Compact Pick Up Trucks Market
Compact Pick-Up Trucks Market Forecasts to 2030 - Global Analysis By Type (Midsize Pickup Trucks and Full-Size Pickup Trucks), Fuel Type, Application and By Geography
According to Stratistics MRC, the Global Compact Pick-Up Trucks Market is accounted for $34.14 billion in 2024 and is expected to reach $56.47 billion by 2030 growing at a CAGR of 8.4% during the forecast period. Compact pickup trucks are smaller-sized vehicles designed for versatility and efficiency. They typically feature a smaller footprint compared to full-size pickups, making them easier to maneuver in urban environments and park in tight spaces. These trucks often prioritize fuel efficiency and affordability, appealing to consumers who prioritize practicality and value. With their combination of utility and compactness, they cater to drivers seeking a balance between capability and convenience.
According to the U.S. Bureau of Economic Analysis (BEA), in 2022, the U.S. outdoor recreation industry contributed USD 563.7 billion, or 2.2%, to the country's GDP.
Market Dynamics:
Driver:
Growing emphasis on environmental sustainability
Compact pickups tend to be more fuel-efficient compared to their larger counterparts, making them a greener choice for consumers concerned about carbon emissions and fuel consumption. Additionally, compact pickups often offer hybrid or electric variants, catering to the increasing demand for eco-friendly vehicles. As environmental consciousness becomes more prevalent, the appeal of compact pickups as eco-conscious transportation solutions continues to grow, driving market expansion.
Restraint:
Limited towing and payload capacity
Limited towing and payload capacity in compact pickup trucks stem from their smaller size and lighter construction. To maintain maneuvrability and fuel efficiency, manufacturers often sacrifice some towing and payload capabilities compared to full-size trucks. This limitation hampers the market by restricting the types of tasks these trucks can effectively perform, reducing their appeal to consumers who require higher towing or payload capacities for work or recreation.
Opportunity:
Rising fuel prices
Rising fuel prices incentivize consumers to seek more fuel-efficient options. These vehicles typically offer smaller engines and lighter weight, resulting in improved fuel economy compared to full-size trucks. As consumers prioritize cost-effective transportation solutions, compact pickups become increasingly attractive due to their lower fuel consumption and operating costs. Additionally, their versatility and practicality make them appealing for both urban and rural use, further bolstering their demand in the market amidst concerns about rising fuel expenses.
Threat:
Competition from SUVs and crossovers
SUVs and crossovers offer similar versatility and cargo space while providing additional passenger comfort and amenities. They often appeal to consumers seeking a balance between utility and family-friendly features, drawing attention away from compact pickups. Moreover, SUVs and crossovers often have better on-road manners and fuel efficiency, further eroding the appeal of compact trucks. As a result, compact truck manufacturers face pressure to innovate and differentiate their offerings to maintain market relevance.
Covid-19 Impact
The covid-19 pandemic initially disrupted the compact pickup truck market, causing production slowdowns and supply chain disruptions. However, as the pandemic progressed, there was a shift in consumer preferences towards smaller, more versatile vehicles like compact pickups, driven by a desire for outdoor activities and increased demand for home deliveries. This led to resurgence in sales for compact pickups, albeit with ongoing challenges related to supply chain constraints and fluctuating demand.
The full-size pickup trucks segment is expected to be the largest during the forecast period
The full-size pickup trucks segment is estimated to have a lucrative growth. Full-size pickup trucks are versatile vehicles designed for heavy-duty tasks and everyday use. They typically feature powerful engines, spacious cabins, and large cargo beds, making them popular among contractors, farmers, and outdoor enthusiasts. Known for their towing and hauling capabilities, these trucks often offer a range of engine options, advanced technology features, and various trim levels to suit different needs and preferences.
The recreational purposes segment is expected to have the highest CAGR during the forecast period
The recreational purposes segment is anticipated to witness the highest CAGR growth during the forecast period. Pickup trucks are increasingly popular for recreational use, serving as versatile vehicles for outdoor enthusiasts. With spacious cabins and robust towing capacities, they're ideal for hauling boats, trailers, and camping gear. Features like four-wheel drive and off-road packages enhance their capability on rugged terrain, making them perfect for exploring remote destinations. Additionally, their large cargo beds provide ample space for bikes, ATVs, and other recreational equipment, catering to a wide range of outdoor activities.
