COVID-19 Sparks Shortage in Inventory and Hampers Market Growth
A potential pickup truck shortage is an issue that is joining the list of ramifications caused by the COVID-19 (coronavirus) outbreak. As stated by popular news outlets, Charlie Gilchrist, the president of Gilchrist Automotive, reported that his company is experiencing a crunch in demand, since auto manufacturing has come to a standstill amidst the COVID-19 lockdown.
A significant drop in financing deals are also negatively impacting the pickup truck market. Automotive manufacturers in the pickup truck market are also experiencing a shortage in inventory. Thus, high-end and heavier versions of trucks are under scrutiny for reported shortage in inventory. Hence, manufacturers are relying on the hopes that the novel virus subsides soon, which will help to resume manufacturing plants and revive market growth.
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Improvisations in Tailgates of Pickup Trucks Grab Attention of Premium Customers
Automotive giants are making big-budget investments for the marketing of pickup trucks. Likewise, companies are reinventing the tailgate in trucks to suit the convenience of owners. For instance, the General Motors Company— a global leader in development and services of automobile and automotive parts, conducted a marketing campaign called the this-ain’t-your-father’s-tailgate movement with their MultiPro Tailgate, which is an origami wonder that can be deployed in six different ways.
Companies in the pickup truck market are increasing their research spending to introduce waterproof speakers in trucks that meet requirements of premium customers who own pickups to achieve an important social status among their social circle. Investments in the marketing of pickup trucks is compared to that of the GDP of a small nation. This is evident since the pickup truck market is projected to reach the ~US$ 950 Bn by the end of 2030.
Customer-centric Features Such as Lockable Storage Units Creating Revenue Streams
Companies in the pickup truck market are shifting their focus from meeting the comfort of owners to adopting a more problem-solving approach. Key market players are tapping into opportunities to meet the needs of adventurers. For instance, Ram Trucks— a leading U.S. brand of light- to mid-weight commercial vehicles introduced RamBoxes, a pair of lockable storage units accessible from the curbside and spacious enough to store a rifle or a collapsed fishing pole. Thus, manufacturers in the pickup truck market are keeping a close tab on the types of activities pursued by its target customers to strategically market their pickup offerings.
Towing cameras are another important innovation in pickup trucks. Conventional pickup trucks are devoid of these cameras, thus creating hesitation among owners in cases when their trucks are towed. Thus, trailer-mounted cameras help owners to keep an eye on what is astern of the vehicle.
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FAQs Help Address Ambiguity over Regulations and Boosts Sales
Stringent regulations for recreational and commercial pickup trucks are some of the restraining factors that are slowing the sales of vehicles, thus impacting the expansion of the pickup truck market. This market in North America is expected to generate the highest revenue. However, new rules for personal-use pickup trucks and trailers in Ontario such as prohibition on carrying commercial tools or cargo have led to a resistance in the adoption of pickup trucks. Hence, automobile manufacturers should address frequently asked questions (FAQs) of customers to boost sales of trucks.
Backup assists are being highly preferred by truck owners. Manufacturers are increasing their R&D in programming to assist the driver in challenging situations. For instance, leading U.S. multinational automaker Ford is increasing awareness about its Pro Trailer Backup Assist that uses math to fit a large camper into a tight space.
Pickup Truck Market: Overview
- The global pickup truck market is expected to expand at a CAGR of ~2% between 2020 and 2030
- Decline in demand for vehicles across the globe due to the coronavirus pandemic has led to a decline in the sales of pickup trucks in the 2nd quarter of 2020
- Pickup trucks are highly popular in North America and Europe due to the ability to be utilized for multiple applications such as hauling carriages and transportation of goods
