The increasing industrialization and urbanization is a significant driver that will impact the global heavy-duty pickup truck market growth during the forecast period. Transportation and logistics play a pivotal role in urbanization and industrialization. The commercial vehicle market serves as the base for global infrastructure development. The increase in construction, mining, and shipping activities has led to an increase in demand for heavy-duty pickup trucks.
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In this report, Technavio highlights the emergence of hybrid/all-electric pickup trucks as one of the key trends to drive the global heavy-duty pickup truck market:
Global heavy-duty pickup truck market: Emergence of hybrid/all-electric pickup trucks
The popularity of electric vehicles has grown across the globe owing to the growing demand for use of environment-friendly transportation. Therefore, some OEMs are developing hybrid pickup trucks and all-electric pickup trucks. For instance, the Ford Motor Company has revealed its plans to launch F-150 Hybrid. The company also plans to launch 12 other electric and hybrid models in the market by 2020.
According to a senior analyst at Technavio for automotive manufacturing research, “The global pickup truck industry is witnessing M&A, strategic partnerships, and alliances among automakers to bring in innovations to sustain in the market. For instance, in 2016, the Ford Motor Company and General Motors teamed up to develop new 10-speed automatic transmission, which is likely to be used in their pickup trucks and SUVs.”
Global heavy-duty pickup truck market: Segmentation analysis through 2022
This market research report segments the global heavy-duty pickup truck market by technology (non-electric and electric) and key regions (the Americas, APAC, and EMEA).
In 2017, the global heavy-duty pickup truck market was dominated by the Americas with a revenue share of more than 85%, followed by APAC and EMEA. The market share of the Americas is expected to increase by a further 2% during the forecast period, while the other two regions will see a decline in their market share.
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