trend towards urbanisation, coupled with changing lifestyle preferences, has fuelled the pickup trucks market growth. Urban dwellers, including professionals, families, and outdoor enthusiasts, are increasingly opting for pickup trucks due to their spacious interiors, towing capacity, and off-road capabilities. Pickup trucks offer the flexibility to accommodate diverse needs, from daily commuting and family outings to recreational activities such as camping, boating, and adventure sports. Additionally, the growing popularity of outdoor recreation and adventure tourism has spurred the demand for pickup trucks equipped with advanced features for off-road driving, camping accessories, and towing trailers or recreational vehicles (RVs).
Advancements in automotive technology, including electrification, connectivity, and autonomous driving systems, are reshaping the pickup trucks market landscape. Electric and hybrid pickup trucks are gaining traction, driven by concerns about fuel efficiency, emissions reduction, and environmental sustainability. Manufacturers are investing in research and development to introduce electric pickup trucks with extended range, fast charging capabilities, and innovative battery technologies, catering to the needs of eco-conscious consumers and fleet operators.
Furthermore, connectivity features such as GPS navigation, telematics, and smartphone integration are enhancing the safety, convenience, and entertainment capabilities of pickup trucks. As per the pickup trucks market analysis, advanced driver assistance systems (ADAS) including adaptive cruise control, lane-keeping assist, and collision avoidance systems are becoming standard features in modern pickup trucks, improving vehicle safety and reducing the risk of accidents.
Consumer preferences for personalized vehicles tailored to their specific needs and lifestyle preferences are driving the trend towards customisation in pickup trucks. Manufacturers and aftermarket suppliers offer a wide range of accessories, modifications, and customisation options to enhance the appearance, performance, and functionality of pickup trucks. As per the pickup trucks market outlook, from lift kits and suspension upgrades for off-road enthusiasts to luxury interiors and multimedia entertainment systems for urban commuters, customisation allows consumers to create unique vehicles that reflect their individuality and preferences.
North America dominates the global market, accounting for the largest share of revenue. The United States, in particular, is the largest market for pickup trucks, driven by a strong culture of truck ownership, robust demand from commercial fleets, and favourable economic conditions. The pickup trucks market expansion in the Asia Pacific region is fuelled by increasing urbanization, infrastructure development, and rising disposable incomes in countries such as China, India, and Australia.
Read Full Report with Table of Contents - https://www.expertmarketresearch.com/reports/pickup-trucks-market
Pickup Trucks Market Segmentation
The market can be divided based on fuel type, truck type, technology, application, and region.
Market Breakup by Fuel Type
Diesel
Petrol
Electric
Other
Market Breakup by Truck Type
Heavy Duty
Light Duty
Market Breakup by Technology
Connected
Not Connected
Market Breakup by Application
Commercial
Personal
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global pickup trucks market. Some of the major players explored in the report by Expert Market Research are as follows:
Ford Motor Company
General Motors
Toyota Motor Corporation
FCA US, LLC
Nissan Motor Co. Ltd
Honda Motor Co., Ltd
Renault Group
Mahindra & Mahindra Ltd.
Isuzu Motors Ltd.
Mitsubishi Motors Corporation
Others
Read More Reports:
North America Confectionery Market: https://www.linkedin.com/pulse/north-america-confectionery-market-size-share-report-2032-lalit-sen-4ifdc
Asia Pacific Power Rental Market: https://www.expertmarketresearch.com/reports/asia-pacific-power-rental-market
Japan Lubricants Market: https://www.expertmarketresearch.com/reports/japan-lubricants-market
Canada Agricultural Machinery Market: https://www.expertmarketresearch.com/reports/canada-agricultural-machinery-market
India Paper Cups Market: https://www.expertmarketresearch.com/reports/india-paper-cups-market
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