Global Pickup Truck Market Forecast, Trend Analysis And Competition Tracking - Global Market insights 2015 to 2031

Demand for Pick-Up Truck from 2015 to 2020 Vs Future Market Projections for 2021-2031

A pickup truck is a light vehicle consisting of a closed cab and an open cargo compartment with a hatchback. Depending on the vehicle size, it can be compact or full-size. Pickup trucks are usually used as good carriers, but they can also be used for personal transportation.

The global pickup truck Market is expected to expand at a CAGR of 3.5% and is also projected to reach US$ 239.8 Bn in 2030.

Global Pick-Up Truck Market Revenue Outlook:

The Global Pickup Truck Market was estimated to be valued at US$ 169.05 Bn in 2020 and is projected to approximately register а САGR of 3.5% by 2031.

Nonetheless, various industry players in the global Pickup truck market are now increasingly focusing on the establishment of successful collaborations, acquisitions, and/or joint venture activities as a means to enhance their respective customer bases. The major industry players are also increasing their supply capabilities to meet customer requirements locally and globally. This factor, paired with promising industrialization prospects in developing economies, is expected to create massive business opportunities for key players over the forecast period.

Factors That Have A Positive Impact On Overall Revenue Growth

In addition, the increasing popularity of online shopping in various countries has also largely affected the growth of the pickup truck market. Factors such as the growing popularity of smartphones and fast Internet services have enhanced consumers' preference for online shopping, which mainly requires pickup trucks to deliver products, which are expected to drive revenue growth and positively impact this target market. Moreover, customers' demand for fuel-efficient vehicles used for outdoor activities such as boating and camping is increasing, and customers increasingly prefer pickup trucks instead of SUVs.

Top Ten Sales of Heavy-duty Truck Sales in China 2020

Sales Ranking	Companies	Market Share	Collective Sales
1	FAW Jiefang	0.4504	52500
2	Dongfeng	0.1482	17300
3	SINOTRUK	0.1135	13200
4	SHACMAN	0.0865	10100
5	FOTON	0.0766	8938
6	Hongyan	0.0344	4007
7	JAC	0.0339	3951
8	Dayun	0.0176	2053
9	XCMG	0.0139	1618
10	CAMC	0.0129	1500

Source: Prudour, 2021

Trucks Exports by Country in 2020

Country	USD $ Bn
Mexico	24.3
United States	14
Germany	9.6
France	6.9
Japan	6.6
Thailand	4.9
Spain	4.5
Turkey	4.2
Italy	3.7
Poland	3.5

Overall Impact of COVID-19 Pandemic

Apart from the impacts on human life, this pandemic has inflicted an invariable blow on industries across the world. This novel virus has caused unprecedented damage to trade as a whole and the global economy. As this deadly virus continues to wreak havoc, it has left several industries and economies in a stage of uncertainty and market volatility in its wake. It has also put a strain on investments and scheduled plans across various sectors. At the nexus of this pandemic, China's impaired manufacturing and production operations have adversely affected global supply chains, leaving China's economy in absolute disarray. These imposed shutdowns/lockdowns were meant to slow the trajectory of this virus but have resulted in the crashing of economic outputs, further causing financial panic across a wide range of markets; it even led to the curtailing general travel, leisure and social living. During the first half of 2020, there was a sharp decline in trade activities, which caused the global economy to shrink by 3%, only to partially recover in the second half of that year. There are visible signs of improvement across various sectors based in numerous countries with the abatement of second wave and increased vaccination initiatives.

Global Pickup Truck Market Dynamics

The global pickup truck market is segregated into truck type, propulsion type,  end-users, and regions. The medium size truck segment is expected to register a relatively higher revenue growth over the forecast period based on the truck type segment. Heavy-duty commercial vehicles are expected to register a relatively higher revenue growth over the forecast period among all the end-user segments. The diesel propulsion type segment is expected to register a relatively higher revenue growth over the forecast period among all propulsion types. The global pickup truck market in North America is expected to show significant revenue growth compared to other markets due to its well-developed transportation service and increasing customer preference.

Key Developments

• According to a new forecast by an industry trade organization, if Beijing continues to promote the provincial government to allow pickup trucks to operate in local cities, the annual sales of pickup trucks in China are expected to reach 840,000 in 2025.
• Mexico, the United States, Germany, France, and Japan are the top five truck exporting countries. Overall, this group of competitors created more than half (55.9%) of the total value of exported trucks in 2020.

Global Pickup Truck Market Competitive Landscape

The Pickup Truck market landscape appears highly consolidated, with a major chunk of it being dominated by below players.

• Ford Motor Company
• FAW Group
• Fiat Chrysler Automobile
• General Motor Company Great Wall Motors
• Honda Motor Company, Ltd.
• Isuzu Motors Ltd.
• Mahindra & Mahindra Ltd.
• Mercedes Benz
• Foton Motor
• Mitsubishi Motors Corporation
• Nissan Motor Co., Ltd.
• Tata Motors
• Toyota Motor Corporation Volkswagen AG
• ZXAUTO
• Ashok Leyland
• Other Key Industry Players

Report Scope

• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Regions Covered

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Key Segments Covered

The Global Pickup Truck Market, By Truck Type

• Small
• Medium
• Full-Size

The Global Pickup Truck Market, By Propulsion Type

• Diesel
• Petrol
• Electric
• Hybrid

The Global Pickup Truck Market, By End-User

• Medium Commercial Vehicles
• Heavy Duty Commercial Vehicles
• Light Duty Commercial Vehicles