Pickup Trucks Market Size, Share & Trends Analysis Report By Fuel (Diesel, Petrol, Electric), By Vehicle (Light-duty, Heavy-duty), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2025 - 2030
The global pickup trucks market size is expected to reach USD 269.52 billion by 2030, registering a CAGR of 3.2% from 2025 to 2030, according to a new report by Grand View Research, Inc. The global market is driven by the increasing disposable income levels and growing middle-class population. Technological developments in the automotive industry have led to a significant decrease in vehicle retail prices and an increase in affordability, fueling the sales of new pickup trucks across the world. In addition, these trucks are significantly becoming luxury rides in various countries due to their enhanced appearance and aesthetics.
The emergence of e-commerce companies facilitated by the increasing demand from techno-savvy consumers is further driving the product demand from small- and medium-sized companies. Diesel-based vehicle type segment dominated the market in 2021. Higher consumer preference for diesel-based pickup trucks, due to the higher torque and calorific value than any other fuel type, will support the segment growth. Diesel engines run more efficiently and have a long life when towing heavy loads than other fuel types. Moreover, the extensive product portfolio offered by the key manufacturers also results in the higher adoption of diesel-based vehicles. The heavy-duty segment is expected to register the fastest growth rate over the forecast period.
Increasing e-commerce business and demand for heavy-duty trucks for delivery purposes across the world are surging rapidly. Moreover, increasing interest of consumers in the newly launched aesthetically improved models and increasing product launches by the key manufacturers are credited to the segment growth. For instance, General Motors Company is planning to launch its heavy-duty pickup truck, the 2022 GMC Sierra 3500HD with 401 horsepower and 464 lb-ft of torque. Central & South America is anticipated to witness the second-fastest CAGR from 2022 to 2028. The rising middle-income class, increasing disposable income, growing spending on personal cars, and increasing expansion of key players in the region are expected to drive the regional market growth.
For instance, in August 2018, Nissan increased the production of Frontier pickup trucks by setting up a new production facility in Cordoba, Argentina. As reported in February 2020, Toyota ramped up the production of pickup trucks in its Mexican plant, also accelerating their regional sales. The COVID-19 pandemic negatively impacted the global market Pandemic-induced lockdowns and other restrictions caused unprecedented challenges in the supply chain of the automotive industry. Shortage of semiconductor chips and other auto parts resulted in the halting of production of pickup trucks and impacted the overall sales revenue during the pandemic. However, the market is expected to recover and register a considerable growth rate post-pandemic.
Pickup Trucks Market Report Highlights:
Based on fuel, the diesel segment dominated the global market and held a revenue share of 95.6% in 2024. The segment's largest market share is attributed to the majority of pickup truck models available being diesel engine-based.
The electrical segment is expected to grow at the fastest CAGR during the forecast period. A diesel engine has many perks regarding pickup truck efficiency; however, it also leads to higher emissions of GHG & CO2 and increased air pollution.
Light-duty pickup trucks accounted for the largest global market revenue share in 2024. The higher market revenue share of the segment is attributed to the diverse range of products offered by multiple manufacturers.
The heavy-duty vehicle segment is anticipated to witness the fastest CAGR over the forecast period.
North America pickup trucks industry dominated globally with a revenue share of 77.5% in 2024. Asia Pacific pickup trucks industry is estimated to experience a notable CAGR from 2025 to 2030.