The pick-up truck is a vehicle with open space to load or carry cargo. The pick-up truck is a light duty vehicle used to tow or carry cargo, or simply used as a passenger car. Pick-up trucks are employed by small enterprises and business owners to transport goods and for personal use, such as outdoor activities.
The global pick-up truck market is driven by Asia, which is emerging as a global sales hub. Rising consumption in developing countries is boosting the demand for goods transport, thereby driving the demand for pick-up trucks. Operation of heavy duty trucks is restricted in several cities and urban areas to avoid congestion. Consequently, pick-up trucks provide access to such locations and facilitate transport of goods. Rise in income has boosted the indulgence in outdoor activities, and pick-up trucks are being preferred for personal use in outdoor activities, such as camping and boating. Pick-up trucks offer the performance of a truck and the luxury of a car and hence, are preferred by young consumers.
The global pick-up truck market can be segmented based on truck size, ownership, fuel, and region. In terms of truck size, the pick-up truck market can be classified into compact pick-up truck, medium size pick-up truck, and full-size pick-up truck. The compact pick-up truck segment is estimated to gain market share, as these vehicle are more fuel-efficient, cost-effective, and easy to maneuver. Automakers, such as Hyundai, are expected to launch a compact pick-up, Santa Cruz, by 2020. Demand for this compact pick-up truck is likely to rise among consumers who prefer SUVs and can switch to a pick-up truck at same cost as that of a SUV. Full size pick-up trucks are being increasingly preferred globally due to their high payload carrying capacity. These pick-up trucks are utilized to carry passengers in Africa and ASEAN.
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Based on ownership, the pick-up truck market can be divided into purchase and lease. The global pick-truck market is dominated by the purchase segment. Rising awareness about financial products, such as lease, has prompted several SME owners to prefer leased pick-up trucks, in order to avoid the hassle of maintenance and registration and lease being a cost-effective solution. Thus, the lease segment is projected to expand at a significant growth rate during the forecast period.