BANGALORE, India, June 24, 2021 /PRNewswire/ -- The Pickup Truck Market is Segmented by Type (Full-Size Pickups, Small/Midsize Pickups, Other), Application (Individual Use, Commercial Use). The report covers global opportunity analysis and industry forecasts from 2021 to 2026. It is published in Valuates Reports in the Automotive Industry Category.
The global Pickup Truck market size was valued at USD 166,210 Million in 2019 and it is expected to reach USD 207,720 Million by the end of 2026, growing at a CAGR of 3.2% during the forecast period 2021-2026. Moreover, the pick-up truck market is expected to witness a sale of 8.85 Million units of pickup trucks by the end of 2025.
Major factors driving the growth of the global pickup truck market are:
A combination of style and technical improvements such as advanced driver assistance systems are pushing consumers into trucks.
Increasing consumer preference for online shopping is in turn necessitates the use of pickup trucks to transport these products.
Another factor fueling the pickup truck market's growth is rising customer demand for fuel-efficient vehicles for outdoor activities such as boating and camping, as well as a growing preference for pickup trucks over SUVs.
TRENDS INFLUENCING THE GROWTH OF THE PICKUP TRUCK MARKET
The incorporation of technological improvements to enhance the comfort of the drive is expected to increase the growth of the pickup truck market. Modern pickup trucks are equipped with features such as Bluetooth connectivity, all-wheel drive (AWD), automatic transmissions, and DVD players, among others. Furthermore, pick-up truck manufacturers are focusing on enhancing the drive experience by incorporating advanced driver assistance systems including blind-spot alarms and rear cross-traffic warnings, as well as a variety of camera perspectives. This in turn is expected to open to wider customer acceptance thereby driving the pick-up truck market size.
The demand for pickup trucks is expanding due to an increase in product transportation due to the growth of e-commerce and SMEs. Additionally, increasing the use of pickup trucks since they provide a better value proposition and can seat more passengers while still carrying freight is expected to boost the pick-up truck market growth.
Another driver fueling the expansion of the pickup truck market is increasing customer demand for fuel-efficient vehicles that are suitable for both on and off-road. The pickup truck is outfitted with wheels that easily navigate muddy, damp, and rocky terrains, making it ideal for activities such as fishing and hunting. The vehicle's cab is elevated above the axle, giving the driver more view, which is advantageous for off-road driving as well as city traffic jams.
Based on region, because of increased truck manufacturing and a higher preference for pickup trucks in the region, North America and Europe are expected to maintain a substantial proportion of the pickup truck market share during the forecast period. This is attributed to the change in consumer preference for a pick-up truck and the increase of small and medium-sized businesses that utilize pick-up trucks for transporting their shipments.
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