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Heavy-duty Pick-up Trucks Market Size - By Cab (Regular, Extended, Crew), By Fuel (Gasoline, Diesel, Electric), By Application (Commercial, Industrial) & Forecast, 2024 - 2032

  • Report ID: GMI9099
  • Published Date: Apr 2024
  • Report Format: PDF

Heavy-duty Pick-up Trucks Market Size

Heavy-duty Pick-up Trucks Market size was valued at USD 41.3 billion in 2023 and is estimated to register a CAGR of over 6% between 2024 and 2032. The rising demand for heavy-duty pick-up trucks from commercial and industrial sectors is driving market growth. The construction and mining sectors rely significantly on heavy-duty vehicles to transport raw materials, equipment, and debris. As construction projects grow and mines develop, more heavy-duty vehicles are required to keep up with the workload.

Heavy-duty Pick-up Trucks Market

Similarly, the oil & gas industry uses heavy-duty vehicles for exploration, equipment transportation, and moving enormous amounts of harvested materials. This sector's expansion necessitates the procurement of additional heavy-duty pick-up trucks. Furthermore, manufacturers provide many configurations for heavy-duty vehicles, such as crane attachments, dump beds, or flatbeds, allowing firms to tailor them to specific requirements.

The increased efficiency and capacity of these trucks are fueling their adoption. Trucks with larger capacities can transport bigger loads in a single trip. This corresponds to fewer trips required to move the same amount of products, resulting in considerable fuel savings, lower driver costs, and reduced vehicle wear & tear. With higher-capacity trucks, businesses may require fewer vehicles in their fleet to perform the same task. This reduces total ownership expenses and streamlines fleet administration.

Trucks equipped with more powerful and efficient engines that deliver higher torque can haul heavier loads without sacrificing fuel efficiency. Along with this, manufacturers are using lighter but stronger materials in vehicle design, lowering total weight and increasing payload capacity.

For instance, in January 2024, Chevrolet launched the RHD 2024 Chevy Silverado HD in Australia, offering enhanced technology, a new look, and increased diesel power. It includes a 6.6-liter turbo-diesel V8, uprated to produce 350kW and 1,322Nm, paired with a 10-speed automatic transmission and four-wheel drive. New cabin technology includes a bigger 13.4-inch free-standing infotainment touchscreen and a 12.3-inch digital instrument cluster. Such features and capabilities contribute to the growing adoption of heavy-duty pick-up trucks, fueling heavy-duty pick-up trucks market growth.

The high initial expenses and ownership costs are major challenges for the market, potentially slowing down its growth. Many individual consumers are unable to afford heavy-duty trucks due to their hefty upfront costs. This limits their adoption to businesses and professional users that rely on the carrying capabilities and power these vehicles provide for their jobs.

Due to the large investments involved, businesses frequently keep heavy-duty trucks for extended periods. This can hinder the overall market development since fewer new trucks are acquired to replace older ones. Furthermore, owing to the high cost, financing a heavy-duty pick-up truck frequently results in larger loan amounts and perhaps higher interest rates. This increases the total ownership burden for businesses.

Heavy-duty Pick-up Trucks Market Trends

The heavy-duty pick-up truck industry is witnessing significant technological advancements. Innovations in engine technology are resulting in more powerful and efficient engines with higher torque and horsepower. This enables vehicles to carry greater loads and shorten journey durations. While still in development, self-driving pickup trucks have the potential to transform the business by increasing efficiency, and safety, and lowering driver fatigue on lengthy trips. Furthermore, as battery technology evolves, electric and hybrid heavy-duty vehicles become increasingly realistic options. This can substantially lower emissions and operational costs in the long term, making it appealing to environment-conscious enterprises.

In January 2024, RAM Trucks unveiled its Virtual Ram 3500 REV as the first all-electric heavy-duty truck in the U.S. This innovative vehicle marks a significant milestone in the transition toward electric heavy-duty trucks, offering a sustainable & efficient solution for heavy-duty transportation needs in the country.

Heavy-duty Pick-up Trucks Market Analysis

Heavy-duty Pick-up Trucks Market Size, By Fuel, 2022 – 2032, (USD Billion)

Based on fuel, the market is divided into gasoline, diesel, and electric. The electric segment accounted for USD 1.8 billion revenue in 2023. Battery technology is continually evolving, and the cost of battery packs is steadily dropping. This makes electric vehicles (EVs) more financially viable alternatives for enterprises in the long term. Many countries provide incentives and tax benefits to encourage businesses to use EVs, particularly heavy-duty trucks. This can greatly minimize the initial cost of buying an electric heavy-duty pickup truck.

Additionally, the electric model has reduced operational expenses compared to diesel trucks. Electric motors require less maintenance, and electricity can be less expensive than diesel, particularly in areas with high renewable energy generation.

Heavy-duty Pick-up Trucks Market Share, By Application, 2023

Based on application, the heavy-duty pick-up trucks market is categorized into commercial and industrial. The industrial segment accounted for around 40% of the market share in 2023. Industrial applications, such as construction, mining, and heavy equipment transportation, require trucks with strong hauling capabilities and large towing capacity. Heavy-duty pick-up trucks thrive in these sectors, as they can move enormous amounts of raw materials, machinery, and equipment effectively.

