Latest Study on “Pickup Truck Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.The global Pickup Truck market size is expected to be worth around US$ 171.2 Billion by 2027 from at US$ 290.10 Billion in 2020 and is anticipated to grow at a CAGR of 3.20% during forecast period 2021 to 2027.
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The increase in affordability for vehicles among consumers and transition of people into middle and upper middle-income groups. The global pickup truck market is mature; however, expansion of small- and medium-scale enterprises coupled with high popularity for pickup trucks in developed countries is still boosting the market worldwide.
The expansion of the automotive industry has boosted the pickup trucks market across the globe. Moreover, rising preference among consumers for pickup trucks instead of a passenger vehicle has been a key factor driving the market. Developed countries, which highly promote do-it-yourself services, witness higher penetration of pickup trucks as compared to other vehicles, as pickup trucks are multipurpose vehicles that can be useful for their owners to carry small loads, towing caravans, and other carriages. The expansion of SMEs in last five years has been a key driver for the pickup truck market in the developing as well as developed countries. The demand for pickup trucks has increased at a noble pace owing to a significant rise in last mile delivery services in last decade.
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Based on truck type, the medium segment held a leading share of the market, in terms of volume, in 2020; however, the full size segment accounted for a prominent share in terms of revenue. Medium type trucks are conventional pickup trucks and are highly popular in majority of regions, which is attributed to the high market share held by the segment in the global pickup truck market.
Small pickup trucks are continuously gaining popularity, which in turn is propelling the market for pickup trucks. Moreover, rising focus toward the development of high economy vehicles for SMEs drives the segment. On the other hand, higher popularity of full size trucks in North America and Europe due to their use in multipurpose application can be attributed to the significant share held by the full size segment of the global market.
Based on propulsion, the diesel segment held a prominent share, in terms of revenue, of the global market in 2020. Most full size trucks are diesel fueled, as diesel engines are capable of producing higher torque as compared to that generated by gasoline engines, which in turn propels the diesel segment of the pickup truck market.
Gasoline propulsion systems are mostly used by medium pickup trucks in North America and GCC Countries. Gasoline vehicles are more popular, owing to high availability of the gasoline. Additionally, gasoline is considered as a cleaner fuel as compared to diesel, which is boosting the gasoline segment. Hybrid and electric segments are anticipated to expand in the near future.
COVID-19 Impact on Pickup Truck Sales
- Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Pickup Truck
- Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
- Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
- Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Pickup Truck market 2021 onwards. This trend will however continue through the course of the report’s assessment period
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Recent report on the Pickup Truck market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Pickup Truck market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Pickup Truck market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Pickup Truck market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Pickup Truck market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Pickup Truck market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Pickup Truck market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Pickup Truck market is analyzed at both regional and country levels.
Some of the prominent players in the Pickup Truck Market include: Ford Motor Company, FAW Group, Fiat Chrysler Automobile, General Motor Company, Great Wall Motors, Honda Motor Company, Ltd., Isuzu Motors Ltd., Mahindra & Mahindra Ltd., Mercedes Benz, Mitsubishi Motors Corporation, Nissan Motor Co., Ltd., Tata Motors, Toyota Motor Corporation, and Volkswagen AG.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
- Pickup Truck Market, by Truck Type
- Full Size
- Pickup Truck Market, by Propulsion
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Pickup Truck market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Pickup Truck market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Pickup Truck market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Pickup Truck market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Pickup Truck are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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