Global Pickup Truck Market Size To Exceed USD 399.60 Billion By 2033: Market Insight Report

Global Pickup Truck Market Size To Exceed USD 399.60 Billion By 2033

According to a research report published by Spherical Insights & Consulting, the Global Pickup Truck Bumper Market Size is Expected to Grow from USD 220.48 Billion in 2023 to USD 399.60 Billion by 2033, Growing at a CAGR of 6.13% during the forecast period 2023-2033.

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Pickup Truck Market Size, Share, and COVID-19 Impact Analysis, By Fuel Type (Diesel, Petrol, Electric), By Size (Light-duty, Medium-duty, Heavy-duty), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, And Africa), Analysis And Forecast 2023 - 2033

The worldwide pickup truck market refers to a segment of the automotive industry focused on manufacturing vehicles with an open cargo area at the rear and frequently used for short distances. Pickup trucks are designed for versatility, durability, and utility, making them popular for both personal and commercial use. The market is driven by several reasons, including the increased need for such automotive that can tow and carry freight, with technological improvements like electric powertrains and fuel-efficient engines, and rising consumer preferences for vehicles that are practical and robust. Pickup trucks are extensively utilized for leisure purposes as well as in sectors including construction, agriculture, logistics, and transportation. Moreover, growing businesses like small and medium enterprises or any vendors that drive this market expansion significantly. However, the market growth is hindered by some barriers such as alternative solutions, delays from regulatory compliance, and costs regarding its upkeep.

The electric segment held a significant share of the global pickup truck market in 2023 and is anticipated to grow at a rapid pace over the forecast period.

On the basis of the fuel type, the global pickup truck market is classified into diesel, petrol, and electric. Among these, the electric segment held a significant share of the global pickup truck market in 2023 and is anticipated to grow at a rapid pace over the forecast period. This is because of the increasing requirements for minimizing carbon footprint, and key market players have introduced well-developed infrastructure facilities for this.

The medium-duty segment accounted for a significant share of the global pickup truck market in 2023 and is anticipated to grow at a rapid pace over the forecast period.

On the basis of size, the global pickup truck market is segmented into light-duty, medium-duty, and heavy-duty. Among these, the medium-duty segment accounted for a significant share of the global pickup truck market in 2023 and is anticipated to grow at a rapid pace over the forecast period. This is due to these trucks being reliable in riding difficult terrain and carrying cargo on urban highways, and due to this, it's the affordable and ideal solution for small or medium-sized enterprises.

Asia Pacific is anticipated to hold the largest share of the global pickup truck market over the forecast period.

Asia Pacific is expected to hold the greatest share of the global pickup truck market over the forecast period. The regional market expansion is propelling due to growing infrastructure and robust growth in the construction sector. Further, growing emphasis on sustainable solutions with technology integration boosts the regional market expansion. The presence of key automakers and countries like India and China having robust automotive industry influencing the market growth.

North America is anticipated to grow at the fastest CAGR of the global pickup truck market over the forecast period. The regional market expansion is further accelerated due to the introduction of new EV technology, as well as the domestic market manufacturers, along with small and medium-sized businesses as contractors and vendors, are using these vehicles more frequently. Moreover, industries like construction, logistics, and transportation are the main drivers of this market expansion. Canada contributes a major share to the regional market through truck purchase or rental of trucks.

Company Profiling

Major vendors in the global pickup truck market are 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., Kia Corporation, and Mahindra & Mahindra Ltd, and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In October 2024, BYD launched its hybrid pickup truck, the Shark, in Brazil, marking a significant move in the automotive market. This vehicle is designed to cater to the agricultural sector and aims to compete with established models like the Toyota Hilux and Ford Ranger. The Shark features advanced hybrid technology, including dual electric motors and a robust powertrain, making it suitable for both consumer and commercial applications.

Market Segment                                             

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global pickup truck market based on the below-mentioned segments: 

Global Pickup Truck Market, By Fuel Type

• Diesel
• Petrol
• Electric

Global Pickup Truck Market, By Size

• Light-duty
• Medium-duty
• Heavy-duty

Global Pickup Truck Market, By Regional

•  North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa