US Pickup Truck Market to grow by USD 51.05 billion from 2022 to 2027, The market is concentrated due to the presence of prominent companies like Ford Motor Co., General Electric Co. and Honda Motor Co. Ltd., and many more - Technavio

NEW YORK, Oct. 13, 2023 The pickup truck market in US is estimated to grow by USD 51.05 billion from 2022 to 2027, growing at a CAGR of 4.92%. The pickup truck market is concentrated owing to the presence of many global and regional companies. A few prominent companies that offer pickup truck market are Ford Motor Co., General Electric Co., Honda Motor Co. Ltd., Hyundai Motor Co., Isuzu Motors Ltd., Mitsubishi Motors Corp., Nissan Motor Co. Ltd., Rivian Automotive Inc., Stellantis NV, Tesla Inc., Toyota Motor Corp., and Volkswagen AG. For details on companies and their offerings – Buy the report!

Company Offering:

• Ford Motor Co. - The company offers pickup trucks such as Ford F Series trucks and Ford Ranger.
• General Electric Co. - The company offers pickup trucks such as GMC HUMMER and Sierra electric pickup trucks.
• Honda Motor Co. Ltd. - The company offers pickup trucks such as the Honda T360, Honda Acty 4WD, Honda Civic, and Ridgeline.
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Market Dynamics

• Impactful driver- Increased utility of pickup trucks
• Key Trend - Increasing incorporation of lighter materials in pickup truck manufacturing
• Major Challenges - High manufacturing cost of pickup trucks

Increased utility of pickup trucks is a key factor driving market growth. In comparison with hatchbacks and sedans, pickup trucks have become more popular because of their better value. In addition, they are suitable for both commercial and off-the-road use because of their increased trunk capacity as well as vehicle towing capacities. Also, for the purpose of offering passengers a premium experience, car companies are equipping pickup trucks with luxury exteriors. This is a reason why, in the US, families looking for convenient family cars to drive every day are more and more turning to pickup trucks. Hence, these factors are expected to drive market growth during the forecast period.

 Market Segmentation

• By Product, the market is classified into full-size pickup truck, small-size, and mid-size pickup truck. The full-size pickup truck segment is estimated to witness significant growth during the forecast period. Automakers sell many types of full-size pickup trucks because they offer better sales margins for dealers compared with small and midsized pickups. All pickups have a Gross Vehicle Weight Rating (GVWR) of 6,000 lbs to 14,000 Ibs considered a large pickup truck. A diesel variant of a full-size pickup truck, with increased capacity to haul or pick up weights, is offered by the auto manufacturers, in particular General Motors and Ford. Hence, these factors are expected to drive segment growth during the forecast period.

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Related Reports

The motor vehicles market size is estimated to grow at a CAGR of 6.3% between 2022 and 2027. The market size is forecast to increase by 28,721.3 thousand units.

The All-Terrain Vehicle (ATV) Market size is estimated to grow by USD 1,660.92 million between 2022 and 2027 accelerating at a CAGR of 7.59%.

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product 

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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SOURCE Technavio