Truck Segment Sees Growth Over Past 10 Years

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Automotive Editor

Based out of the Washington, D.C. area, Joel Patel is an automotive journalist that hails from Northern Virginia. His work has been featured on various automotive outlets, including Autoweek, Digital Trends, and Autoblog. When not writing about cars, Joel enjoys trying new foods, wrenching on his car, and watching horror movies. 

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, Automotive Editor - March 2, 2020

Pickups have changed drastically over the past few years. In a short amount of time, pickup trucks have gone from being bare, affordable work trucks, to high-tech, luxurious vehicles with smaller engines and even electrified powertrains. The changes, according to a new report by Edmunds, have injected some life into the segment. It comes at a great time, as pickup trucks have been falling behind SUVs in the battle for supremacy.

The outlet’s 2020 Truck Report claims that the market share for full-size pickup trucks hit a 14-year high last year, as the body style accounted for 14.5% of the new vehicle market in 2019. As far as sales are concerned, automakers sold 2.4 million full-size pickups last year. That represents a dramatic increase of 123% from 10 years ago. Automakers can thank low gas prices, a strong economy, and the move to offer more luxurious options as the reasons as to why pickups have increased in popularity again.

Full-size pickups may be popular again, but consumers have been paying more than ever for the vehicles. With consumers opting for higher trim levels, physically larger trucks, and more features, Edmunds’ data reveals that the average transaction price for trucks in 2019 was $49,888. That figure is $12,500 more than the industry average of $37,310 and $14,901 more than the average transaction price for a pickup in 2009.

Chevrolet Silverado 1500

This is important because it reveals where pickup trucks are going in the future – more upscale, more expensive, and more capable. It also shows that all of the changes that automakers made to full-size trucks drew more consumers in.

Out of the major players in the segment, which include GMC, Ram, Ford, Chevrolet, Nissan, and Toyota, Edmunds notes that there’s fierce competition between the Chevrolet Silverado 1500 and the Ram 1500. Ram’s full-size pickup recently overtook Chevy’s option as the second best-selling pickup on the market. 2019 marks the first time this has ever happened and the outlet’s data points to a few reasons as to why it happened.

One of the main reasons is due to Ram’s broad range of configurations. Despite having a new 1500 model, Ram continues to sell the Ram 1500 Classic, which not only increases the wide range of price points consumers have to choose from, but it also widens the consumer base. Ram offers a dizzying 46 configurations for just the 1500 Classic and its price difference of roughly $10,000 from the new Ram 1500.

Ram isn’t the only automaker to offer a previous-gen pickup truck alongside a brand-new one. Chevrolet does the same thing with the Silverado 1500 LD. But unlike Ram, Chevy’s transaction price between the new model and the old one only differs by $4,000 during the time Edmunds retrieved its data.

Looking forward, Edmunds believes that the rise of electric pickup trucks will only increase the competition in the segment. With consumers yearning for pickup trucks, Edmunds doesn’t see the increase in electrified options as a negative thing. The only question that it thinks will need to be addressed down the road is whether there’s enough space for traditional brands and new, electrified ones to compete in one segment.

If the economy continues to do well and gas remains cheap, we can expect to see pickup trucks continue to do this well in the future.

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, Automotive Editor

Based out of the Washington, D.C. area, Joel Patel is an automotive journalist that hails from Northern Virginia. His work has been featured on various automotive outlets, including Autoweek, Digital Trends, and Autoblog. When not writing about cars, Joel enjoys trying new foods, wrenching on his car, and watching horror movies. 

Follow On: Twitter

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