Region with largest share:
The Asia Pacific region presents a dynamic landscape for compact pickup trucks. Rapid urbanization, particularly in emerging economies like China and India, fuels demand for smaller, more maneuverable vehicles suitable for congested city streets. Additionally, the growing popularity of outdoor activities and recreational pursuits in countries like Australia and Japan contributes to the appeal of compact trucks for adventure seekers. With a focus on affordability, fuel efficiency, and versatility, manufacturers in the Asia Pacific region are poised to capitalize on these trends, driving continued growth in the compact pickup truck market.
Region with highest CAGR:
The compact pick-up truck market in North America remains robust, driven by a combination of urban practicality and off-road capability. These trucks, known for their versatility and fuel efficiency, continue to attract consumers seeking a balance between utility and everyday usability. With a focus on technology integration and improved towing capacities, major players like Toyota Tacoma, Ford Ranger, and Chevrolet Colorado dominate the market. Additionally, the growing interest in electric vehicles prompts manufacturers to explore electrification options in this segment, promising a dynamic future for compact pickups in North America.
Key players in the market
Some of the key players profiled in the Compact Pick-Up Trucks Market include Toyota Motor Corporation, Ford Motor Company, General Motors Company, Nissan Motor Corporation, Fiat Chrysler Automobiles, Mitsubishi Motors Corporation, Isuzu Motors Limited, Volkswagen AG, Mahindra & Mahindra Limited, Tata Motors Limited, Groupe PSA, Great Wall Motors, Suzuki Motor Corporation, Mazda Motor Corporation and BYD Limited.
Key Developments:
In April 2024, BYD announced plans to launch its first electric pickup truck by end of 2024, as the Chinese giant steps up competition with global auto firms, from Ford to Tesla. The midsize-to-large pickup truck has been developed for the global market.
In June 2021, Ford unveiled a new compact hybrid pickup truck. The truck’s smaller more approachable size and its base price of $19,995 is geared toward entry-level customers who want that SUV or truck lifestyle as well as the ease of navigating and parking in tight urban centers.
Types Covered:
• Midsize Pickup Trucks
• Full-Size Pickup Trucks
Fuel Types Covered:
• Gasoline/Petrol
• Diesel
• Electric/Hybrid
• Other Fuel Types
Applications Covered:
• Personal Use
• Commercial Use
• Emergency Services
• Recreational Purposes
• Military & Defense
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Compact Pick-Up Trucks Market, By Type
5.1 Introduction
5.2 Midsize Pickup Trucks
5.3 Full-Size Pickup Trucks
6 Global Compact Pick-Up Trucks Market, By Fuel Type
6.1 Introduction
6.2 Gasoline/Petrol
6.3 Diesel
6.4 Electric/Hybrid
6.5 Other Fuel Types
7 Global Compact Pick-Up Trucks Market, By Application
7.1 Introduction
7.2 Personal Use
7.3 Commercial Use
7.4 Emergency Services
7.5 Recreational Purposes
7.6 Military & Defense
7.7 Other Applications
8 Global Compact Pick-Up Trucks Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Toyota Motor Corporation
10.2 Ford Motor Company
10.3 General Motors Company
10.4 Nissan Motor Corporation
10.5 Fiat Chrysler Automobiles
10.6 Mitsubishi Motors Corporation
10.7 Isuzu Motors Limited
10.8 Volkswagen AG
10.9 Mahindra & Mahindra Limited
10.10 Tata Motors Limited
10.11 Groupe PSA
10.12 Great Wall Motors
10.13 Suzuki Motor Corporation
10.14 Mazda Motor Corporation
10.15 BYD Limited
List of Tables
1 Global Compact Pick-Up Trucks Market Outlook, By Region (2022-2030) ($MN)
2 Global Compact Pick-Up Trucks Market Outlook, By Type (2022-2030) ($MN)
3 Global Compact Pick-Up Trucks Market Outlook, By Midsize Pickup Trucks (2022-2030) ($MN)
4 Global Compact Pick-Up Trucks Market Outlook, By Full-Size Pickup Trucks (2022-2030) ($MN)
5 Global Compact Pick-Up Trucks Market Outlook, By Fuel Type (2022-2030) ($MN)
6 Global Compact Pick-Up Trucks Market Outlook, By Gasoline/Petrol (2022-2030) ($MN)
