- COVID-19 pandemic has had a massive impact on the manufacturing of pickup trucks, hampering market growth
- Nonetheless, recent technological and automotive-related developments are expected to provide ample growth opportunities for the global market in coming years
ALBANY, New York, June 1, 2020 /PRNewswire/ -- Transparency Market Research has recently published a new research report that offers a detailed insight about the global pickup truck market. The research report tries to provide actionable and meaningful insights about the key driving factors, market challenges, leading segments, geographical outlook, and the current situation of the vendor landscape of the global pickup truck market.
As per the research report, the global market for pickup trucks is expected to show a sluggish growth rate of 2% over the course of the given forecast period ranging from 2020 to 2030. Given the rate of growth, the valuation of the global market is expected to rise up to US$950 Bn by the fall of 2030.
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Global Pickup Truck Market – Key Takeaways
- Based on the type of truck, the global market for pickup truck is expected to be led by the medium sized segment. In terms of volume, the segment accounted for a considerable share of the global market in 2019. However, it is projected that the full sized segment generated considerable revenue in recent years and thus accounted for a prominent share in that respect.
- Based on propulsion, the segment of diesel pickup trucks is expected to continue to lead the global market in the coming years of the forecast period. Majority of the full sized pickup trucks run on diesel and thus the segment is expected to remain leading in the foreseeable future.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Pickup Truck Market (Truck Type: Small, Medium, and Full Size; and Propulsion: Diesel, Gasoline, Hybrid, and Electric) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030 at https://www.transparencymarketresearch.com/pickup-truck-market.html
Global Pickup Truck Market – Key Driving Factors
- One of the biggest driving factors for the growth of the global pickup truck market is the growing popularity of less than load (LTL) systems due to the recent boom of the e-commerce sector and considerable adoption of industrial automation of in factories across the world.
- Another important factor for the market development has been evolution of production models along with growing demand for LTL systems. With increasing demand for efficient LTL systems the market is expected to witness ample growth opportunities.
- In addition to this, in recent years, the overall purchasing power of people has improved substantially. People tend to prefer online shopping over physical one and that has played a key role in the rise of transportation of consumer goods. Pickup trucks are an integral part of that ecosystem and the market is thus expected to benefit from the changing consumer purchasing patterns.
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Global Pickup Truck Market – Key Restraining Factors
- COVID-19 has had a biggest impact on the growth of the global pickup truck market. Due to the outbreak, the manufacturing of these trucks has come to a standstill and the end users are feeling massive shortage of inventory.
- Companies operating in the global market are genuinely hoping for the effects of the virus to subside so as resume production and cater to the mounting needs.
Global Pickup Truck Market – Geographical Outlook
- The North America region is expected to lead the global market in the coming years of the forecast period, followed by Europe. The growth of the market can be attributed to high manufacturing rate coupled with increasing preference to these vehicles in the regions. The market is directly influenced by the growth and developments in the small and medium sized enterprises.
- The Asia Pacific market is expected witness a promising growth in the coming years of the forecast period.
Analyze Pickup Truck Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a Sample of the Study
Global Pickup Truck Market – Key Players
Some of the key companies operating in the global pickup truck market are Ford Motor Company, FAW Group, Fiat Chrysler Automobile, General Motor Company, Great Wall Motors, Honda Motor Company, Ltd., Isuzu Motors Ltd., and Mahindra & Mahindra Ltd.
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Global Pickup Truck Market: Segmentation
- Pickup Truck Market, by Truck Type
- Full Size
- Pickup Truck Market, by Propulsion
- Pickup Truck Market, by Region
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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