Heavy Duty Pick Up Trucks Market
PUBLISHED: 2024 ID: SMRC26697
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Heavy Duty Pick Up Trucks Market

Heavy-duty Pick-up Trucks Market Forecasts to 2030 - Global Analysis By Cab (Crew Cab, Extended Cab and Regular Cab), Fuel (Diesel and Gasoline), Application (Agriculture, Construction Industry, Off-Road Recreation and Other Applications) and By Geography

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4.1 (26 reviews)
Published: 2024 ID: SMRC26697

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Heavy-duty Pick-up Trucks Market is accounted for $44.7 billion in 2024 and is expected to reach $71.7 billion by 2030 growing at a CAGR of 8.2% during the forecast period. Heavy-duty pickup trucks are robust vehicles designed for demanding tasks such as towing, hauling, and traversing rugged terrain. These trucks typically feature powerful engines, sturdy frames, and reinforced suspensions to handle heavy loads with ease. Equipped with advanced towing capabilities, heavy-duty pickups can haul trailers, boats, and equipment weighing several tons. 

According to the American Trucking Association, approximately 71% of the freight tonnage carried in the United States is transported by trucks.

Market Dynamics: 

Driver: 

Growing interest in off-road capabilities

As outdoor recreational activities gain popularity, consumers are seeking vehicles capable of traversing rugged terrains with ease. Heavy-duty pick-up trucks, renowned for their robust construction and powerful engines, are increasingly appealing to adventure enthusiasts and off-road aficionados. Manufacturers are responding to this trend by equipping their trucks with advanced off-road features such as enhanced suspension systems, all-terrain tires, and skid plates, allowing for seamless navigation through challenging landscapes.

Restraint:

Fluctuations in fuel prices

Fluctuations in fuel prices present a significant challenge to the heavy-duty pick-up trucks market. These vehicles, known for their robustness and towing capacity, often rely on fuel-intensive engines, making them particularly vulnerable to shifts in fuel costs. When prices rise, consumers may hesitate to invest in these trucks due to concerns about ongoing fuel expenses. This hesitation can dampen demand and slow market growth. However, businesses that rely on heavy-duty trucks for operations, such as construction companies or agriculture, may face increased operational costs, affecting their ability to invest in new vehicles or expand their fleets.

Opportunity:

Advancements in automotive technology

Key innovations such as advanced driver-assistance systems (ADAS), including adaptive cruise control, lane-keeping assistance, and collision avoidance, are making these trucks safer to operate, reducing the risk of accidents and increasing driver confidence. Improvements in engine technology, such as turbocharging and direct fuel injection, are boosting power and fuel efficiency, enabling heavy-duty trucks to tow heavier loads while consuming less fuel. Additionally, integration of telematics systems allows for remote monitoring of vehicle health and performance, enhancing fleet management capabilities.

Threat:

Trade and tariff uncertainties

Trade and tariff uncertainties have a significant impact on the heavy-duty pickup trucks market by introducing unpredictability into supply chains and pricing structures. These uncertainties often lead to fluctuating costs for raw materials and components, disrupting manufacturing processes and increasing production expenses. trade tensions can result in retaliatory tariffs from other countries, further complicating international sales and distribution networks for heavy-duty pickup trucks. Manufacturers may find it challenging to make long-term strategic decisions and investments amidst such volatility, hampering their ability to innovate and remain competitive.

Covid-19 Impact: 

The Covid-19 pandemic significantly impacted the heavy-duty pick-up trucks market. Initially, as global economies experienced lockdowns and restrictions, consumer demand for these vehicles plummeted due to economic uncertainty and reduced construction and industrial activities. Many potential buyers postponed purchases due to financial concerns or shifting priorities. However, supply chain disruptions disrupted manufacturing processes, leading to production delays and shortages of essential components, further exacerbating the situation.

The Crew Cab segment is expected to be the largest during the forecast period

Crew Cab segment is expected to be the largest during the forecast period. Traditionally favored for their robust towing and payload capabilities, heavy-duty trucks were often limited in their versatility due to their predominantly utilitarian designs. The introduction of Crew Cab models, which offer spacious seating for passengers alongside the truck bed, has transformed these vehicles into multi-functional assets. This enhancement has attracted a wider demographic of consumers, including families and professionals needing both towing power and passenger comfort.

