With the emergence and long-term Impact of COVID-19, Global Pickup Truck Market to reach USD 301.15 billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Pickup Truck Market points towards a potential rise to USD 301.15 billion by 2030. A pickup truck is a robust and adaptable motor vehicle crafted mainly for transporting cargo in an exposed bed positioned at the vehicle’s rear. Merging the features of a passenger car with the practicality of a truck, pickup trucks are a ubiquitous presence on roads and play a crucial role in diverse industries and individual lifestyles.
Recognized by their unique cab-and-bed layout, these trucks come in various sizes, ranging from compact to full-size, to accommodate diverse requirements. Many pickup trucks are equipped with towing capabilities, enabling them to haul trailers, boats, or other vehicles, thereby augmenting their overall utility. The Pickup Truck Market is expanding because of factors such as increasing spending on passenger vehicles, expanding construction and infrastructure sectors and growing use of trucks in the e-commerce sector.
Geographically, the global Pickup Truck market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to sustained and growing demand for utility vehicles, pickup trucks, with their versatility and practicality. Additionally, expanding commercial applications beyond traditional sectors, such as construction and agriculture, are contributing to increased sales. The rise of e-commerce and the need for efficient last-mile delivery solutions further boost the demand for pickup trucks in logistics and transportation.
The emergence of electric pickup trucks, coupled with a broader emphasis on sustainability, is attracting environmentally conscious consumers. Asia Pacific is expected to grow at the fastest rate over the forecast period, owing to factors such as rising urbanization and economic development in many countries across the region. As disposable incomes rise, there is a growing demand for versatile vehicles that cater to both personal and commercial needs, making pickup trucks an appealing choice. The expanding construction and infrastructure sectors in countries such as China, India, and Southeast Asian nations have boosted the demand for rugged and utilitarian vehicles for transporting goods and equipment resulting in market growth.
The global Pickup Truck market is highly competitive owing to the presence of several key players such as Stellantis N.V. Ford Motor Company Toyota Motor Corp. Nissan Motor Co. Ltd. Volkswagen Group Tata Motors Ltd. Ashok Leyland Ltd. General Motors Company Hyundai Motor Company Suzuki Motor Corp., and others.
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Key findings of the study suggest:
- Global Pickup Truck Market is anticipated to grow with a healthy growth rate of more than 5.3% over the forecast period 2023-2030.
- In the Truck Type segment, Mid-Size emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to growing demand for utility vehicles in the region.
- Asia Pacific is expected to grow at higher rate owing to rising urbanization in the region.
Bizwit Research & Consulting has considered following segments for the study:
By Truck Type:
- Small Size
- Mid-Size
- Full Size
By Propulsion Type:
- Diesel
- Gasoline
- Hybrid
- Electric
By Component:
- Drivetrain
- Interior Body
- Electrical & Electronics
- Chassis
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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