According to the report titled ‘Global Pickup Truck Market Size study with COVID-19 Impact, by Type (Full Size Pickups, Small/Midsize Pickups, Others), by Application (Individual Use, Commercial Use) and Regional Forecasts 2020-2027’, available with Market Study Report, global pickup truck market was valued at USD 7726.6 billion in 2019 and is expected to grow with a CAGR of 1.8% during 2020-2027.
 

Increasing consumption of goods & services worldwide and emerging sales hub are the key factors driving the growth of global pickup truck market. Notably, pickup truck, a hybrid vehicle has open cargo as well as enclosed cab area which is used to transport goods and services. These trucks are owned by small businesses and entrepreneurs as they enable transportation in places where other means of transport are unavailable. Pickup trucks are fuel-efficient, easy to maneuver, and cost-effective.
 

The outbreak of COVID-19 has negatively impacted global pickup truck market outlook due to disruptions in supply and demand chain, with the automotive sector witnessing the worst financial crisis since 2008. Automakers in economies like India, U.S., UK, and China have halted plant operations which has plunged the global production, hence arresting market expansion.
 

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Although, escalating customer demand of fuel-efficient vehicles for outdoor activities like boating and camping, along with preference for pickup trucks over SUVs, is propelling global pickup truck market forecasts. However, limited model options and low gas mileage are likely to act as restraining factors for the industry expansion over the forecast timespan.
 

Based on type, worldwide pickup truck market is divided into small/midsize pickups, full size pickups, and others. Speaking of application spectrum, the industry is bifurcated into commercial use, and individual use.
 

Citing the regional landscape, worldwide pickup truck industry sphere is segmented into North America, Europe, Latin America, Asia Pacific, and Rest of the World. The report claims that Asia Pacific presently dominates the global market and is expected to expand further over the assessment period. The regional growth is attributable to surging product demand, amplifying renting sector, increasing number of startups, and youth inclination towards pickup truck for its performance as well as luxury.
 

Major players influencing global pickup truck market dynamics are Chevrolet, Mahindra & Mahindra Limited, Tata Motors Limited, Honda Motor Company Ltd., Isuzu Motors Ltd., Toyota Motor Corporation, Nissan Motor Co. Ltd., General Motors Company, and Ford Motor Company.