Even before COVID-19, the global pick-up market was showing signs of struggle. Sales peaked in 2018 at 4.3 million and have been broadly stagnating ever since, according to Statista. The online data platform projects that 3.6 million pick-ups will be sold worldwide in 2023.
Nonetheless, a September 2023 report from Fortune Business Insights (FBI) forecasts that the global pick-up market’s value will grow 51% through 2030 to US$299.98bn, a CAGR of 5.3%. The US is driving the majority (62.5%) of this growth, followed by countries in Asia-Pacific such as Thailand, China, and Japan.
The European market, notes FBI, maintains a far greater preference for SUVs instead, the global market for which proved comparatively more resilient during the pandemic and could grow up to 600% by 2030. But could new marketing strategies and the global push for electrification help revitalise pick-up manufacturers’ fortunes in the region?
