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Market Insights report
Pickup Trucks accounted for 6.4% of the worldwide market revenue in 2022. This is a 0.6% growth compared to market share in 2018. The highest revenue share of Full-size Vans sales in 2022 were generated in India (4.1%) and Saudi Arabia (4.1%). The best-performing make in the Pickup Trucks market in 2022 was Toyota (revenue of US$26.2 billion), followed by Ford (US$ 24.8 billion) and Chevrolet (US$19.8 billion).
What's included?
Pickup Trucks statistics are exclusive to the United States market. There, they are protected by the so-called “chicken tax” which exempts them from strict CO2 emission regulations on one hand and on the other, make them more commercially available for the general public.
The pickup trucks market segment includes mini, mid-size, full-size and heavy-duty pickup trucks which have an enclosed cabin in the front and an open cargo area in the back. Sales of pickups of all uses (e.g. campers, police livery, etc.) are included.
Background:
Pickup trucks are a rare sight in Europe or China, but in the United States, they have a long history and an important place in the Passenger Cars Market. They were originally developed as modifications to the Ford Model T and the Ford Model TT by third-party manufacturers, but shortly after, companies like Dodge and Chevrolet followed. The production in the U.S. boomed after the introduction of the so-called “chicken tax” in 1963 banning the import of foreign pickups into the domestic market. Nevertheless, the real game changer was the introduction of the Corporate Average Fuel Economy policy in 1973. While many models from other classes of large passenger vehicles suffered from strict regulations concerning fuel economy, pickup trucks were subject to less stern emission standards. This led to pickups becoming a new favorite performance vehicle class for Americans, only to be challenged relatively recently by the rise of SUVs.
Example Models: Chevrolet Silverado, Ford F-Series, Honda Ridgeline, Nissan Frontier, Toyota Tacoma, GMC Sierra, RAM pickup.
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