The U.S. midsize truck market was dominated by Toyota's Tacoma.
The American pickup truck market is largely controlled by domestic brands, including , , and . This allows U.S. brands to maintain a loyal customer base and benefit from a 25% tax on imported trucks.
A foreign automaker can successfully dominate a specific market segment by showcasing the Toyota Tacoma.
The F-150 is the bestselling vehicle in America, and it is part of Ford's top-selling full-size pickup line. GM and Ram pickups come in second, while Ford also has the top-selling compact pickup truck, the Maverick.
While U.S. automakers have fluctuated in their dedication to compact pickups, Toyota has maintained a presence in the segment since the 1970s. In 1995, Toyota launched the Tacoma as a successor to the Toyota Pickup, also known as the Hilux globally. In contrast, Ford Motor discontinued the Ranger after the 2011 model year but resurrected it in 2019. Similarly, GM halted the sale of the Chevrolet Colorado and GMC Canyon in 2012 before reintroducing both models in 2014.
In 2023, Toyota sold over 237,000 Tacomas in the U.S., significantly outperforming all of its midsize competitors. The next best-selling truck was the Chevrolet Colorado, which sold approximately 72,000 units. The GMC Canyon, a higher-end version of the same truck, added about 22,600 units in sales for the U.S. automaker.
Toyota's commitment to catering to Tacoma owners' preferences contributes to the model's enduring popularity and sales. Specifically, 40% of Tacoma owners engage in off-road driving at least once a month, prompting Toyota to provide a range of off-road packages for the truck.
Among the seven midsize models, Tacoma is the only one with a long bed, a two-door version, and a manual transmission. Additionally, Toyota's emphasis on quality, durability, and reliability (QDR) contributed to Tacoma's high residual values.
The number of models in the midsize segment is expected to double over the next few years, reaching a total of approximately 14. Historically, pickups have had a 20% share of the overall vehicle market, which is double the midsize segment's share. This means that the midsize segment will face increased competition for the same customers in the near future.
The Tacoma has remained the top midsize truck in the market, and it is adapting to meet the growing demand.
Business News
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