Pickup Truck Market Size, Share & Report 2028
IMARC Group, a leading market research company, has recently releases report titled “Pickup Truck Market by Fuel Type (Diesel, Petrol, Electric, and Other), Vehicle Type (Light-Duty, Heavy-Duty), Application (Individual Use, Commercial Use), and Region 2023-2028” The study provides a detailed analysis of the industry, including the global pickup truck market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the pickup truck market?
The global pickup truck market size reached US$ 202.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 238.6 Billion by 2028, exhibiting a growth rate (CAGR) of 2.6% during 2023-2028.
What is pickup truck?
A pickup truck is a motorized vehicle used for towing, hauling, and transporting goods in warehouses and distribution centers. It comprises axles, an enclosed cabin, and a cargo bed with three low walls and an outward-opening rear gate. It is easy to maintain and has high power, torque, and capacity. At present, key market players are introducing advanced features, such as automatic transmission, power steering, anti-lock braking system(ABS), cruise control, and alloy wheels in pickup trucks for enhanced operational efficiency.
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What are the growth prospects and trends in the pickup truck industry?
Rapid urbanization and increasing consumer preferences for online shopping represent one of the key factors catalyzing the demand for pickup trucks for transportation across the globe. In addition, a significant rise in the travel and tourism industry and the easy availability of pickup truck rental services at tourist places are contributing to the market growth. Apart from this, key players are introducing electric and battery-operated pickup trucks for reducing carbon footprints. This, in confluence with the inflating prices of petrol and the rising demand for fuel-efficient and high-performance vehicles, is bolstering the market growth. Furthermore, the escalating demand for electric pickup trucks due to rising environmental concerns, along with the increasing affordability and growing accessibility, are stimulating the growth of the market around the world.
What is included in market segmentation?
The report has segmented the market into the following categories:
Fuel Type Insights:
Diesel
Petrol
Electric
Other
Vehicle Type Insights:
Light-Duty
Heavy-Duty
Application Insights:
Individual Use
Commercial Use
Breakup by Region:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Ashok Leyland Ltd.
Ford Motor Company
General Motors Company
Great Wall Motors
Isuzu Motors Limited
Mahindra & Mahindra Ltd
Mitsubishi Motors Corporation
Tata Motors Limited
Toyota Motor Corporation
Volkswagen AG.
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