The pickup truck market in the U.S. is projected to grow at 4.06 percentage CAGR in the next four years. The increasing demand for utility pickup trucks will be giving rise to new entrants. Hyundai is the latest entrant that is eyeing to carve its own niche in the competitive pickup market and to also boost its growth in the U.S. market. Recently, the Korean carmaker received a go-ahead from its senior management to put the five-passenger Hyundai Santa Cruz, its conceptualized pickup truck, into production.
A pickup for urban adventurers
Hyundai Santa Cruz is positioned as a pickup truck for adventurous customers who prefer to have a driving experience of a car while using the utility truck. There is a growing demand for small and tough utility trucks from urban millennials who lead an active lifestyle. Within the segment, Hyundai Santa Cruz will be facing stiff competition from rivals like Chevy Colorado, Ford Ranger and Honda Ridgeline. The Hyundai Santa Cruz will be sharing its platform with the Hyundai Tucson and it can be expected to be launched in the next two years time.
Expected Powertrain
Earlier, Hyundai had showcased the Santa Cruz concept with a 2.0-litre diesel engine. However, it is highly unlikely that the Santa Cruz will come with a diesel engine as environmental regulations are getting more stringent. Additionally, automakers are reluctant to equip their heavy-duty trucks with diesel engines ever since Volkswagen was penalized for failing to comply with carbon emission standards.
Hyundai’s foray into the pickup truck market can be termed as risky as companies like Subaru and Suzuki have failed in their attempts to gather share in the pickup market. Will the Hyundai Santa Cruz manage to fight off the competition to establish itself in the pickup market? Please let us know your thoughts by posting comments in the box below.
