Pickup Truck Market Value to Reach USD 299.98 Billion by 2030; Growing Vehicle Electrification Efforts and Sales of Autonomous Vehicles to Drive Market Progress

The global pickup truck market size touched USD 199.23 billion in 2022 and is predicted to reach USD 208.67 billion in 2023. The market is estimated to touch USD 299.98 billion by 2030, recording a CAGR of 5.3% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “Pickup Truck Market Size, Share & COVID-19 Impact Analysis, By Truck Type (Small Size, Midsize, Full Size), By Propulsion Type (Diesel, Gasoline, Hybrid, Electric), By Component (Drivetrain, Interior, Body, Electrical & Electronics, Chassis), and Regional Forecasts, 2023-2030”.

Pickup trucks have witnessed robust rise in their production and sales in recent years as the demand for lightweight transportation solutions has grown considerably. Many people are looking for automobiles that can not only be used to transport cargo but also passengers. The trend of online shopping has picked up immense pace, especially during the COVID-19 pandemic, which increased the demand for last-mile delivery services. Moreover, a growing percentage of people are opting for outdoor recreational activities such as camping and boating. These factors are expected to contribute to the pickup truck market growth.

Decreased Sales of New Vehicles during COVID-19 Decelerated Market Growth

The COVID-19 pandemic had a severe impact on several sectors across the world, especially the automotive industry. The production of vehicles witnessed a notable decline during this period as there was a severe shortage of raw materials and labor force due to supply chain disruptions. More importantly, customers had dramatically reduced their spending due to high economic uncertainty and stopped purchasing luxury items such as new vehicles. This factor had a negative influence on the pickup truck market share.

Growing Vehicle Electrification Efforts and Sales of Autonomous Vehicles to Drive Market Progress

Fossil-fueled vehicles are witnessing a dramatic decline in their sales as customers are becoming more aware of the harmful effects of using these vehicles on the environment. As more customers are looking for different ways to reduce their carbon footprint, the trend of vehicle electrification has picked up tremendous pace in recent years. More manufacturers are realizing the potential of electric vehicles in terms of reducing carbon emissions and focusing on developing advanced automotive technologies. Pickup truck manufacturers are incorporating electrification in their products to promote zero emissions and safeguard the environment from pollution and its dangerous consequences. Utility truck makers are also effectively responding to the demand for advanced features in pickup trucks. They are integrating autonomous technologies into next-generation trucks to improve road safety. Such initiatives will fuel the market growth in the coming years.

Competitive Landscape

Key Companies to Increase R&D Efforts to Boost their Growth Prospects

Some of the leading companies operating in the market include Nissan, GMC, Jeep, Ford Motor, Fiat Chrysler Automobile, Toyota, and Volkswagen AH, among many others. These firms are trying to increase their research and development efforts to increase their growth prospects in the market. Ford Motor Company held a dominant position in this market, while Fiat Chrysler Automobile, GMC, Isuzu Motor, and Honda Motor are the other major players in the market.

Notable Industry Development:

July 2021 - GM announced that it would halt a large part of North American manufacturing of its successful full-size utility trucks for one week due to the global shortage of semiconductor chips. The company confirmed that it had decided to cut down the production of Chevrolet Silverado and GMC Sierra trucks in Michigan, Indiana, and Mexico.

List of the Companies Profiled in the Report:

• Ford Motor Company (U.S.)


• FAW Group (China)


• Fiat Chrysler Automobile (Netherlands)


• GMC (U.S.)


• Honda Motor (Japan)


• Isuzu Motor (Japan)


• Mercedes Benz (Germany)


• Nissan Motor Company (Japan)


• Toyota Motor Corporation (Japan)


• Mahindra & Mahindra (India)


• Volkswagen AG (Germany)

Further Report Findings

• The market in North America is projected to account for the largest share in the global market during the forecast period as the region has a notable presence of reputed manufacturers. These include General Motors, Ford Motor Company, and Honda Motors in the U.S. Canada and the U.S. are also among the major users of pickup trucks as these countries have a vast commercial sector.


• The diesel segment accounts for a major market share as there is a robust demand for light-duty trucks that come with diesel engines as they produce a higher torque value as compared to other engines.

Table of Segmentation