Pickup Truck Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)
Get a Comprehensive Overview of the Pickup Truck Market Report Prepared by P&S Intelligence, Segmented by Truck Type (Small, Mid-Sized, Full-Sized), Propulsion (Diesel, Gasoline, Hybrid, Electric), Component (Drivetrain, Interior, Body, Electrical & Electronics, Chassis), Application (Individual, Commercial), Truck Body (Regular, Double, Crew, Extended), and Geographic Regions. This Report Provides Insights From 2019 to 2030.
Pickup Truck Market Size
Market Statistics
Study Period | 2019 - 2030 |
2024 Market Size | USD 220.8 Billion |
2025 Market Size | USD 231.9 Billion |
2030 Forecast | USD 304.6 Billion |
Growth Rate (CAGR) | 5.5% |
Largest Region | North America |
Fastest-Growing Region | Asia-Pacific |
Nature of the Market | Consolidated |
Largest Component Category | Drivetrain |
Market Size Comparison
Key Players
Key Report Highlights
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Pickup Truck Market Analysis
The pickup truck market generated revenue of USD 220.8 billion in 2024, and it is projected to expand at a rate of 5.5% from 2024 to 2030, reaching USD 304.6 billion by 2030. The market is driven by the increasing preference of people to shop online, rising number of SMEs in the logistics sector, burgeoning demand for fuel-efficient vehicles for freight, surging popularity of outdoor recreational activities, and growing use of these vehicles in the construction sector.
The increasing number of small and medium-sized enterprises (SMEs), especially in developing countries, drives the demand for small and mid-size pickup trucks. These businesses generally use these automobiles for their transportation and delivery tasks. Additionally, pickup trucks offer large cargo capacity and multifunctionality, making them important for a wide range of commercial and entertainment activities. The ability to work as passenger and cargo vehicles further increases their demand in both advanced and evolving economies.
Pickup Truck Market Trends & Drivers
Increasing Demand for Versatile Vehicles Is Key Trend in Market
- The increasing demand for versatile vehicles is a key trend because these trucks are comfortable and useful. They can carry both people and things, as they have a large space to transport building material, furniture, and other things.
- These automobiles are useful not only for commercial freight activities but also for everyday work. This ability makes them valuable for both work and personal activities. Additionally, they are widely used on weekends for fun activities.
- Modern pickup trucks are designed to be more comfortable and look nicer. This attracts buyers who want a vehicle that is useful and classy.
E-Commerce Expansion and Preference for Off-Roading Drive Market
- The growth of e-commerce has created a greater need for pickup trucks, especially for last-mile delivery services. As online shopping increases the need for fast delivery to consumer homes, these rucks become popular. They are an ideal choice for this type of work because they can quickly transport goods from warehouses to consumers’ homes.
- The increasing interest in off-road exploration and fun activities, particularly in North America, is increasing the demand for pickup trucks. These vehicles are a top choice of off-road adventurers because of their ability to bear rough treatment or damage without breaking up. Their utility major comes from their ability to handle difficult landscapes, such as muddy roads and rocky areas.
- They also offer ample space to pack up a tent for camping, a big enough beer cooler, a barbeque grill, or even a small boat for a lakeside adventure. The trailer can even be covered and made into a small RV.
Drive for Ecological Sustainability Is Major Challenge for Market Growth
- Governments around the world are making strict rules for users and automakers to reduce pollution, due to which the demand for conventionally powered pickup trucks is decreasing. The rules include Bharat Stage VI (BSVI) in India, EPA Tier 3 in the U.S., and Euro 6 in Europe. This presents a big challenge for automakers to manufacture vehicles that meet the rules made by government, while maintaining vehicle performance and meeting consumer demand.
- Pickup trucks come with higher fuel consumption and emissions than smaller vehicles because they are larger and require more power. Automakers must create solutions that reduce environmental effects without sacrificing functionality or performance. Meeting the customer demands for usefulness and pulling capacity, while lowering emissions and increasing fuel efficiency, creates a problem for manufactures.
- Electric models are a good alternative to those powered by gasoline or diesel, especially amidst the advancing EV technology and falling battery prices.
Pickup Truck Industry Outlook
Truck Type Analysis
- The mid-sized category held the largest market share, of 50%, in 2024, due to the versatility and appreciable performance offered by these models. They are suited for a wide range of operating conditions and come in a variable price range. This attracts a large number of consumers in both developing and developed markets.
- The mid-sized category is growing the fastest, with a CAGR of 5.8%, during 2024–2030. This is due to the rising demand for trucks that are small enough to navigate urban roads easily and large enough to handle ample cargo volumes. As more people move to urban areas, there will be a greater need for vehicles that can move easily and fit into tight parking spaces.
Below are the types of truck that were studied in this report
- Small
- Mid-Sized (Larger and Faster-Growing Category)
- Full-Sized
Propulsion Analysis
- The diesel category held the largest market share, of 40%, in 2024. This is because diesel engine has a higher fuel efficiency and offers more power for commercial uses.
- Pickup trucks with diesel engines are widely used, particularly in regions where carrying heavy loads across long distances is common, such as North America and Europe.
- The electric category is expected to grow the fastest, with a CAGR of 5.7%, during 2024–2030. This is due to the strict government rules on CO2 emissions and the growing consumer preference for electric vehicles.