7 Global Compact Pick-Up Trucks Market Outlook, By Diesel (2022-2030) ($MN)
8 Global Compact Pick-Up Trucks Market Outlook, By Electric/Hybrid (2022-2030) ($MN)
9 Global Compact Pick-Up Trucks Market Outlook, By Other Fuel Types (2022-2030) ($MN)
10 Global Compact Pick-Up Trucks Market Outlook, By Application (2022-2030) ($MN)
11 Global Compact Pick-Up Trucks Market Outlook, By Personal Use (2022-2030) ($MN)
12 Global Compact Pick-Up Trucks Market Outlook, By Commercial Use (2022-2030) ($MN)
13 Global Compact Pick-Up Trucks Market Outlook, By Emergency Services (2022-2030) ($MN)
14 Global Compact Pick-Up Trucks Market Outlook, By Recreational Purposes (2022-2030) ($MN)
15 Global Compact Pick-Up Trucks Market Outlook, By Military & Defense (2022-2030) ($MN)
16 Global Compact Pick-Up Trucks Market Outlook, By Other Applications (2022-2030) ($MN)
17 North America Compact Pick-Up Trucks Market Outlook, By Country (2022-2030) ($MN)
18 North America Compact Pick-Up Trucks Market Outlook, By Type (2022-2030) ($MN)
19 North America Compact Pick-Up Trucks Market Outlook, By Midsize Pickup Trucks (2022-2030) ($MN)
20 North America Compact Pick-Up Trucks Market Outlook, By Full-Size Pickup Trucks (2022-2030) ($MN)
21 North America Compact Pick-Up Trucks Market Outlook, By Fuel Type (2022-2030) ($MN)
22 North America Compact Pick-Up Trucks Market Outlook, By Gasoline/Petrol (2022-2030) ($MN)
23 North America Compact Pick-Up Trucks Market Outlook, By Diesel (2022-2030) ($MN)
24 North America Compact Pick-Up Trucks Market Outlook, By Electric/Hybrid (2022-2030) ($MN)
25 North America Compact Pick-Up Trucks Market Outlook, By Other Fuel Types (2022-2030) ($MN)
26 North America Compact Pick-Up Trucks Market Outlook, By Application (2022-2030) ($MN)
27 North America Compact Pick-Up Trucks Market Outlook, By Personal Use (2022-2030) ($MN)
28 North America Compact Pick-Up Trucks Market Outlook, By Commercial Use (2022-2030) ($MN)
29 North America Compact Pick-Up Trucks Market Outlook, By Emergency Services (2022-2030) ($MN)
30 North America Compact Pick-Up Trucks Market Outlook, By Recreational Purposes (2022-2030) ($MN)
31 North America Compact Pick-Up Trucks Market Outlook, By Military & Defense (2022-2030) ($MN)
32 North America Compact Pick-Up Trucks Market Outlook, By Other Applications (2022-2030) ($MN)
33 Europe Compact Pick-Up Trucks Market Outlook, By Country (2022-2030) ($MN)
34 Europe Compact Pick-Up Trucks Market Outlook, By Type (2022-2030) ($MN)
35 Europe Compact Pick-Up Trucks Market Outlook, By Midsize Pickup Trucks (2022-2030) ($MN)
36 Europe Compact Pick-Up Trucks Market Outlook, By Full-Size Pickup Trucks (2022-2030) ($MN)
37 Europe Compact Pick-Up Trucks Market Outlook, By Fuel Type (2022-2030) ($MN)
38 Europe Compact Pick-Up Trucks Market Outlook, By Gasoline/Petrol (2022-2030) ($MN)
39 Europe Compact Pick-Up Trucks Market Outlook, By Diesel (2022-2030) ($MN)
40 Europe Compact Pick-Up Trucks Market Outlook, By Electric/Hybrid (2022-2030) ($MN)
41 Europe Compact Pick-Up Trucks Market Outlook, By Other Fuel Types (2022-2030) ($MN)
42 Europe Compact Pick-Up Trucks Market Outlook, By Application (2022-2030) ($MN)
43 Europe Compact Pick-Up Trucks Market Outlook, By Personal Use (2022-2030) ($MN)
44 Europe Compact Pick-Up Trucks Market Outlook, By Commercial Use (2022-2030) ($MN)
45 Europe Compact Pick-Up Trucks Market Outlook, By Emergency Services (2022-2030) ($MN)
46 Europe Compact Pick-Up Trucks Market Outlook, By Recreational Purposes (2022-2030) ($MN)
47 Europe Compact Pick-Up Trucks Market Outlook, By Military & Defense (2022-2030) ($MN)
48 Europe Compact Pick-Up Trucks Market Outlook, By Other Applications (2022-2030) ($MN)
49 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Country (2022-2030) ($MN)
50 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Type (2022-2030) ($MN)
51 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Midsize Pickup Trucks (2022-2030) ($MN)
52 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Full-Size Pickup Trucks (2022-2030) ($MN)
