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Pickup Truck Market Outlook to 2030: Emerging Trends and Will Generate New Growth Opportunities Status August 6, 2021
By Zaraki Kenpachi -
Pickup Truck Market: Introduction According to the report, the global pickup truck market is projected to reach US$ 950 Bn by 2030, expanding at a CAGR of ~2% during the forecast period, owing to the increase in a몭ordability for vehicles among consumers and transition of people into middle and upper middle-income groups. The global pickup truck market is mature; however, expansion of small- and medium-scale enterprises coupled with high popularity for pickup trucks in developed countries is still boosting the market worldwide. Expansion of Pickup Truck market The expansion of the automotive industry has boosted the pickup trucks market across the globe. Moreover, rising preference among consumers for pickup trucks instead of a passenger vehicle has been a key factor driving the market. Developed countries, which highly promote do-it-yourself services, witness higher penetration of pickup trucks as compared to other vehicles, as pickup trucks are multipurpose vehicles that can be useful for their owners to carry small loads, towing caravans, and other carriages. The expansion of SMEs in last 몭ve years has been a key driver for the pickup truck market in the developing as well as developed countries. The demand for pickup trucks has increased at a noble pace owing to a signi몭cant rise in last mile delivery services in last decade.