- With advancements in electric propulsion technology and fall in the prices of batteries, EVs are becoming cost-competitive with their ICE counterparts. This is a key factor encouraging people to go for electric pickup trucks.
Below are the propulsions that were studied in this report
- Diesel (Largest Category)
- Gasoline
- Hybrid
- Electric (Fastest-Growing Category)
Component Analysis
- The drivetrain category held the largest market share, at 45%, in 2024. This is because the drivetrain plays a major role in the overall performance and value of pickup trucks.
- The drivetrain is the major component of vehicles because it delivers power from the engine to the wheels. It consists of the transmission, gears, and wheels. The drivetrain is essential because it enables the vehicle to move forward or backward.
- The electricals & electronics category is expected to grow the fastest, with a CAGR of 5.9%, during 2024–2030. This is due to the major improvements in the EV technology and the integration of a range of safety and performance-enhancing electronic components in conventional ICE trucks.
- With the improvement in batteries, electric vehicles are able to travel longer distances on a single charge and also offer more power than before.
Below are the components that were studied in this report
- Drivetrain (Largest Category)
- Interior
- Body
- Electricals & Electronics (Fastest Category)
- Chassis
Application Analysis
- The commercial use category held the larger market share, at 70%, in 2024. There is a great demand for these vehicles in the business sector because they are designed to meet a variety of requirements. They are widely deployed in manufacturing, plant moving, especially for smaller-scale operations, and the transportation of items.
- These trucks can be easily customized to fulfill specific business needs, due to which they are more suitable for businesses looking for vehicles modified to their requirements.
Below are the applications that were studied in this report
- Individual Use
- Commercial Use (Larger and Faster-Growing Category)
Body Analysis
- Double-cab variants held the largest market share, of 50%, in 2024, because of their multipurpose nature. They have enough area behind the cabin for goods, tools, and other objects and comfortable seats for travelers within the cabin. These trucks are popular among families and contractors, particularly those who require both passenger comfort and transportation capabilities.
- These models are useful for various purposes, such as adventure trips, daily traveling, and carrying equipment or goods for work.
Below are the bodies that were studied in this report
- Regular
- Double (Largest and Fastest-Growing Category)
- Crew
- Extended
- Others
North America Dominates Market with 55% Share
- Globally, North America is the largest market for pickup trucks, generating around 55% of the global revenue in 2024. This is because these vehicles have been around in the region for a long time and an important part of the local culture.
- The market in North America is mainly driven by the U.S., because the country is a base for many well-known truck manufacturing companies, such as Ford Motor Company and Fiat Chrysler. These companies not only control a large portion of the market but also have an important effect on developments and market conditions.
- The quick economic growth in APAC makes it the fastest-growing market. with a CAGR of 6.0%, in 2024–2030. This is because the economic expansion has led to an increase in the spending power of consumers, due to which they are able to spend more money on advanced vehicles.
- Infrastructure expansion, rising popularity of fun activities, and growing industrial sector contribute to the rising demand for pickup trucks across the region. This is because these vehicles provide a wide range of benefits while transporting goods across cities and other areas full-sized trucks find it difficult to reach.
The regions and countries analyzed in this report include:
- North America (Largest Regional Market)
- U.S. (Larger and Faster-Growing Country Market)
- Canada
- Europe
- Germany (Largest and Fastest-Growing Country Market)
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific (APAC) (Fastest-Growing Regional Market)
- China (Largest Country Market)
- Japan
- India (Fastest-Growing Country Market)
- South Korea
- Australia
- Rest of APAC
- Latin America (LATAM)
- Brazil (Largest and Fastest-Growing Country Market)
- Mexico
- Rest of LATAM
- Middle East and Africa (MEA)
- Saudi Arabia (Largest Country Market)
- South Africa
- U.A.E.
- Rest of MEA
Pickup Truck Market Share
Toyota Motor Corporation and Tata Motors are the big players in this market. They perform various checks and fixes before selling these trucks, to ensure that consumers do not face any problems and to increase reputation of the company in the market.
Pickup Truck Market Companies:
- Ford Motor Company
- Mitsubishi Motors Corporation
- Tata Motors Limited
- Toyota Motor Corporation
- Volkswagen AG
- Hyundai Motor Company
- Nissan Motor Co. Ltd.
- Stellantis NV
- Ashok Leyland Ltd.
- General Motors Company
- Mahindra & Mahindra Ltd.
Pickup Truck Market News
- General Body Manufacturing Company was acquired by Reading Truck Group LLC in February 2024. The objective of this acquisition is to expand Reading Truck Group’s reach and capabilities in work truck bodies and equipment industry.
- In December 2023, Tata Motors announced the launch of all-new Intra V70 pickup, Ace HT+and Intra V20 Gold pickup, with a focus on attracting new customers who are looking for efficient and reliable vehicles for their transportation needs.
- In July 2023, the Triton pickup truck was launched by Mitsubishi Motors Corporation with a focus on performance, comfortable, secure, and safe driving.
- In October 2022, the Sierra EV truck was introduced by General Motors’ GMC brand. The new model comes with a touchscreen, customizable driving modes, and waterproof front compartment.
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