The light-duty full-size half-ton pickup segment is one of the
most crucial in the US industry, for several reasons: the three
segment leaders are the highest-volume models from Ford, Chevrolet,
and Ram; the three pickups consistently also are the highest-volume
models in the industry; there is intense sales competition among
these three for bragging rights; and, it is commonly accepted that
these models are highly profitable for their respective
Despite full-size pickups’ important contributions to each brand’s
business case, the share of half-ton retail sales has been
declining for more than two years. As shown below, the segment’s
retail shares in Q3 2022 and October 2022 were 7.8% and 7.5%,
respectively – lower than in any other quarter dating back to Q3
2012. It is noteworthy that the heavy-duty full-size pickup share
(three-quarter/one-ton models) has been relatively steady during
this time period, suggesting volume has not shifted up to this
S&P Global Mobility data show these share declines can be
attributed to increased migration of full-size pickup households to
sport-utility vehicles. As shown below, the share of households
owning each of the three leading half-ton pickups staying loyal to
the pickup body style has declined in the past year, while the
share moving to a utility has increased.
The change in re-purchase patterns for the Ram 1500 is the most
pronounced: the percent of these owners remaining model loyal has
dropped almost 9 percentage points to 42.5% in one year (Ram 1500
model loyalty peaked at 54.7% back in June 2019), while the mix
migrating to a utility has climbed almost 6 points to 41.6%.
These findings align with the ongoing increased movement to SUVs
from all other body styles, a predictable pattern given the
plethora of utility choices available based on size, price, fuel
type, sheet metal, and technologies. Through the first ten months
of 2022, utility registrations accounted for 68% of retail luxury
registrations and 61% of retail registrations industry-wide.
Top 10 Industry Trends Report
This automotive insight is part of our monthly Top 10
Industry Trends Report. The report findings are taken from
new and used registration and loyalty data.
The December report is now available, incorporating November
2022 CFI and LAT data. To download the report, please click
This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.