53 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Fuel Type (2022-2030) ($MN)
54 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Gasoline/Petrol (2022-2030) ($MN)
55 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Diesel (2022-2030) ($MN)
56 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Electric/Hybrid (2022-2030) ($MN)
57 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Other Fuel Types (2022-2030) ($MN)
58 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Application (2022-2030) ($MN)
59 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Personal Use (2022-2030) ($MN)
60 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Commercial Use (2022-2030) ($MN)
61 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Emergency Services (2022-2030) ($MN)
62 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Recreational Purposes (2022-2030) ($MN)
63 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Military & Defense (2022-2030) ($MN)
64 Asia Pacific Compact Pick-Up Trucks Market Outlook, By Other Applications (2022-2030) ($MN)
65 South America Compact Pick-Up Trucks Market Outlook, By Country (2022-2030) ($MN)
66 South America Compact Pick-Up Trucks Market Outlook, By Type (2022-2030) ($MN)
67 South America Compact Pick-Up Trucks Market Outlook, By Midsize Pickup Trucks (2022-2030) ($MN)
68 South America Compact Pick-Up Trucks Market Outlook, By Full-Size Pickup Trucks (2022-2030) ($MN)
69 South America Compact Pick-Up Trucks Market Outlook, By Fuel Type (2022-2030) ($MN)
70 South America Compact Pick-Up Trucks Market Outlook, By Gasoline/Petrol (2022-2030) ($MN)
71 South America Compact Pick-Up Trucks Market Outlook, By Diesel (2022-2030) ($MN)
72 South America Compact Pick-Up Trucks Market Outlook, By Electric/Hybrid (2022-2030) ($MN)
73 South America Compact Pick-Up Trucks Market Outlook, By Other Fuel Types (2022-2030) ($MN)
74 South America Compact Pick-Up Trucks Market Outlook, By Application (2022-2030) ($MN)
75 South America Compact Pick-Up Trucks Market Outlook, By Personal Use (2022-2030) ($MN)
76 South America Compact Pick-Up Trucks Market Outlook, By Commercial Use (2022-2030) ($MN)
77 South America Compact Pick-Up Trucks Market Outlook, By Emergency Services (2022-2030) ($MN)
78 South America Compact Pick-Up Trucks Market Outlook, By Recreational Purposes (2022-2030) ($MN)
79 South America Compact Pick-Up Trucks Market Outlook, By Military & Defense (2022-2030) ($MN)
80 South America Compact Pick-Up Trucks Market Outlook, By Other Applications (2022-2030) ($MN)
81 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Country (2022-2030) ($MN)
82 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Type (2022-2030) ($MN)
83 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Midsize Pickup Trucks (2022-2030) ($MN)
84 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Full-Size Pickup Trucks (2022-2030) ($MN)
85 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Fuel Type (2022-2030) ($MN)
86 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Gasoline/Petrol (2022-2030) ($MN)
87 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Diesel (2022-2030) ($MN)
88 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Electric/Hybrid (2022-2030) ($MN)
89 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Other Fuel Types (2022-2030) ($MN)
90 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Application (2022-2030) ($MN)
91 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Personal Use (2022-2030) ($MN)
92 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Commercial Use (2022-2030) ($MN)
93 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Emergency Services (2022-2030) ($MN)
94 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Recreational Purposes (2022-2030) ($MN)
95 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Military & Defense (2022-2030) ($MN)
96 Middle East & Africa Compact Pick-Up Trucks Market Outlook, By Other Applications (2022-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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