Global Pickup Truck Market 2016-2020
About Pickup Truck
A pickup truck is a light-duty vehicle that has an enclosed cab and an open cargo area with a tailgate. It can be either compact or full-size. Pickup trucks are mostly used as good carriers, but they also find application in personal transport, especially in the US, Mexico, and Brazil, among others. This can be attributed to rising demand for comfort and convenience, and modern pickup trucks are equipped with features such as Bluetooth connectivity, all-wheel drive (AWD), automatic transmissions, and DVD players, among others.
Technavio’s analysts forecast the global pickup truck market to grow at a CAGR of 5.65% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global pickup truck market for 2016-2020. To calculate the market size, the report presents the vendor landscape and a corresponding detailed analysis of the key vendors in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Pickup Truck Market 2016-2020
Technavio recognizes the following companies as the key players in the global pickup truck market: FCA, Ford Motor Company, General Motors, Nissan, and Toyota.
Other prominent vendors in the market are: Isuzu Motors, Honda, Tata Motors, and Mahindra & Mahindra.
Commenting on the report, an analyst from Technavio’s team said: “One of latest trends in the market is emergence of electric pickup trucks. Electric vehicles have the capability to provide plenty of torque from a low revolutions per minute (RPM). This makes electric vehicles suitable for being used as a pickup truck because of fuel bill savings. For example, improving the fuel efficiency of a sedan from 30 mpg to 50 mpg could save about 133 gallons of gasoline every 10,000 miles. In addition, enhancing the fuel efficiency of a pickup truck from 18 mpg to 25 mpg will save about 155 gallons for the same distance. Thus, the electric pickup truck market has multiple opportunities, and the automotive OEMs are turning their focus to these vehicles as a part of emission regulations planning.”
According to the report, one of the primary drivers in the market is declining fuel prices in US. As the US contributed more than 50% of the sales of pickup trucks, the falling prices of gasoline in the country influenced the pickup truck market in that country. Fuel prices in the US have been high in the past, owing to conflicts in key oil producing nations like Iraq and soaring oil consumption in countries like China, reaching $100 per barrel in 2010. Thus, the global fuel production could not keep up with the demand, resulting in high prices.In 2014, the average national price of regular fuel was $3.66 per gallon; however, it went down to $2.74 per gallon in 2015. In addition, the price of mid-range fuel dropped from $3.84 per gallon in 2014 to $2.95 per gallon in 2015 and premium fuel prices declined from $4.01 per gallon in 2014 to $3.13 per gallon in 2015.
Further, the report states that one major challenge in the market is expanded regulatory requirements. The Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) have jointly circulated fuel economy and greenhouse gas standards for pickup trucks (mostly on vehicles over 8,500 pounds GVW). These organizations are anticipated to issue a proposed set of standards that will apply to all models from 2019 onward. In the US, an objective has been set to control vehicle emissions by reducing CO₂ emission levels to 109 grams for every km by 2025. This would be nearly half of the 2010 CO₂ emission levels. The principal sources of transportation-related greenhouse gas emissions in the US come from passenger cars and light-duty trucks, including pickup trucks.
FCA, Ford Motor Company, General Motors, Nissan, Toyota, Isuzu Motors, Honda, Tata Motors, Mahindra & Mahindra.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook