Even earlier than COVID-19, the worldwide pick-up market was displaying indicators of wrestle. Gross sales peaked in 2018 at 4.3 million and have been broadly stagnating ever since, based on Statista. The net information platform tasks that 3.6 million pick-ups shall be offered worldwide in 2023.

Nonetheless, a September 2023 report from Fortune Enterprise Insights (FBI) forecasts that the worldwide pick-up market’s worth will develop 51% by way of 2030 to US$299.98bn, a CAGR of 5.3%. The US is driving the bulk (62.5%) of this development, adopted by nations in Asia-Pacific corresponding to Thailand, China, and Japan.

The European market, notes FBI, maintains a far higher choice for SUVs as an alternative, the worldwide marketplace for which proved comparatively extra resilient through the pandemic and will develop as much as 600% by 2030. However may new advertising methods and the worldwide push for electrification assist revitalise pick-up producers’ fortunes within the area?