Pickup trucks have long been a staple of the automotive industry, and the data show this is still the case—even seeing some growth in the third quarter of 2022.
Experian’s Automotive Consumer Trends Report: Q3 2022 took a deeper dive into pickup trucks and found they accounted for 20.4% of new retail vehicle registrations, increasing from 16% in Q3 2021 and surpassing sedans (16.5%) and SUVs (11.4%). The growth in pickup truck popularity is partially due to their functionality and towing capabilities, among other features that smaller vehicles may not offer.
As more consumers continue to be drawn to pickup trucks, it’s important for automotive professionals to not oversimplify by grouping potential shoppers together, but instead, dive into the data to understand the current trends, such as who is buying and the type of truck segments they may be interested in.
Breaking down pickup truck registration trends by generation
When looking at who is in the market for a pickup truck, data shows Gen X made up the largest percentage of buyers in Q3 2022, comprising 34.6%, with Baby Boomers coming in at 28.3%, and Millennials not too far behind at 25.2% this quarter.
Knowing who is making up majority of the pickup truck registrations and the types of trucks they are looking for goes hand-in-hand when automotive professionals are searching for ways to market strategically and ensure they are reaching the right audience.
For instance, in Q3 2022, 43.1% of Gen X buyers opted for a full-size luxury truck, such as the Rivian R1T, while 35.7% preferred a full-size truck, such as the Ford F-150, and 32.9% bought a midsize truck, such as the Toyota Tacoma.
By comparison, 20.4% of Baby Boomers bought a full-size luxury truck in Q3 2022, 27% chose a full-size truck, and 30.7% opted for a midsize truck.
Data shows Millennials preferred a full-size luxury truck over any other type—coming in at 30.6%, while 26% opted for a full-size truck, and 23.3% bought a midsize truck.
As consumer preference continues to shift throughout the automotive industry, analyzing and leveraging data will allow professionals to properly assist consumers when looking for a vehicle that fits their needs, as well as stay up-to-date on the current trends.
To learn more about pickup trucks and other consumer trends, watch the entire Automotive Consumer Trends Report: Q3 2022 webinar.