Pickup Trucks Market - Databook 2025 to 2034

The global pickup trucks market size accounted for USD 225.5 billion in 2024 and is predicted to touch around USD 312 billion by 2034, growing at a CAGR of 3.3% from 2025 to 2034.

Highlights of the Pickup Trucks Market

• North America dominated the global market in 2024.
• APAC is projected to expand rapidly in the market in the coming years.
• By fuel, the diesel segment accounted for a considerable share of the market in 2024.
• By fuel, the electrical segment is expected to grow at the fastest rate in the market during the forecast period of 2025 to 2034.
• By vehicle, the light-duty pickup trucks segment registered its dominance over the global market in 2024.
• By vehicle, the heavy-duty pickup trucks segment will gain a significant share of the market over the studied period of 2025 to 2034.
• By propulsion type, the diesel segment held a dominant presence in the market in 2024.
• By propulsion type, the hybrid and electrical segment is set to experience the fastest rate of market growth from 2025 to 2034.
• By component, the drivetrain, along with the electrical and electronics segment, is predicted to witness significant growth in the market over the forecast period.

Industry Valuation and Growth Rate Projection

The pickup trucks market encircles pickup trucks, a lightweight motor vehicle having a bounded cabin and a cargo bed back. These trucks are largely used for the transportation of goods. The other applications include industrial and leisure time activities, towing, and passenger commuting. The increasing demand for pickup trucks is leading to the development of innovative vehicles.

The Scorpio N-based pickup truck by Mahindra is bound to be unveiled in Australia and South Africa before arriving in the Indian market. The use of substitutes like aluminum makes the trucks more fuel-efficient and increases space. For illustration, Ford Motor's aluminum F-150 pickup truck is lighter in weight, enabling better mileage along with larger towing capacity.

Pickup Trucks Market: Stats and Figures

• Kia Corporation is about to invest $30.6 billion for a few years to create next-generation electric and software-defined vehicles (SDVs) to magnify its pickup truck market presence.
• In 2020, 2.9 million pickup trucks were sold in the U.S., accounting for nearly 20% of the whole automotive market. 
• There are around 10,000 charging outlets in Thailand, making it more sufficient for charging electric pickup trucks.
• In 2024, the exports of pickup trucks stretched to 18,600 units, a yearlong proliferation of 30 percent.

How AI Has Benefitted the Market

• The pickup trucks market, accompanied by AI, can contribute to extensive growth. Autonomous trucks are being created and tested on highways by prominent manufacturers.
• Advanced Driver Assistance Systems (ADAS): This system employs AI to analyze road conditions and lend a hand to drivers for smooth driving.
• Self-directed: To a greater extent, companies are switching to fully automated trucks while reducing dependence on human drivers and increasing fuel efficacy.
• Sensors: AI-powered computer vision and LiDAR sensors allow trucks to “see” their surroundings, detect obstacles, and make real-time adjustments.
• Route optimization systems: These systems aid in getting to know the weather and traffic conditions to optimize route tracking and supply chain enhancement.

Industry Leader Announcements

• Mr. N Chandrasekaran, Chairman at Tata Motors

Highlighting the advances in pickup trucks, Chandrasekaran said, “At the Bharat Mobility Global Expo 2025, we are proud to unveil more than 50 next-generation vehicles, visionary concepts, and intelligent solutions that redefine the future of mobility across segments and applications. Rooted in our legacy of trust, innovation, and responsibility, we will continue to lead the way creating value for customers, driving the automotive industry, and advancing our nation’s progress with purpose and determination.”

Geographical Insights

The global pickup trucks market is experiencing momentous growth, with North America maintaining its position as the dominant region while Europe emerges as the fastest-growing market. The APAC region is poised to grow in the subsequent years.

North America 

North America held the largest market share in 2024. This can mainly be attributed to the ever-increasing consumer and industrial demand for pickup trucks due to their big trunk space and economical nature.

• In the U.S., General Motors demonstrated an approximate rise of 17% in the first 3 months of 2025, driven by high demand in the country for their reasonably priced pickup trucks.

Europe

The pickup trucks market in Europe keeps soaring constantly as it focuses on turning down the carbon footprint on a large scale. Large pickup trucks have been growing in popularity in Europe since 2018.

Battery electric trucks are considered to be the best sustainable alternative to fuel-powered pickup trucks. Thus, in 2024, the target for lessening CO2 emissions was agreed to be raised by the European Union to a 45% decline by 2030.

APAC

APAC is expected to escalate appreciably in the forecast period. Increasing trade and industrial activities in the region have prompted the use of pickup trucks as one of the staples in the transportation and logistics industries.

• In 2024, Kia Corporation, which is South Korea’s second-largest automaker, introduced Tasman- its first pickup truck, which is anticipated to grow to $333.3 billion.

Recent Developments:

• In March 2025, Ford Trucks and IVECO publicized the authorization of a requisite Joint Development Agreement (JDA) for building a new cabin for heavy-duty trucks.
• In January 2025, Cummins Inc. disclosed together with their partners at RAM that the 6.7-liter Turbo Diesel Pickup engine system, their most cutting-edge diesel pickup engine until now, will be provided to the RAM company.

Competitive Landscape 

The pickup trucks market is highly competitive, with leading automotive companies such as Toyota Motor Corp., General Motors Company, Nissan Motor Co. Ltd., Ford Motor Company, Hyundai Motor Company, and Suzuki Motor Corp. holding a large chunk of the market share. Emerging firms also play a decisive role by initiating groundbreaking technologies and challenging existing production examples, fostering a vigorous and springing competitive landscape.

The market is dominated by quite a lot of automotive companies renowned for their significant contributions to cancer research and treatment. Based on current data, the topmost three companies in the lead are:

• Company Name: Toyota Motor Corporation
• Year of Incorporation: 1937
• Headquarters: Aichi, Japan

The gross profit of Toyota Motor Corporation jumped from $6,313,016,000 in 2023 to $9,368,318,000 in 2024.

• Company Name: Nissan Motor Co., Ltd.
• Year of Incorporation: 1933
• Headquarters: Yokohama, Japan

Nissan Motor Co. Ltd. garnered a gross profit of $2,066,914,000 in 2024.

• Company Name: General Motors Company
• Year of Incorporation: 1908 
• Headquarters: Detroit, United States

The annual revenue of General Motors Company was $187,442,000 in 2024.