The Diesel segment is expected to have the highest CAGR during the forecast period

Diesel segment is expected to have the highest CAGR during the forecast period. Diesel engines offer superior torque and towing capabilities compared to gasoline engines, making them ideal for heavy-duty applications such as towing trailers and hauling heavy loads. Diesel engines are known for their fuel efficiency, providing better mileage and lower operating costs over long distances. This efficiency is particularly valuable for commercial users and individuals who require their trucks for frequent and heavy-duty tasks. 

Region with largest share:

Asia Pacific region commanded the dominant share over the extrapolated period. As online shopping becomes increasingly prevalent, there is a surge in demand for efficient logistics solutions to facilitate swift and reliable product delivery. Heavy-duty pick-up trucks are emerging as the backbone of last-mile delivery operations due to their robustness, cargo capacity, and versatility. This demand is further fueled by the need for vehicles capable of navigating diverse terrains and accommodating varying payload sizes. Additionally, the integration of advanced technology in these trucks, such as GPS tracking and telematics systems, enhances operational efficiency and ensures timely deliveries.

Region with highest CAGR:

Europe region is poised to hold profitable growth during the projection period. Stringent emissions standards, coupled with increasing environmental concerns, have pushed companies to invest in research and development for cleaner technologies across the region. These regulations incentivize the adoption of alternative fuel options, such as electric or hybrid powertrains, encouraging innovation in the Europe region. Moreover, safety standards in the region imposed by regulatory bodies compel manufacturers to equip their vehicles with advanced safety features, ensuring higher levels of protection for occupants and pedestrians alike.

Key players in the market

Some of the key players in Heavy-duty Pick-up Trucks market include Ashok Leyland, Changan Automobile, Dongfeng Motor Corporation, FAW Group, Fiat Toro, Ford Motor Company, General Motors, Great Wall Motors, Honda, Hyundai, Mahindra & Mahindra, Mercedes-Benz Group, Mitsubishi Motors, Renault, Toyota Motor Corporation and Volkswagen.

Key Developments:

In April 2024, Volvo Group announced plans to build a new heavy-duty pick-up truck manufacturing plant in Mexico to supplement the Group's U.S. operations. This strategic move is part of Volvo's commitment to expanding its manufacturing footprint and enhancing its product portfolio to meet evolving market needs.

In January 2024, Chevrolet launched the RHD 2024 Chevy Silverado HD in Australia, offering enhanced technology, a new look, and increased diesel power. It includes a 6.6-liter turbo-diesel V8, uprated to produce 350kW and 1,322Nm, paired with a 10-speed automatic transmission and four-wheel drive. New cabin technology includes a bigger 13.4-inch free-standing infotainment touchscreen and a 12.3-inch digital instrument cluster.

Cabs Covered:
• Crew Cab
• Extended Cab
• Regular Cab 

Fuels Covered:
• Diesel
• Gasoline

Applications Covered:
• Agriculture
• Construction Industry
• Off-Road Recreation
• 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
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 Heavy-duty Pick-up Trucks Market, By Cab    
 5.1 Introduction   
 5.2 Crew Cab   
 5.3 Extended Cab   
 5.4 Regular Cab   
     
6 Global Heavy-duty Pick-up Trucks Market, By Fuel    
 6.1 Introduction   
 6.2 Diesel   
 6.3 Gasoline   
     
7 Global Heavy-duty Pick-up Trucks Market, By Application    
 7.1 Introduction   
 7.2 Agriculture   
 7.3 Construction Industry   
 7.4 Off-Road Recreation   
 7.5 Other Applications   
     
8 Global Heavy-duty 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 Ashok Leyland 
10.2 Changan Automobile 
10.3 Dongfeng Motor Corporation 
10.4 FAW Group 
10.5 Fiat Toro 
10.6 Ford Motor Company 
10.7 General Motors 
10.8 Great Wall Motors 
10.9 Honda 
10.10 Hyundai 
10.11 Mahindra & Mahindra 
10.12 Mercedes-Benz Group 
10.13 Mitsubishi Motors 
10.14 Renault 
10.15 Toyota Motor Corporation 
10.16 Volkswagen 
     
