Pickup Truck Market Size, Share, Trends, Growth and Forecast 2032

Pickup Truck Industry Prospective:

The global pickup truck market size was worth around USD 206.94 billion in 2023 and is predicted to grow to around USD 329.39 billion by 2032, with a compound annual growth rate (CAGR) of roughly 5.30% between 2024 and 2032.

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Pickup Truck Market: Overview

A pickup truck is a lightweight truck that moves relatively low-weight items from one location to another. Pickup trucks, also known as pickups, are generally associated with an enclosed cab at the front. The rear end consists of an attached bed that can carry and store objects. Depending on the pickup truck type, the cab may accommodate around three to four passengers.

However, most pickup trucks are ideal for one driver and an additional passenger. Pickup trucks were initially launched in the 1930s and since then have undergone several modifications to accommodate the evolving needs of the end-users. They are mainly considered suitable for towing daily supplies or domestic transportation. Pickup trucks do not enjoy the same level of popularity across all countries. For instance, currently, they can be widely spotted in countries such as the US, Canada, Thailand, and certain parts of Europe.

However, other countries such as India, Pakistan, and China do not have a high demand for pickup trucks. These nations are witnessing a rising demand, which can open new avenues for further growth in the industry.

During the forecast period, electric, hybrid, and fuel-efficient pickup trucks are expected to generate the highest revenue. The pickup truck industry may be challenged by the high cost of pickups as well as limited demand in specific market groups.

Key Insights:

• As per the analysis shared by our research analyst, the global pickup truck market is estimated to grow annually at a CAGR of around 5.30% over the forecast period (2024-2032)
• In terms of revenue, the global pickup truck market size was valued at around USD 206.94 billion in 2023 and is projected to reach USD 329.39 billion by 2032.
• The pickup truck market is projected to grow at a significant rate due to the increasing demand for off-road vehicles worldwide.
• Based on truck size, the mid-size segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on the component, the drivetrain segment is anticipated to command the largest market share.
• Based on region, North America is projected to dominate the global market during the forecast period.

Pickup Truck Market: Growth Drivers

Increasing demand for off-road vehicles worldwide to propel market demand rate

The global pickup truck market is expected to be led by increasing demand for off-road vehicles across the globe. Off-road vehicles (ORV) are traditionally designed to be used on rough terrains and non-paved paths such as forest roads and trails. ORVs are considered a part of adventure vehicles as they are characterized by large and highly powerful tires, flexible suspension, skid plates, caterpillar tracks, and strengthened drivetrains.

In addition, off-road vehicles are highly versatile as they deliver equal performance on paved roads. The increasing interest of the general population in off-road adventure activities is expected to propel the demand and use of pickup trucks. These vehicles are considered utilitarian automobiles as they can be used for domestic purposes as well as towing heavy goods. In addition to this, they are equipped with exceptional safety features such as the prevention of collision.

In October 2024, Kia, one of South Korea’s leading automobile manufacturers with a global presence, announced the launch of the company’s first-ever pickup truck, Tasman. The product will be first available in the domestic market at the beginning of 2025.

For the Australian market, Tasman will be equipped with a 2.2-liter diesel engine and an eight-speed automatic transmission. According to official claims, the automobile is equipped to maintain a low speed in off-road activities without using a braking system or manual acceleration.

Entry into new markets and increasing launch of new automobiles to generate exceptional revenue

Manufacturers of pickup trucks are actively seeking new expansion opportunities to tap into unexplored markets. The widespread access to the internet and smartphones has assisted in rapid growth in cultural globalization.

In addition, end-user needs are constantly evolving, and people are seeking new innovations in the automotive industry to meet their modern requirements. The global pickup truck market players can benefit further by entering new markets.

In November 2021, Ford, a US-based automobile company, announced the launch of its next-generation Ford F-150 Raptor in the Chinese market. Next-generation Ford F-150 Raptor is the company’s most capable off-road vehicle. The automobile was sold using a direct-to-customer sale model.

Pickup Truck Market: Restraints

High cost of the vehicle and limited adoption across the globe restrict market expansion

The global pickup truck industry is projected to be restricted due to the high cost of the vehicle. The average cost of the vehicle can reach up to USD 60,000 depending on the model, brand, and overall features of the automobile. However, the vehicle may not deliver cost-efficiency for a large number of the population.

In addition, pickup trucks have predominantly enjoyed more popularity in certain parts of the world, such as the US. Other countries do not have extensive demand for pickup trucks since these markets are filled with more affordable alternatives.

