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Heavy-duty Pick-up Trucks Market Analysis

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

Heavy-duty Pick-up Trucks Market Analysis

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.

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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