According to the TechSci Research report, "United States Pickup Truck Market-By Region Competition Forecast Opportunities, 2028F", the United States pickup truck market is anticipated to reach USD 247.5 billion by 2028, growing at impressive rate in the next five years.
In United States pickup trucks are way more famous among the other vehicles, which make it customers first choice, people prefer to buy pickup trucks in the country because it has many benefits over the other passenger cars such as, machines which are used in pickup trucks have dynamic and high-performance which make it able to carry heavy loads along with itself and also pickup trucks have the open space at the back which make it able to carry heavy items and loads.
Pick trucks has shown incremental sales in the year 2021 in United States which stands around 50.57% of the total sales amongst the vehicle. Presently, pickup truck manufacturers are focusing more on customer-centric features while making tech-laden luxury pickup trucks. Most of the buyers in United States are looking for the vehicles which can help them in many ways such as for carrying heavy loads or to tow the boats, trailers etc. pickup trucks offer a degree of versatility as they have towing capacity, pickup trucks are safer than any other vehicles, pickup trucks have more spaces, storage and seating capacity as compared to any other vehicles. Pickup trucks can also be used as a off road vehicles and can fill all the need of the customers, due to this the demand of pickup trucks are more in the United States.
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The United States pickup truck market can be segmented based on by vehicle type, by propulsion type, by application type, by region and by company. Based on vehicle type, the compact pickup truck market currently dominates United States pickup truck market with the highest share amongst all vehicle types. In the forecasted years full-sized pickup truck is the fastest growing segment as it has more space and stronger power engines that provides much better experience while driving, the region for higher growing rate of full-sized pickup truck in the forecasted year is its luxurious style and better engine performance with much heavy load carrying capacity.
The pickup trucks have more resales value than other passenger cars in the United States. Nowadays, the price of pickup truck is much higher compared to last few years, due to this the people of United are preferring to buy the second-hand pickup truck which cost them low compared to the new one. Although the automotive industry has faced many challenges in the past few years such as shortage of semiconductors, due to this the production of the pickup trucks in the United States is hampering. The resale value of pickup truck is high in the market as demand of pickup truck in the market are much higher and the production is low which do not match the demand of the people in the United States. People in United States buy second hand pickup trucks as they are available in good condition and people prefer it because of the cost-effectiveness, due to this advantage demand of pickup truck in the market is high.
One of the major advantages of pickup truck over the other vehicle type is that it has high towing power with it. Pickup truck helps to tow the boat and trailers, most of the people in United States have their own private boat and trailers which are used while traveling from one place to another. People in United States prefer to buy pickup trucks over other passenger car because they have much high-power engine compared to other normal vehicles. Pickup trucks are helpful to haul the heavy weight of trailers, and boat compared to the passenger cars.
The sales of pickup truck among the other vehicle types is high due to all these factors, Alongside, it is estimated that the pickup truck will continue to dominate the market in terms of sales in the coming up year.
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.
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