The TechSci Research report, “United States Pickup Truck Market-By Region Competition Forecast & Opportunities, 2028F”, predicts that the United States pickup truck market will reach USD 247.5 billion by 2028, growing at an impressive rate in the next five years. Pickup trucks are very popular in the United States, as they offer many advantages over other passenger cars. For example, pickup trucks have powerful and dynamic engines that can carry heavy loads, and they have open spaces at the back that can accommodate bulky items. In 2021, pickup trucks accounted for 50.57% of the total vehicle sales in the United States. Currently, pickup truck manufacturers are focusing on customer-centric features and making tech-laden luxury pickup trucks. Most of the buyers in the United States are looking for vehicles that can help them with various tasks such as carrying heavy loads or towing boats, trailers, etc.
Pickup trucks offer versatility, as they have towing capacity, safety, space, storage and seating options that other vehicles lack. Pickup trucks can also be used as off-road vehicles and meet all the needs of the customers. Therefore, the demand for pickup trucks is high in the United States. The United States pickup truck market can be segmented based on vehicle type, propulsion type, application type, region and company. Based on vehicle type, the compact pickup truck market currently dominates the United States pickup truck market with the highest share among all vehicle types. However, in the forecasted years, full-sized pickup trucks are expected to be the fastest growing segment, as they have more space and stronger engines that provide a better driving experience. The reason for the higher growth rate of full-sized pickup trucks in the forecasted years is their luxurious style and better engine performance with higher load carrying capacity.
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Pickup trucks have higher resale value than other passenger cars in the United States. Nowadays, the price of pickup trucks is much higher than in the past few years, which makes the people of the United States prefer to buy second-hand pickup trucks that cost less than the new ones. The automotive industry has faced many challenges in the past few years, such as the shortage of semiconductors, which has hampered the production of pickup trucks in the United States. The resale value of pickup trucks is high in the market, as the demand for pickup trucks is much higher than the supply, which does not meet the needs of the people in the United States. People in the United States buy second-hand pickup trucks, as they are available in good condition and are cost-effective. Due to this advantage, the demand for pickup trucks in the market is high.
One of the major advantages of pickup trucks over other vehicle types is that they have high towing power. Pickup trucks help to tow boats and trailers, which many people in the United States own and use for traveling from one place to another. People in the United States prefer to buy pickup trucks over other passenger cars, because they have much more powerful engines than other normal vehicles. Pickup trucks are helpful to haul heavy weights of trailers and boats, unlike passenger cars. The sales of pickup trucks among other vehicle types are high due to these factors. Moreover, it is estimated that pickup trucks will continue to dominate the market in terms of sales in the coming years.
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.
Report Scope:
In this report, global automotive lubricant market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- United States Pick Up Truck Market, By Vehicle Type:
- Compact Pickup Truck
- Mid-Sized Pickup Truck
- Full- Sized Pickup Truck
- Heavy-Duty Trucks Pickup Truck
- United States Pick Up Truck Market, By Propulsion Type:
- Diesel
- Gasoline
- Hybrid
- Electric
- United States Pick Up Truck Market, By Application Type:
- Haul Lumber
- Commercial Use
- Construction
- Others
- United States Pick Up Truck Market, By Region:
- North
- South
- West
- East
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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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