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Compact Pick-up Trucks Market Size
- Report ID: GMI9100
- Published Date: Apr 2024
- Report Format: PDF
Compact Pick-up Trucks Market Size
Compact Pick-Up Trucks Market size was valued at USD 29 billion in 2023 and is estimated to register a CAGR of over 5% between 2024 and 2032. Compact pickup trucks are valued for their versatility as can be used for daily commuting, weekend adventures, and light hauling tasks, appealing to buyers who want a vehicle that can serve multiple purposes without sacrificing practicality.
Furthermore, individuals who prefer outdoor activities, such as camping, fishing, hiking, and off-road adventures, are drawn to compact pick-up trucks. These trucks are ideal for rough terrain exploration and reaching far-off locations owing to their tough design, off-road aptitude, and towing capability. The growing outdoor recreation industry has majorly contributed to the growth of compact pick-up trucks. According to the U.S. Bureau of Economic Analysis (BEA), in 2022, the U.S. outdoor recreation industry contributed USD 563.7 billion, or 2.2%, to the country's GDP.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Compact Pick-up Trucks Market Size in 2023: | USD 29 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 5% |
| 2024 – 2032 Value Projection: | USD 43.7 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 220 |
| Tables, Charts & Figures: | 300 |
| Segments covered: | Cab Style, Fuel, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Urban businesses and delivery fleets are increasingly in need of compact pick-up trucks due to the growth of e-commerce and last-mile delivery services. These vehicles are suitable for navigating urban streets and delivering items to consumers in densely populated regions because of their small size, effective cargo space, and mobility. For instance, as per the 2023 OECD report, there was a notable increase in online retail sales in multiple countries. The Republic of Korea recorded the highest share of e-commerce sales, rising from 20.8% in 2021 to 25.9% in 2022.
Compact pick-up trucks often have lower payload and towing capacities than full-size pick-up trucks. This drawback can lower their adoption for some towing and hauling jobs, especially heavy-duty or commercial applications. Compact pick-up trucks have fewer crash protection and safety measures than larger cars due to their smaller size and lightness. Customers who value safety while selecting a car may find this concerning, particularly if they are purchasing it for a family, routine travel on highways, or in inclement weather.
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Compact Pick-up Trucks Market Scope
