Global Pickup Trucks Market Size To Exceed USD 324,186.5 Million by 2035| CAGR of 3.36%: Industry Report

Pickup Trucks Market Summary

The Global Pickup Trucks Market size was Estimated at USD 225,458.4 Million in 2024 and is projected to Reach USD 324,186.5 Million by 2035, Growing at a CAGR of 3.36% from 2025 to 2035. Increased utility, new technology, and growing demand in both the personal and commercial sectors are driving the expansion of the pickup truck industry.  This expansion is specifically influenced by the growing e-commerce industry, an increase in off-road activities, and the incorporation of cutting-edge features like ADAS.

 

Key Regional and Segment-Wise Insights

• In 2024, the North America region dominated the market with the highest revenue of 76.5%.
• In 2024, the diesel segment dominated the global market with the largest share of 94.3% based on service.
• In 2024, the light-duty pickup trucks segment dominated the global market with the largest share based on type.

 

Global Market Forecast and Revenue Outlook

• 2024 Market Size: USD 225,458.4 million
• 2035 Projected Market Size: USD 324,186.5 million
• CAGR (2025-2035): 3.36%
• North America: Largest market in 2024

The worldwide pickup truck market involves the production, marketing, and distribution of pickup trucks light-duty vehicles with an open cargo compartment (bed) at the back that can be used for passenger transport or hauling freight. It includes vehicles intended for leisure, business, and personal use and is divided into a range of sectors, including, but not limited to, compact pickups, mid-size pickups, full-size pickups, and heavy-duty pickups. One of the significant drivers of growth in the pickup truck market is the looking for utility and versatility. Pickup trucks are in great demand because they are designed for both personal and business use, including off-roading and hauling cargo. This versatility can be appealing for families, outdoor enthusiasts, and small business owners. Manufacturers are responding to consumers' need for multipurpose vehicles by introducing units that have improved features such as greater tow capacity, greater fuel economy, and cutting-edge technology. Given this trend, the market for pickup trucks is expanding in many regions.

 

The changes in the automotive space, the likelihood of manufacturers to incorporate electric vehicles into their inventory, and ongoing R&D activities to produce goods that have a lower carbon footprint, play a major part in the growth of this market.  The market has greater opportunities to be profitable under the multipurpose characteristics of the products and affordability.  However, some projections suggest that there is potential for increased interest in the pickup truck in the years to come, as new features and capabilities are developed through technological advances.  Growth will be driven through innovation-based product development, along with new products from major manufacturers and industry players.

 

Fuel Insights

 

The diesel segment held the leading position in 2024, based on fuel, with 94.3% revenue share in the global market. The world’s diesel market is primarily driven by its outstanding payload and towing capacity, making it the preferred choice for heavy-duty vehicles in sectors such as construction and agriculture. Additionally, diesel engines have a reputation for dependability, excellent fuel economy, range, and power for long-distance transportation. Diesel engines will also have the largest sector share as the majority of available pickup truck models are diesel-powered. Diesel engines deliver superior torque and calorific value in the pickup truck market compared to other fuels - this helps promote sector growth. Technology developments and innovations from industry participants are also aiding in the growth of this market.

 

During the forecast period, it is expected that the electrical category will grow at the highest CAGR. Due to the rising global warming, automotive companies are obligated and willing to develop and manufacture clean and green fuel fueled vehicles. Further opportunities for growth for this market, is the turn of government policy, encouraging the utilization of EVs as opposed to diesel engine commercial vehicles and continued interest from manufacturers in new product lines. Also, there are many benefits to diesel engine pickup truck efficiency, but they also contribute the most to air pollution and increase GHG and CO2 emissions.

 

Vehicle Insights

 

Light-duty pickup trucks comprised the largest share of the revenue market globally in 2024. This segment is appealing because there is an expanding group of consumers who prefer versatile, everyday vehicles that marry comfort with functionality. Since light-duty trucks are more fuel efficient than heavy-duty trucks, they are accessible to more consumers: small businesses and families, and more. The larger revenue share for light-duty trucks is due to their wide assortment of goods from many manufacturers. This segment is also likely to grow faster because of increasing consumer preferences, as well as the rising popularity of light-duty pickup trucks as they are stylish, smaller, more space-efficient vehicles. They will also likely appeal to people who are tech-savvy because of their improved safety, technology, and driving experience.

 

In the forecasted period, the heavy-duty vehicle segment is anticipated to grow at an accelerated CAGR. The growth of the segment is driven by well-known manufacturers expanding their product launch lineup, and also due to growing consumer interest in new vehicle models. In addition, the market for heavy-duty pickup trucks, known for their versatility is growing and maintaining consistent growth due to many markets: commercial transport, agricultural and, construction being a big user of the heavy-duty segment. These businesses that require the heavy-duty vehicle segment for heavy-duty jobs like towing, hauling and off-road purposes, with the majority of these vehicles characterized as rugged, dependable structure, and high horsepower. For example, Stellantis unveiled Ram heavy-duty trucks featuring Cummins 6.7-liter high-capacity turbo diesel engines in January 2025.

 

Regional Insights

In 2024, North America dominated the global pickup truck market with a share of 76.5%.  Above all, this is a result of robust regional pickup truck demand due to utility, durability, and wider consumer preference versatility.  The usage of pickup trucks for both personal and business purposes is well entrenched in North America, especially by Americans.  The overall size of the market is also driven substantially by the region's significant transportation infrastructure and crucial sectors, such as transport, agriculture, and construction.  Furthermore, all the developments in EVs, fuel economy, and technology reinforce North America's standing in the world.  The large number of current users in North America and the growing consumer demand for more advanced pickup trucks with current technology and features are also providing substantial opportunities for growth in this region.

