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Pick-up Trucks Market Trends

Report ID: GMI8184
Published Date: Feb 2024
Report Format: PDF

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Pick-up Trucks Market Trends

The pick-up trucks industry is witnessing significant technological advancements. More efficient and powerful engines, upgraded gearboxes, and electric alternatives increase fuel efficiency, towing capacity & overall performance, making vehicles more adaptable and practical for everyday use. Also, lane departure warnings, blind-spot monitoring, and autonomous emergency breaking all increase truck safety & comfort during long rides. To enhance the vehicle capabilities manufacturers are launching innovative solutions in the market.

For instance, in September 2023, General Motors revealed that its sophisticated driving assistance technology, Super Cruise, will be available on the GMC Sierra and Chevy Silverado trucks in 2024. This hands-free driving technology will expand beyond premium automobiles to include the highly competitive full-size truck category.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of pick-up trucks reached USD 217.3 billion in 2023 and is set to witness 5.5% CAGR from 2024 to 2032, owing to the expanding availability of electric options and the ongoing rise in petrol prices worldwide.

The diesel segment recorded around 65% market share in 2023, as they provide more energy per gallon, resulting in improved fuel efficiency, particularly for larger loads and highway travel.

North America held over 60% of the market share in 2023, due to the growing infrastructure projects and continued demand for versatile vehicles in the region.

Ford Motor Company, General Motors, Great Wall Motors, Honda, Isuzu, Mitsubishi Motors, Nissan, Ram Trucks, Toyota Motor Corporation, and Volkswagen are some of the major pick-up truck companies worldwide.