Selbyville, Delaware, March 06, 2024 (GLOBE NEWSWIRE) --
The pick-up trucks market is predicted to surpass USD 344 billion by 2032, as reported in a research study by Global Market Insights Inc.
The industry growth is driven by the increasing demand for versatile and multipurpose vehicles across various industries such as construction, agriculture, and logistics. These vehicles offer robust performance, towing capabilities, and cargo space, making them indispensable for transporting goods and equipment in challenging terrain and work environments. Additionally, the growing popularity of outdoor recreational activities such as camping, off-roading, and adventure sports contributes to the rising product demand among outdoor enthusiasts and lifestyle-oriented consumers.
Manufacturers are introducing innovative features such as advanced driver assistance systems and connectivity options to meet the evolving needs & preferences of consumers. Moreover, the development of electric and hybrid pick-up truck models addresses the increasing demand for eco-friendly and sustainable transportation solutions, driving industry expansion. In September 2023, Ford launched the Ranger, an electrified pick-up truck. The Ranger plug-in hybrid offered zero emissions in EV mode while providing towing, off-road, and payload capabilities.
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Mid-size segment is slated to record high demand through 2032, as consumers are increasingly seeking vehicles that offer a balance between capability and maneuverability. These vehicles provide ample towing and hauling capabilities while being more agile and easier to navigate in congested city streets compared to their full-size counterparts. Additionally, advancements in mid-size truck design and technology have led to improved fuel efficiency, comfort, and safety features. Their versatility appeals to outdoor enthusiasts and lifestyle-oriented consumers who require a vehicle that can effortlessly transition from daily commuting to weekend adventures.
Industrial segment is poised to generate notable revenues for the market during 2024 and 2032, due to the essential role of pick-up trucks in various commercial and industrial applications. These trucks are increasingly recognized as versatile workhorses capable of meeting the diverse needs of industries such as construction, agriculture, mining, and utilities. They offer robust payload capacities, making them indispensable for transporting equipment, materials, and tools to job sites. Additionally, pickup trucks provide flexibility and accessibility, allowing workers to navigate challenging terrain and access remote locations with ease.
Europe pick-up trucks market share is touted to surge at a rapid pace through 2032, owing to the rising popularity of outdoor recreational activities such as camping and adventure sports. Moreover, stringent regulations aimed at reducing emissions and promoting fuel efficiency are encouraging the development and adoption of more eco-friendly pick-up truck models in the European market. As a result, the combination of utility, versatility, and sustainability and the growing trend towards customization & personalization in the automotive industry are stimulating the regional market expansion.
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Key players involved in the pick-up trucks market are Volkswagen, Ford Motor Company, General Motors, Toyota Motor Corporation, Great Wall Motors, Ram Trucks, Honda, Nissan, Isuzu, and Mitsubishi Motors.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Industry 360-degree synopsis, 2018-2032
Chapter 3 Pick-up Trucks Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier Landscape
3.2.1 Raw material providers
3.2.2 Component providers
3.2.3 Manufactures
3.2.4 Distributotrs
3.2.5 End-user
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Rising demand for transportation and distribution of goods
3.8.1.2 Growing technology advancements in pick-up trucks
3.8.1.3 Increasing demand for electric pick-up trucks
3.8.1.4 Rise in adoption of pick-up trucks in industrial sector
3.8.2 Industry pitfalls & challenges
3.8.2.1 High initial purchase price
3.9 Growth potential analysis
3.10 Porter’s analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
