Pune, India, Aug. 18, 2021 (GLOBE NEWSWIRE) -- According to the report, the global Pickup Truck market size to reach remarkable value by 2028. The rising need for enhanced comfort and multipurpose utility vehicles among the populace is expected to drive market growth during the forecast period. Regulations and standards enforced on pickup trucks regarding fuel economy are less as compared to the regulations enforced on other large passenger vehicles. New generation pickup trucks are equipped with various new advanced features, including improved connectivity, an all-wheel-drive system, automatic transmission, and others.
The global pandemic, COVID-19, has led to severe repercussion owing to its widespread effects across several economies. Several industries are facing unprecedented losses owing to the lockdown announced by several governments across the globe that has resulted in the complete shutdown of the businesses. The crippling economy, however, is being revived through collective efforts from the government as well as the industries and is expected to bounce back in the coming years.
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The growing popularity of online retail platforms worldwide is expected to propel the pickup truck market growth during the forecast period. Growing demand for light-duty transportation solutions in various industries and commercial sectors is anticipated to boost the market growth in years to come.
The inclining manufacturer's focus towards the development of technologically advanced pickup trucks with lightweight and high efficiency is anticipated to generate new opportunities for the market over the forecast period.
However, very few varieties of pickup truck models are available in the market compared to passenger vehicles, which is the restraining factor for the market.
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By truck type, the market is segmented into small, medium, and full size. In terms of volume, the medium segment held the largest market share in 2019 and is expected to expand at a rapid pace. Medium pickup trucks are trendy worldwide for their versatility. These pickup trucks generate high power, which is suitable for various operating conditions. In addition to this, medium pickup trucks come with a flexible price range.
By propulsion, the market is segmented into diesel, gasoline, hybrid, and electric. The diesel segment held the largest market share in 2019 and is expected to experience the highest growth during the forecast period. Diesel engines produce higher torque as compared to other types. Hence they are highly adopted by consumers for commercial use. However, the gasoline segment is also expected to experience significant growth because most of the medium pickup trucks sold worldwide consist of gasoline engines.
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North America held the largest market share in 2019, followed by Europe. They are mainly used for transportation in North American countries. Their increasing adoption rate in the region is expected to drive market growth during the forecast period. Well established commercial sector in developed countries of North America is expected to propel the demand for pickup trucks. Growing digitalization and rapid growth of the e-commerce sector have boosted the demand for the online shopping platform in North America, which is anticipated to generate demand for pickup trucks for the delivery of products. Well established key players in the region such as General Motors, Ford Motor Company, and others is the supporting factor for the market.
List of the Companies Operating in the Market:
- Ford Motor Company
- FAW Group
- Fiat Chrysler Automobile
- General Motor Company
- Great Wall Motors
- Honda Motor Company
- Isuzu Motors Ltd
- Mahindra & Mahindra Ltd
- Mercedes Benz
- Mitsubishi Motors Corporation
- Nissan Motor Co
- Tata Motors
- Toyota Motor Corporation
- Volkswagen AG
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Global Pickup Truck Market Segmentation:
By Truck Type:
- Small
- Medium
- Full Size
By Propulsion:
- Diesel
- Gasoline
- Hybrid
- Electric
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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