Technavio, a tech-focused market research firm, has published a new report on the global pick-up truck market, which is expected to experience a slow but steady growth rate with a CAGR of close to 6% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects of the global pick-up truck market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global pick-up truck market into the following key regions: The Americas, APAC, and EMEA.
Geographical segmentation of the global pick-up truck market for 2015 (market share %)
Americas |
56% |
APAC |
28% |
EMEA |
16% |
Source: Technavio
The Americas: largest revenue generating region for pick-up truck
The global pick-up truck market in the Americas produced over 3 million ton units in 2015 and will post a CAGR of around 6% by 2020. The US was the largest contributor to the pickup truck market in the Americas during 2015. The rising demand and increased adoption of LCVs will fuel the growth in the American market. The Americas was the largest region in the global LCVs market with more than 6 million LCVs sold in 2015. Various companies are announcing the best commercial vans warranty program, which extended the warranty on LCVs from 3-5 years to attract more consumers.
“The replacement of aging vehicles and low price of gasoline is leading to the increasing number of sales of pick up vehicles in the American market. The lower rate of interest on borrowing is increasing the demand for both full-size and mid-size pickup trucks. Moreover, the growing instances of construction activity across the region will encourage vendors to increase their production capacities during the forecast period,” says Siddharth Jaiswal, a lead analyst at Technavio, specializing in research on automotive manufacturing.
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Pickup truck market in APAC
The global pickup truck market in APAC produced close to 2 million units in 2015 and is expected to grow at a CAGR of around 4% by 2020. Various international vendors are entering the APAC market by collaborating with regional players making it the fastest-growing region in the global pickup truck market. China and Thailand will emerge as the key revenue generators of the pickup truck market in this region. Moreover, the regulations set by the Association of Southeast Asian Nations (ASEAN) give an advantage to manufacturers by offering some import tax relaxation. Rapid urbanization and economic development are leading to an increased adoption of LCVs in the APAC market. Moreover, leading vendors like Great Wall Motor and Ford Motors are also offering new models to enter this market.
Pickup truck market in EMEA
The global pickup truck market in EMEA produced almost 1 million units in 2015 and is expected to grow at a CAGR of about 7% by 2020. The advances in technology and designs offered by various automakers are helping in the growth of the market in this region. The vendors are offering car-like experience and great interiors in SUVs, where pickup trucks are one of the most valued options for consumers working outdoors. Factors like low prices of gas and economic improvement in the region are contributing to market growth in EMEA. The implementation of regulations focusing on advanced safety features in LCVs will further aid in the development of the market in this region.
The top leading vendors operating in the global pick-up truck market are:
- FCA
- Ford Motor Company
- General Motors
- Nissan
- Toyota
Other prominent vendors in the market include Isuzu Motors, Honda, Tata Motors, and Mahindra & Mahindra.
A more detailed analysis is available in the Technavio report titled, ‘Global Pick-up Truck Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Off-road High-performance Vehicle Market 2016-2020
- Global Sports Bicycle Market 2016-2020
- Global Truck Platooning System Market 2016-2020
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