List of Tables     
1 Global Heavy-duty Pick-up Trucks Market Outlook, By Region (2022-2030) ($MN)    
2 Global Heavy-duty Pick-up Trucks Market Outlook, By Cab (2022-2030) ($MN)    
3 Global Heavy-duty Pick-up Trucks Market Outlook, By Crew Cab (2022-2030) ($MN)    
4 Global Heavy-duty Pick-up Trucks Market Outlook, By Extended Cab (2022-2030) ($MN)    
5 Global Heavy-duty Pick-up Trucks Market Outlook, By Regular Cab (2022-2030) ($MN)    
6 Global Heavy-duty Pick-up Trucks Market Outlook, By Fuel (2022-2030) ($MN)    
7 Global Heavy-duty Pick-up Trucks Market Outlook, By Diesel (2022-2030) ($MN)    
8 Global Heavy-duty Pick-up Trucks Market Outlook, By Gasoline (2022-2030) ($MN)    
9 Global Heavy-duty Pick-up Trucks Market Outlook, By Application (2022-2030) ($MN)    
10 Global Heavy-duty Pick-up Trucks Market Outlook, By Agriculture (2022-2030) ($MN)    
11 Global Heavy-duty Pick-up Trucks Market Outlook, By Construction Industry (2022-2030) ($MN)    
12 Global Heavy-duty Pick-up Trucks Market Outlook, By Off-Road Recreation (2022-2030) ($MN)    
13 Global Heavy-duty Pick-up Trucks Market Outlook, By Other Applications (2022-2030) ($MN)    
14 North America Heavy-duty Pick-up Trucks Market Outlook, By Country (2022-2030) ($MN)    
15 North America Heavy-duty Pick-up Trucks Market Outlook, By Cab (2022-2030) ($MN)    
16 North America Heavy-duty Pick-up Trucks Market Outlook, By Crew Cab (2022-2030) ($MN)    
17 North America Heavy-duty Pick-up Trucks Market Outlook, By Extended Cab (2022-2030) ($MN)    
18 North America Heavy-duty Pick-up Trucks Market Outlook, By Regular Cab (2022-2030) ($MN)    
19 North America Heavy-duty Pick-up Trucks Market Outlook, By Fuel (2022-2030) ($MN)    
20 North America Heavy-duty Pick-up Trucks Market Outlook, By Diesel (2022-2030) ($MN)    
21 North America Heavy-duty Pick-up Trucks Market Outlook, By Gasoline (2022-2030) ($MN)    
22 North America Heavy-duty Pick-up Trucks Market Outlook, By Application (2022-2030) ($MN)    
23 North America Heavy-duty Pick-up Trucks Market Outlook, By Agriculture (2022-2030) ($MN)    
24 North America Heavy-duty Pick-up Trucks Market Outlook, By Construction Industry (2022-2030) ($MN)    
25 North America Heavy-duty Pick-up Trucks Market Outlook, By Off-Road Recreation (2022-2030) ($MN)    
26 North America Heavy-duty Pick-up Trucks Market Outlook, By Other Applications (2022-2030) ($MN)    
27 Europe Heavy-duty Pick-up Trucks Market Outlook, By Country (2022-2030) ($MN)    
28 Europe Heavy-duty Pick-up Trucks Market Outlook, By Cab (2022-2030) ($MN)    
29 Europe Heavy-duty Pick-up Trucks Market Outlook, By Crew Cab (2022-2030) ($MN)    
30 Europe Heavy-duty Pick-up Trucks Market Outlook, By Extended Cab (2022-2030) ($MN)    
31 Europe Heavy-duty Pick-up Trucks Market Outlook, By Regular Cab (2022-2030) ($MN)    
32 Europe Heavy-duty Pick-up Trucks Market Outlook, By Fuel (2022-2030) ($MN)    
33 Europe Heavy-duty Pick-up Trucks Market Outlook, By Diesel (2022-2030) ($MN)    
34 Europe Heavy-duty Pick-up Trucks Market Outlook, By Gasoline (2022-2030) ($MN)    
35 Europe Heavy-duty Pick-up Trucks Market Outlook, By Application (2022-2030) ($MN)    
36 Europe Heavy-duty Pick-up Trucks Market Outlook, By Agriculture (2022-2030) ($MN)    
37 Europe Heavy-duty Pick-up Trucks Market Outlook, By Construction Industry (2022-2030) ($MN)    
38 Europe Heavy-duty Pick-up Trucks Market Outlook, By Off-Road Recreation (2022-2030) ($MN)    
39 Europe Heavy-duty Pick-up Trucks Market Outlook, By Other Applications (2022-2030) ($MN)    
40 Asia Pacific Heavy-duty Pick-up Trucks Market Outlook, By Country (2022-2030) ($MN)    
41 Asia Pacific Heavy-duty Pick-up Trucks Market Outlook, By Cab (2022-2030) ($MN)    
