It is frequently the case that panics about new products taking over are overblown. The existence of the TV didn’t kill the radio, but when it comes to the rise of SUVs, there’s new evidence suggesting that they really are taking over everything. Even sales of pickup trucks, America’s darling, are starting to be affected by sport utility vehicles.
Research conducted by S&P Global suggests that the light-duty full-size and half-ton pickups segment has shrunk to its smallest level since the third quarter of 2012. That follows two years of declining sales since Q2 2020.
At their peak, pickups controlled 12.2 percent of the overall American market. In Q3 of 2022, that portion shrank to 7.8 percent, and in Q4 numbers fell further to 7.5 percent. That’s the smallest proportion of the market belonging to pickup trucks since 2012, when they made up 7.4 percent of all vehicle sales.
More: These Are America’s Best Selling Cars And Trucks Of 2022
While there are external factors contributing to pickup truck’s recent decline – they were affected by supply chain issues, though other segments were, too – it is noteworthy that buyers didn’t move up to three-quarter-ton or one-ton trucks.
Instead, households that had previously owned quarter-ton pickups moved to sport utility vehicles. Brand loyalty was down for all three of Detroit’s big automakers, namely Ford, Chevrolet and Ram. The drop was the most pronounced for Ram, though, with loyalty among Ram 1500 owners falling by nine percent, as compared to 2021.
While the rates of owners shifting to sedans increased across the board, it was SUVs that conquered the greatest number of pickup buyers. Overall, though, about half of owners who own a pickup stay loyal to the segment for their next purchase.
Similarly, in terms of overall sales, pickups still dominate. Although Ford, Chevrolet, and Ram’s pickup volumes all fell in 2022, they were still the three best-selling vehicles in America, with Ford’s F-Series taking the number one spot.