 

U.S. Pickup Trucks Market Trends

In 2024, the pickup truck category in the U.S. accounted for the largest revenue share in the regional market. The growth of this market can primarily be attributed to an increased demand from commercial buyers, specifically companies in application industries, such as construction, transportation, and logistics, enabling services, and more. Due to the versatility of the products, small and medium-sized businesses like independent contractors and vendors are turning to pickup trucks more often. Furthermore, the growth will likely also account for factors such as increased disposable income, the anticipated growth in domestic producers, and also new entries into the market using EV-enabled products. Combined with the overall dealer demand, government incentives in the form of tax rebates, and ongoing national investment in EV charging infrastructure, the U.S. can position itself as a leader globally in both traditional pickup and electric pickup offerings.

 

Europe Pickup Trucks Market Trends

According to the increasing demand for reliable and flexible vehicles, primarily from business customers, Europe was identified as one of the significant world markets for pickup trucks in 2024. With ample players such as Ford, Renault, Iveco, and Volkswagen, the growth of the market has also been helped by larger car manufacturers entering into large pickups, and the growth of electric pickup trucks due to increasing environmental awareness has warranted another space to grow in the future.

• Germany's pickup truck market is expected to grow substantially due to a strong manufacturing base, plus increasing usage in sectors such as food delivery, construction, logistics, and transportation, with small and medium-sized enterprises (SMEs), vendors, and contractors being a strong desire. Going forward, the continued introduction of new products from the major automakers is expected to facilitate market improvement and provide new opportunities.
• As of revenue, the UK hold the largest share of the European market for pickup trucks, in 2024. This is due to growing demand for multipurpose vehicles, with large loading capacities, advancing technologies and stronger architectures. The adoption of electric pickups will likely accelerate over the next few years, due to legislation to manage emissions and consumer interest for lower-emission vehicles, all of which will contribute to the market expansion during the forecast period.

 

Asia Pacific Pickup Trucks Market Trends

The pickup truck market in the Asia Pacific region is expected to grow significantly at a compound annual growth rate (CAGR) between 2025 and 2035, driven by the growing construction industry and ongoing infrastructure improvements. The growing availability of pickup models offered by various reputable domestic and international manufacturers (e.g., BYD, Isuzu, Mahindra & Mahindra, GWM), has provided additional stimuli to growth. The regional growth of the industry is being propelled by these issues and the burgeoning demand for flexible commercial vehicles.

• China is the leading country in the market for pickup trucks in the Asia Pacific region, primarily because of its focus on vehicle electrification and increased advancements in the automotive industry. China is an integral nation in the global EV supply chain, especially with its established supply chain, vigorous R&D, and concentration of manufacturers of parts and components. In the next few years, it is expected that these factors will continue to drive steady growth for the pickup truck market in China.

 

• The Indian market for pickup trucks is likely to grow moderately from 2025 to 2035, mainly because of the demand from commercial sectors, namely distribution, construction, logistics, and food processing. The launch of new vehicle models by local manufacturers that support the topography and operational requirements is expected to support sustained growth in this space, particularly small businesses and service providers.

 

Key Pickup Trucks Companies:

The following are the leading companies in the pickup trucks market. These companies collectively hold the largest market share and dictate industry trends.

• Stellantis N.V.
• Ford Motor Company
• Nissan Motor Co. Ltd.
• General Motors Company
• Mahindra & Mahindra Ltd
• Toyota Motor Corp.
• Volkswagen Group
• Tata Motors Ltd.
• Ashok Leyland Ltd.
• Hyundai Motor Company
• Volkswagen Group
• Suzuki Motor Corp.
• Kia Corporation
• Others

 

Recent Developments

• In October 2024, Kia Corporation recently released complete specifications for its first-ever pickup truck, named the Tasman, which is setting the bar for all future pickup trucks produced by Kia. The Tasman is the latest addition to Kia's wide-ranging line-up, which features sedans, SUVs, commercial, as well as PBV (Platform Beyond Vehicle) vehicles. The Kia Tasman not only invites the buyer to "Dive into New Dimensions," but also, it is designed to challenge the limits of possibility for a pickup truck. Featuring ground-breaking design, innovative technology, class-leading convenience features, and an exceptionally spacious and comfortable interior, the Tasman is poised to disrupt the industry and help drivers discover new possibilities.

 

• In September 2024, Skoda Auto Volkswagen India Private Limited (SAVWIPL), under the government’s ‘Skill India’ initiative, supported its Student Car Project where Mechatronics students developed an innovative pickup truck by combining a Volkswagen Taigun SUV with a Virtus sedan. Over a nine-month period, the project went through multiple phases including concept finalization, R&D, market analysis, and testing. Students used 3D printing to create custom parts and equipped the vehicle with features such as underbody protection, studded tyres, ambient lighting, and roof-mounted lights, showcasing advanced design and manufacturing skills in building a rugged, functional pickup truck.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the pickup trucks market based on the below-mentioned segments: 

 

Global Pickup Trucks Market, By Fuel

• Diesel
• Petrol
• Electric
• Other

 

 Global Pickup Trucks Market, By Vehicle

• Light duty
• Heavy duty

 

Global Pickup Trucks Market, By Regional Analysis

• 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