With the rise in demand for compact transportation vehicles around the world, the sales of pickup truck engines have escalated. A pickup truck is a light truck with a separate cab and open cargo area. Moreover, the pickup truck is widely used for passenger transportation, hauling, towing, and carrying utilities. Besides, internal combustion engines are widely preferred in the pickup truck category. Pickup trucks are more advantageous than a typical car as it provides the additional utility space for carrying loads without sacrificing passenger space. Further, the pickup truck, although carries lesser loads than a conventional truck, is gaining importance due to its compactness and ease while driving in urban areas.
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COVID-19 scenario analysis:
- The eruption of novel coronavirus pandemic has decelerated the production of the automotive sector and the pickup truck engine market has been no exception.
- Besides, the lockdown and containment measures, the production has stopped, further creating a problem in revenue generation.
- The pickup truck engine manufacturers are facing the issue of revenue generation due to disrupted global supply chain.
- Additionally, the pickup truck engine industry is facing shortage of inventories.
- However, business owners who need newer trucks for running their organization are anticipated to fuel the market.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
With increase in distribution centers around the world, the load-carrying requirement has reduced; thereby, increasing the popularity of pickup trucks over conventional high-load capacity trucks. Additionally, rapid industrialization is fueling the growth of the pickup truck engine market. Moreover, the expansion of internet retailing is propelling market growth. However, stringent emission norms and high cost associated with pickup truck is hampering the market growth. Further, the expansion of production capacity of industries is proliferating the market growth.
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The Pickup Truck Engine market trends are as follows:
Electric and hybrid pickup truck to hamper the market
The concern for increasing vehicle emission is hampering the market of pickup truck engines. Besides, rising government initiative and stringent emission standards are fueling the market for alternative fuel pickup trucks. Due to the conditions favoring alternative fuels, the automakers are increasing the production capacities for its manufacturing. For instance, in 2019, Tesla company announced its Cybertruck with a towing capacity of 14,000 pounds. Besides, in 2020, Nikola Motors unveiled a hybrid fuel-cell concept with around 600-mile range.
Increased collaboration to foster market growth
The increasing demand from consumers is raising the demand as well as challenges for the automotive industry. Moreover, to fulfill consumer demands, the collaborations have increased in recent years. Besides, with the rise in collaboration, the advancement in mobility services is catalyzing. In 2019, Ford and Volkswagen combined forces in a global alliance for the manufacturing of pickup trucks together. The medium-sized pickup truck will be built for both companies as early as 2022.
Key benefits of the report:
- This study presents the analytical depiction of the pickup truck engine market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed pickup truck engine market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions answered in the pickup truck engine market research report:
- What are the leading market players active in the Pickup Truck Engine market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Pickup Truck Engine Market Report Highlights
| Aspects | Details |
|---|---|
| By Type | Full-size pickup truckSmall-size & mid-size pickup truck |
| By Propulsion | PetrolDieselOther |
| By Cab style | Extended cab and crew cabRegular cab |
| By Region | North America (US, Canada)Europe (Germany, UK, France, rest of Europe)Asia-Pacific (China, Japan, India, rest of Asia-Pacific)Latin America (Brazil, Mexico, rest of LATAM)The Middle East Africa |
| Key Market Players | Isuzu Motors Ltd., Mahindra & Mahindra Ltd., Ford Motor Company, Mercedes Benz, Mitsubishi Motors Corporation, Honda Motor Company Ltd., Tata Motors., Cummins Inc., General Motor Company, Volkswagen AG |
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