@Technavio #marketresearch analysts forecast the #pickuptruck market in the US to grow at a CAGR of above 4% during the period 2018-2022, according to their latest report.
This market research report segments the pickup truck market in the US into the following products, including full-size pickup truck and small-size and mid-size pickup truck. The report includes detailed information about the key drivers, trends, and challenges that are expected to impact market growth.
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In this report, Technavio analysts highlight the increased utility of pickup trucks as a key factor contributing to the growth of the pickup truck market in the US:
Increased utility of pickup trucks
Pickup trucks offer a higher value proposition due to which it is being preferred over sedans and hatchbacks. Pickup trucks are suitable for both commercial and non-commercial purposes due to their increased trunk capacity and towing capability. Unlike an SUV, a crossover, a hatchback, or a sedan, these vehicles can transport greater cargo loads, as well as carry a 5-member family. Pickup trucks in the US are offered with various trims for seating more passengers without reducing the cargo carrying capacity. For example, the extended cab trim offered by manufacturers for pickup trucks focus on offering additional passenger seats without reducing cargo bed space.
According to a senior analyst at Technavio for automotive manufacturing, “Vehicle manufacturers are capitalizing on the increasing demand for pickup trucks in the US and implementing various refinements to increase their fuel efficiency. They are also furnishing pickup trucks with plush interiors to provide a premium feel to passengers. This also proves to be one of the reasons for the growing preference of pickup trucks by families looking for a comfortable or a daily commute family car in the US.”
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Pickup truck market in the US – segmentation analysis
Of the two major products, the full-size pickup truck segment held the largest market share in 2017, accounting for nearly 84% of the market. The market share for this application is expected to increase by 2022.