The global pickup truck market is anticipated to grow at a CAGR of 7.2% during the forecast period (2024-2031). The transportation sector is one of the largest contributors to anthropogenic US greenhouse gas (GHG) emissions. According to the Inventory of US Greenhouse Gas Emissions and Sinks, transportation accounted for the largest portion (29%) of total US GHG emissions in 2021. To minimize these emissions, several policies and technologies have been proposed; yet, no single technique or technology will be adequate to achieve the reduction needed to meet mitigation objectives. However, electrification is one of the most important projects being looked at to decarbonize the transport sector. The increasing amounts of air pollution brought on by the emissions produced by traditional automobiles also contribute to environmental issues. As a result of this, manufacturers are using electrification to promote zero emissions while preserving a clean, breathing atmosphere. The US made significant policy progress towards decarbonizing transport in 2022, including through the Inflation Reduction Act, which contains a suite of policies designed to accelerate EV adoption and production of biofuels, synthetic fuel, and hydrogen. To meet the country’s 2050 net zero emissions targets, the US Environmental Protection Agency (EPA) recently proposed multi-pollutant emissions standards for light- and heavy-duty vehicles. The US Departments of Energy and Transportation jointly outlined a bold framework for transport decarbonization.
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The majority of pickup truck models, currently, come with mirror-mounted cameras that enable drivers to see the side of a trailer being hauled, making it easier for users to handle trucks and trailers once they are connected directly. Modern pickup trucks come with advanced technology features such as enhanced connection, all-wheel drive, and automatic transmission. For instance, in July 2023 Mitsubishi Motors Corporation premiered the fully redesigned Triton one-ton pickup truck in Bangkok, Thailand with features such as upgraded drive modes and electronically controlled Active Yaw Control (AYC) combined with Super Select 4WD-II system. It has a newly developed 2.4L clean diesel turbo engine that significantly boosts environmental performance and power. Therefore, increased integration of advanced technologies in trucks is anticipated to boost the pickup truck market in the forecasted years.
Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
- Segment Covered-
o By Truck Type
o By Cabin Type
o By Cabin Configuration
o By Propulsion Type
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- includes Ford Motor Company, Mahindra & Mahindra Ltd., Mitsubishi Motors Corp., TATA Motors Ltd., and Toyota Motor Corp.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Pickup Truck Market Report Segment
By Truck Type
- Small
- Medium
- Full Size
By Cabin Type
- Drivetrain
- Interior
- Body
- Electrical & Electronics
- Chassis
By Cabin Configuration
- Regular Cabin
- Crew Cabin
- Extended Cabin
- Extended Crew Cabin
By Propulsion Type
- Diesel
- Petrol
- Electric
- Other (Hybrid, CNG)
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Pickup Truck Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Ashok Leyland
- China FAW Group Co., Ltd.
- Ford Motor Company
- General Motors
- Great Wall Motor
- Hyundai Motor Company
- Isuzu
- Jiangling Motors Corp. Group
- Nissan Group
- Mercedes Benz Group AG
- Rivian Automotive, LLC
- STELLANTIS NV
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