Following SEMA’s recent market research on the changing vehicle landscape, SEMA released a research report dedicated solely to the light truck market. The 99-page study includes in-depth sales information for pickups, SUVs, CUVs and vans, as well as aftermarket parts for these vehicles.
The new Light-Truck Market Snapshot from SEMA Market Research shows that in 2020 more than 90% of U.S. Ford, GM, and Stellantis (formerly FCA) vehicles sold were light trucks. Pickups remain a large part of the specialty automotive aftermarket and accounted for more than 30% of specialty-equipment part sales in 2019.
CUVs have not been fully embraced by specialty-equipment consumers and businesses but remain a big part of the overall light-truck market. They have become the fastest-selling vehicle segment in the United States, and also a very fragmented one with more than 170 CUV models projected to be sold from 2021-2028.
The report helps businesses understand the overall truck market and includes a snapshot of trends for the light-truck, off-road, overland, outdoor recreation, powertrain, and technology segments.
“Light trucks are used for a wide variety of activities and continue to be shaped by trends in vehicle sales, technology, and consumer behavior,” said SEMA Director of Market Research Gavin Knapp. “We anticipate this growth to continue over the next decade as vehicle manufacturers prioritize their light truck models.”
Trends in powertrains and vehicle technology are also shaping the light truck market:
- Engines are getting smaller overall: 52% of pre-1990 light trucks have a 5L or larger engine, compared with 22% of 2010 and newer trucks
- Forced induction is becoming more common, especially on smaller engines. Less than 1% of pre-1990 light trucks have a turbocharger or supercharger but 22% of 2010 and newer trucks come with some sort of forced induction.
- Alternative fuels like hybrid or electric powertrains have been slower to catch on with trucks than with cars, but they are coming - several electric trucks have been announced in recent years, including an all-electric Jeep Wrangler and several electric pickups.
- New vehicle technologies like ADAS are also becoming more common, and may affect how specialty truck parts are designed, produced, and installed.
To learn more about the evolving diversity of the light truck market and find insights that can help your business succeed, download the “SEMA Light-Truck Market Snapshot” for free today at www.sema.org/research.