42 Asia Pacific Heavy-duty Pick-up Trucks Market Outlook, By Crew Cab (2022-2030) ($MN)    
43 Asia Pacific Heavy-duty Pick-up Trucks Market Outlook, By Extended Cab (2022-2030) ($MN)    
44 Asia Pacific Heavy-duty Pick-up Trucks Market Outlook, By Regular Cab (2022-2030) ($MN)    
45 Asia Pacific Heavy-duty Pick-up Trucks Market Outlook, By Fuel (2022-2030) ($MN)    
46 Asia Pacific Heavy-duty Pick-up Trucks Market Outlook, By Diesel (2022-2030) ($MN)    
47 Asia Pacific Heavy-duty Pick-up Trucks Market Outlook, By Gasoline (2022-2030) ($MN)    
48 Asia Pacific Heavy-duty Pick-up Trucks Market Outlook, By Application (2022-2030) ($MN)    
49 Asia Pacific Heavy-duty Pick-up Trucks Market Outlook, By Agriculture (2022-2030) ($MN)    
50 Asia Pacific Heavy-duty Pick-up Trucks Market Outlook, By Construction Industry (2022-2030) ($MN)    
51 Asia Pacific Heavy-duty Pick-up Trucks Market Outlook, By Off-Road Recreation (2022-2030) ($MN)    
52 Asia Pacific Heavy-duty Pick-up Trucks Market Outlook, By Other Applications (2022-2030) ($MN)    
53 South America Heavy-duty Pick-up Trucks Market Outlook, By Country (2022-2030) ($MN)    
54 South America Heavy-duty Pick-up Trucks Market Outlook, By Cab (2022-2030) ($MN)    
55 South America Heavy-duty Pick-up Trucks Market Outlook, By Crew Cab (2022-2030) ($MN)    
56 South America Heavy-duty Pick-up Trucks Market Outlook, By Extended Cab (2022-2030) ($MN)    
57 South America Heavy-duty Pick-up Trucks Market Outlook, By Regular Cab (2022-2030) ($MN)    
58 South America Heavy-duty Pick-up Trucks Market Outlook, By Fuel (2022-2030) ($MN)    
59 South America Heavy-duty Pick-up Trucks Market Outlook, By Diesel (2022-2030) ($MN)    
60 South America Heavy-duty Pick-up Trucks Market Outlook, By Gasoline (2022-2030) ($MN)    
61 South America Heavy-duty Pick-up Trucks Market Outlook, By Application (2022-2030) ($MN)    
62 South America Heavy-duty Pick-up Trucks Market Outlook, By Agriculture (2022-2030) ($MN)    
63 South America Heavy-duty Pick-up Trucks Market Outlook, By Construction Industry (2022-2030) ($MN)    
64 South America Heavy-duty Pick-up Trucks Market Outlook, By Off-Road Recreation (2022-2030) ($MN)    
65 South America Heavy-duty Pick-up Trucks Market Outlook, By Other Applications (2022-2030) ($MN)    
66 Middle East & Africa Heavy-duty Pick-up Trucks Market Outlook, By Country (2022-2030) ($MN)    
67 Middle East & Africa Heavy-duty Pick-up Trucks Market Outlook, By Cab (2022-2030) ($MN)    
68 Middle East & Africa Heavy-duty Pick-up Trucks Market Outlook, By Crew Cab (2022-2030) ($MN)    
69 Middle East & Africa Heavy-duty Pick-up Trucks Market Outlook, By Extended Cab (2022-2030) ($MN)    
70 Middle East & Africa Heavy-duty Pick-up Trucks Market Outlook, By Regular Cab (2022-2030) ($MN)    
71 Middle East & Africa Heavy-duty Pick-up Trucks Market Outlook, By Fuel (2022-2030) ($MN)    
72 Middle East & Africa Heavy-duty Pick-up Trucks Market Outlook, By Diesel (2022-2030) ($MN)    
73 Middle East & Africa Heavy-duty Pick-up Trucks Market Outlook, By Gasoline (2022-2030) ($MN)    
74 Middle East & Africa Heavy-duty Pick-up Trucks Market Outlook, By Application (2022-2030) ($MN)    
75 Middle East & Africa Heavy-duty Pick-up Trucks Market Outlook, By Agriculture (2022-2030) ($MN)    
76 Middle East & Africa Heavy-duty Pick-up Trucks Market Outlook, By Construction Industry (2022-2030) ($MN)    
77 Middle East & Africa Heavy-duty Pick-up Trucks Market Outlook, By Off-Road Recreation (2022-2030) ($MN)    
78 Middle East & Africa Heavy-duty Pick-up Trucks Market Outlook, By Other Applications (2022-2030) ($MN)    

List of Figures

RESEARCH METHODOLOGY


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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