Heavy-duty vehicles are designed to survive harsh industrial environments, equipped with sturdy frames, powerful engines, and long-lasting suspensions. This ensures that they can withstand high loads, harsh terrains, and repeated use for lengthy durations. Furthermore, manufacturers offer a wide range of customization options for heavy-duty trucks. This adaptability enables firms to modify the vehicle to their requirements.

North America Heavy-duty Pick-up Trucks Market Size, 2022 -2032, (USD Billion)

The North America heavy-duty pick-up trucks market is expected to hold around USD 38.5 billion revenue by 2032. The demand for heavy-duty trucks in North America is primarily driven by the construction, mining, oil & gas, and logistics industries. These industries rely largely on these vehicles' hauling capacity and power to efficiently transport products and supplies. North American automakers, such as Ford, General Motors, and Stellantis, are constantly innovating to increase the performance and economy of their heavy-duty pickup trucks. This includes developments in engine technology, aerodynamics, and driver assistance systems, making them more appealing to businesses.

The Midwest regions of the U.S., comprising the states of Ohio, Indiana, and Illinois, have a strong manufacturing industry, and heavy-duty pick-up trucks are crucial for transporting goods and materials within these states. Regions, such as Texas, Alaska, and North Dakota, have booming construction and resource extraction industries, driving the demand for heavy-duty pick-up trucks for hauling materials and equipment. Along with this, government investments in infrastructure projects, such as bridges, highways, and renewable energy installations, across the U.S. have the potential to increase the demand for heavy-duty trucks in certain regions.

European countries including France, Germany, the UK, and the Netherlands have significantly smaller heavy-duty pick-up truck markets compared to North America. Europeans prefer smaller & more fuel-efficient automobiles due to limited roadways, greater fuel prices, and a culture that values walkable cities. Gas-powered heavy-duty pickups are less fuel-efficient than electric-powered commercial trucks, making them less attractive in Europe with its focus on fuel economy and emissions. Some European countries have implemented tax regulations that penalize high-emission vehicles, further discouraging the adoption of heavy-duty pick-up trucks.

The booming manufacturing and industrial sectors in countries including China and India are creating a strong demand for heavy-duty pick-ups for hauling raw materials, equipment, and finished goods. Expanding infrastructure development has enhanced the need for these vehicles. Furthermore, countries in the MEA region, such as the UAE and Saudi Arabia, are moving away from sole reliance on oil, and industries including manufacturing and agriculture are expanding, creating a demand for heavy-duty pick-up trucks for logistics and transportation.

Heavy-duty Pick-up Trucks Market Share

Ford Motor and Toyota Motor dominate the market with over 10% of the revenue share. Ford Motor  prioritizes performance, longevity, and dependability in its lineup of heavy-duty pickup trucks, catering to the needs of commercial fleet operators, construction firms, and off-road enthusiasts seeking durable vehicles suited for challenging work conditions and tasks.

Toyota Motor incorporates state-of-the-art safety enhancements, driver-assist functions, and connectivity innovations into its heavy-duty pickup trucks, elevating safety standards, convenience, and utility to appeal to customers who value modern features and advanced technology.

Heavy-duty Pick-up Trucks Market Companies

Major companies operating in the heavy-duty pick-up trucks industry are:

  • Ford Motor Company
  • General Motors
  • Great Wall Motors
  • Honda
  • Isuzu
  • Mitsubishi Motors
  • Nissan
  • Ram Trucks
  • Toyota Motor Corporation
  • Volkswagen

Heavy-duty Pick-up Trucks Industry News

  • In April 2024, Volvo Group announced plans to build a new heavy-duty pick-up truck manufacturing plant in Mexico to supplement the Group's U.S. operations. This strategic move is part of Volvo's commitment to expanding its manufacturing footprint and enhancing its product portfolio to meet evolving market needs.
  • In February 2024, the Ford Super Duty was recognized as the most dependable large heavy-duty pickup truck in the latest J.D. Power 2024 U.S. Vehicle Dependability Study. This accolade highlights the durability and reliability of the 2021 Ford Super Duty, solidifying its position as a top performer in the heavy-duty truck segment.

The heavy-duty pick-up trucks market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) and shipments (units) from 2021 to 2032, for the following segments:

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Market, By Cab

  • Regular
  • Extended
  • Crew

Market, By Fuel

  • Gasoline
  • Diesel
  • Electric

Market, By Application

  • Commercial
  • Industrial

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Nordics
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America 
  • MEA
    • South Africa
    • UAE
    • Saudi Arabia
    • Rest of MEA


Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of heavy-duty pick-up trucks reached USD 41.3 billion in 2023 and is set to grow at 6% CAGR between 2024 and 2032, owing to the rising demand from commercial and industrial sectors.

The electric segment accounted for USD 1.8 billion in revenue in 2023, as battery technology is continually evolving, and the cost of battery packs is steadily dropping.

North America market will generate USD 38.5 billion by 2032, driven by the construction, mining, oil & gas, and logistics industries.

Ford Motor Company, General Motors, Great Wall Motors, Honda, Isuzu, Mitsubishi Motors, Nissan, Ram Trucks, Toyota Motor Corporation, and Volkswagen.

Heavy-duty Pick-up Trucks Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 350
  • Countries covered: 25
  • Pages: 240
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