Toyota Motor Corp. is looking into offering a compact pickup in the US, potentially joining Ford Motor Co. and Hyundai Motor Co. in competing in the growing market for entry-level trucks.

Full-size and mid-size pickups dominate the US market, but their price — along with their size — have increased steadily in recent years. Average new vehicle transaction prices hit $48,699 in April and, with President Donald Trump’s trade policies threatening to send them even higher, drivers are increasingly looking for more affordable trucks with pint-sized beds.

Ford’s Maverick and Hyundai’s Santa Cruz models, both of which debuted in 2021, have tapped into that demand. Now, Toyota executives say the Japanese automaker is listening to US dealer requests for a truck smaller than the brand’s best-selling Tacoma mid-size and Tundra full-size pickups.

“We’re looking at it,” Mark Templin, Toyota’s chief operating officer in the US, said in an interview.

Toyota executives declined to give details on how far along the plans are or when a tiny truck could be launched.

The potential foray into smaller pickups comes alongside a broader revamp of Toyota’s lineup. The carmaker is rapidly expanding its offerings of hybrid gas-electric models and plans to roll out several fully battery-electric models in the US.

With a starting price of $28,145, Ford sold 131,142 Mavericks in the US last year, up 39% from the previous year. It offers the truck in gas-only or hybrid versions. Hyundai’s Santa Cruz sports utility truck, which starts at $28,750, saw 2024 sales in the US fall 13% to 32,033.

Toyota views the compact truck market as an opportunity to attract budget-minded retail and fleet buyers who don’t want to pay a premium, but desire the utility of a pickup.

“We could really do well in that segment, so we’re trying to do it,” Cooper Ericksen, a senior vice president in charge of planning and strategy at Toyota Motor North America, said in a separate interview. “It’s a matter of timing.”