Pickup Truck Market: Opportunities

Growing demand for electric and hybrid vehicles to generate new expansion possibilities

The global pickup truck market is projected to generate growth opportunities due to the rising demand for electric vehicles (EVs) and hybrid automobiles. The increasing fuel prices, as well as supply uncertainty in the backdrop of rising numbers of international conflict and changing trade relationships, have encouraged more people to opt for electric vehicles.

Furthermore, government support for the production and application of EVs has increased in the last few years. For instance, the US government provides tax credits of up to USD 7,500 to owners of new and used vehicles according to the Inflation Reduction Act of 2022.

Similarly, other regional governments have launched attractive measures to encourage the production and usage of electric automobiles.

For instance, in a recent event, Ford announced that one of the highest-selling pickup trucks in the US market, the Ford F-150, would soon be available in an electric variant. Major automobile manufacturers worldwide, including General Motors, Tesla, and Rivian, are investing heavily in EV forms of pickup trucks.

In October 2024, RAM Truck, a division of Stellantis, announced that the company’s first pickup truck would soon be available in the European market. The company has officially sent a Ram 1500 REV all-electric pickup to the European nation for commercial sale. The 2025 Ram 1500 REV is expected to offer a driving range of more than 350 miles and will be equipped with a 168 kWh battery pack.

Pickup Truck Market: Challenges

Supply chain complexities to challenge overall market revenue during the forecast period

The global pickup truck industry is projected to be challenged by the supply chain complexities associated with procuring either the vehicle or its part from the overseas market. The cost of importing pickup trucks can be extremely high.

Additionally, the lack of sufficient repair and maintenance service providers from high-end pickup trucks may discourage consumers from buying the products further inhibiting the market’s growth rate.

Pickup Truck Market: Report Scope

Pickup Truck Market: Segmentation

The global pickup truck market is segmented based on truck size, propulsion type, component, and region.

Based on the truck size, the global market segments are full-size, mid-size, and small-size. In 2023, the highest growth was listed in the mid-size segment. It dominated nearly 40% of the total market share. These pickup trucks offer significant power, making them suitable for a wide range of end applications. Furthermore, they deliver higher cost-efficiency and they are available in a flexible price range. In 2023, the full-size segment delivered around 35% of the final revenue.

Based on propulsion type, the global pickup truck industry is divided into electric, hybrid, gasoline, and diesel.

Based on the components, the global market segments are electrical & electronics, body, interior, drivetrain, and chassis. In 2023, the highest growth rate was listed in the drivetrain segment. It consists of vital automobile components such as exhaust systems, fuel systems, transmissions, engines, oil & grease, and cradle. During the forecast period, the electrical & electronics segment is projected to generate a CAGR of over 6% with the growing advancements in vehicle HVAC, lighting, and battery systems.

Pickup Truck Market: Regional Analysis

North America to deliver the highest CAGR during the forecast period

The global pickup truck market is expected to be dominated by North America during the forecast period. It is anticipated to grow at a CAGR of over 5% by 2032. In 2023, the region accounted for nearly 69% of the total market share. The US leads the regional industry mainly due to the high demand and utility of pickup trucks.

In addition, major high-performance pickup producers are currently in the US, serving the regional as well as global markets. The growth rate in North America is further influenced by the increasing number of vehicles in remote areas of the US and Canada. These locations have rough terrain, necessitating the use of vehicles that can validate unpaved paths and also deliver the hauling needs of the regional population.

Furthermore, increased tax subsidies for buying regionally built vehicles in the US have also been crucial to the regional industry’s expansion rate. North America is expected to witness higher demand for electric pickup trucks in the coming years as the region is actively switching away from fuel-run vehicles.

Pickup Truck Market: Competitive Analysis

The global pickup truck market is led by players like:

• Hyundai Motor Company
• Ford Motor Company
• Mazda Motor Corporation
• Tesla Inc.
• General Motors (Chevrolet and GMC brands)
• Volkswagen Commercial Vehicles
• Stellantis (Ram Trucks)
• Isuzu Motors Limited
• Great Wall Motors (GWM)
• Toyota Motor Corporation
• Tata Motors Limited
• Nissan Motor Co. Ltd.
• Mahindra & Mahindra Limited
• Honda Motor Co. Ltd.
• Rivian Automotive Inc.

The global pickup truck market is segmented as follows:

By Truck Size

• Full Size
• Mid-Size
• Small Size

By Propulsion Type

• Electric
• Hybrid
• Gasoline
• Diesel

By Component

• Electrical & Electronics
• Body
• Interior
• Drivetrain
• Chassis

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa