Global heavy-duty pickup truck market to post a CAGR of 6% during 2018-22
The emergence of hybrid/all-electric pickup trucks is one of the key trends to drive the global heavy-duty pickup truck market
The global heavy-duty pickup truck market is estimated to grow at a CAGR of 6% during 2018-2022, driven by industrialisation and urbanisation, according to market research company Technavio.
The increase in construction, mining, and shipping activities has led to an increase in demand for heavy-duty pickup trucks. In 2017, the global heavy-duty pickup truck market was dominated by the Americas with a revenue share of more than 85%, followed by the APAC and EMEA regions. 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, the study reveals.
The emergence of hybrid/all-electric pickup trucks is one of the key trends to drive the global heavy-duty pickup truck market. 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.