The compact pickup truck segment is experiencing a resurgence in America, driven by the success of models like the Hyundai Santa Cruz and Ford Maverick. Since their reintroduction in 2021, these vehicles have sold nearly 450,000 units, with 2024 being their best sales year, featuring over 130,000 Mavericks and 32,000 Santa Cruzes sold.
These trucks are succeeding because they cater to a previously unmet need in the market. According to Sam Abuelsamid, director of market research at Telemetry Insight, “People like the idea of having a pickup, and these vehicles can actually do the truck stuff that most people want… without the negatives of a big truck.” The negatives of full-size trucks include their enormous size, difficulty in driving and parking, high fuel consumption, and significant tire particle emissions.
History of Compact Trucks
The concept of compact pickup trucks isn’t new. Asian automakers like Nissan and Toyota introduced small pickups in the US market in the 1950s. “Toyota compact trucks helped define low-priced, convenient-sized, highly capable trucks that had excellent reliability and longevity,” says Marcus Umlauff, general manager of Toyota’s truck strategy. Domestic manufacturers responded by partnering with Asian companies to badge-engineer small pickups for the US market.
Modern Compact Trucks
Hyundai’s entry into the compact truck market with the Santa Cruz avoids the historical pitfalls. “We don’t really have any heritage in terms of open-bed vehicles in the US market,” says John Sohn, Hyundai’s senior group manager of product planning. “But Hyundai is known for trying something different.” The Santa Cruz has created unique sales opportunities, with 75% of its buyers being new to the Hyundai brand, and almost 25% trading in a non-Hyundai full-size or mid-size pickup.
Market Impact and Future Developments
The success of compact pickups has caught the attention of other manufacturers. Toyota is reportedly looking to enter the space with a sub-Tacoma model using their TNGA-C unibody platform. Chevrolet is also expected to launch a new compact truck in the low to mid $30,000 MSRP range. Other potential entrants include Mazda, VW’s Scout brand, and potentially models from Central or South American markets like the Ram Rampage and Chevy Montana.
Electrification of Compact Trucks
The shift towards electrification could benefit the compact truck category. The Ford Maverick already offers a popular hybrid option. A new entrant, the Slate Truck, is a compact electric truck that is set to start at under $20,000 after federal incentives. According to Abuelsamid, “Electrification, even full EV, makes more sense for compact trucks because customers buying those are not expecting to be able to tow big trailers for long distances like they would in a full-size truck.”
