United States Pickup Truck Market Accounted for 50.57% of sales in Overall Vehicle Sales in 2021
The advancement in technologies for manufacturing pickup
trucks and its capacity and capability leads to growth of United States pickup market.
According to the TechSci
Research report, "United States Pickup Truck
Market-By Region Competition Forecast & Opportunities, 2028F", the United States pickup
truck market is anticipated to reach USD 247.5 billion by 2028, growing at impressive
rate in the next five years.
In United States pickup
trucks are way more famous among the other vehicles, which make it customers
first choice, people prefer to buy pickup trucks in the country because it has
many benefits over the other passenger cars such as, machines which are used in
pickup trucks have dynamic and high-performance which make it able to carry
heavy loads along with itself and also pickup trucks have the open space at the
back which make it able to carry heavy items and loads.
Pick trucks has shown incremental sales in the
year 2021 in United States which stands around 50.57% of the total sales amongst
the vehicle. Presently, pickup truck manufacturers are focusing more on
customer-centric features while making tech-laden luxury pickup trucks. Most of
the buyers in United States are looking for the vehicles which can help them in
many ways such as for carrying heavy loads or to tow the boats, trailers etc.
pickup trucks offer a degree of versatility as they have towing capacity, pickup
trucks are safer than any other vehicles, pickup trucks have more spaces,
storage and seating capacity as compared to any other vehicles. Pickup trucks
can also be used as a off road vehicles and can fill all the need of the
customers, due to this the demand of pickup trucks are more in the United
States.
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The
United States pickup truck market can be segmented based on by vehicle type, by
propulsion type, by application type, by region and by company. Based on vehicle
type, the compact pickup truck market currently dominates United States pickup
truck market with the highest share amongst all vehicle types. In the
forecasted years full-sized pickup truck is the fastest growing segment as it
has more space and stronger power engines that provides much better experience
while driving, the region for higher growing rate of full-sized pickup truck in
the forecasted year is its luxurious style and better engine performance with
much heavy load carrying capacity.
The pickup trucks have more resales
value than other passenger cars in the United States. Nowadays, the price of
pickup truck is much higher compared to last few years, due to this the people
of United are preferring to buy the second-hand pickup truck which cost them
low compared to the new one. Although the automotive industry has faced many
challenges in the past few years such as shortage of semiconductors, due to
this the production of the pickup trucks in the United States is hampering. The
resale value of pickup truck is high in the market as demand of pickup truck in
the market are much higher and the production is low which do not match the
demand of the people in the United States. People in United States buy second
hand pickup trucks as they are available in good condition and people prefer it
because of the cost-effectiveness, due to this advantage demand of pickup truck
in the market is high.
One of the major advantages of pickup
truck over the other vehicle type is that it has high towing power with it.
Pickup truck helps to tow the boat and trailers, most of the people in United
States have their own private boat and trailers which are used while traveling
from one place to another. People in United States prefer to buy pickup trucks
over other passenger car because they have much high-power engine compared to
other normal vehicles. Pickup trucks are helpful to haul the heavy weight of
trailers, and boat compared to the passenger cars.
The sales of pickup truck among the other
vehicle types is high due to all these factors, Alongside, it is estimated that
the pickup truck will continue to dominate the market in terms of sales in the
coming up year.
Some of the major players operating in
the United States Pickup Truck Market include:
- RAM
- GMC (General Motors Company)
- Ford Motor Company
- Isuzu
Motor
- Mercedes
Benz
- Toyota
Motor Corporation
- Nissan
Motor Company
- Honda
Motor
- Hyundai
Motor Company
- Rivian
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“Many companies are
investing in research and development of pickup truck, which will introduce the
electric pickup truck that will meet the demand of the buyers in the market, with
the time companies are introducing new models of pickup truck for the customer
and also to meet the demand of pickup truck in the market." said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“United States Pickup Truck Market By Vehicle Type
(Compact Pickup Truck, Mid-Sized Pickup Truck, Full-Sized Pickup Truck,
Heavy-Duty Pickup Truck), By Propulsion Type (Diesel, Gasoline, Hybrid,
Electric), By Application Type (Haul Lumber, Commercial Use, Construction Use,
& Others), By Region, Competition Forecast & Opportunities, 2028F” has evaluated
the future growth potential of United States pickup truck market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the United States pickup truck market.
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