I want to preface this With the warning this will probably upset some diehard Toyota fans but I want to give my opinion on the current market, my first hand knowledge of what I am hearing and what Toyota can do to keep sales strong.
With Ford announcing the release of the Ranger as well as a diesel option and Chevy following suit with their ZR2 Colorado, I feel that Toyota needs to seriously look at what they plan to offer to retain their non-brand loyal customers. I feel that the younger (18 to 30) year old vehicle buyers are not the same type customers that were buying new vehicles 10 years ago. Brand loyalty is a thing of the past. McDonalds has confirmed this, as well as Windows and several other big names have said that today's consumers are not loyal to one certain name. They are looking for the best product at the cheapest price.
Bring in Toyota. They released the 3rd generation Tacoma with the 3.5L v6. This truck produces just shy of 300hp. I want to speak specifically of their flagship model, the TRD Pro. This model has a MSRP of $41,000. This truck has the same powerplant as the other models, and a slightly beefier suspension offering by Bilstein. This package charges thousands over the TRD yet offers a suspension package you can purchase yourself for under $600. Yes there are some other unnecessary upgrades included, but I digress.
Other truck makers are designing vehicles with truly high horsepower, exceeding over 450 in the Raptor with a 10 speed transmission, and a estimated 440ft/lb in their upcoming ranger raptor. These numbers are nothing to scoff at. Before it's said, Yes, I know that the raptor is a tier up from the Tacoma and it's a niche market, not to mention a full size truck, but Toyota also has the Tundra, which has the same Pro offering for $44k and only 381 hp. These trucks are not even comparable in power, aesthetics, or technology.
Toyota is riding on the coattails of their reputation of reliability, but I feel the upcoming customers will not be so receptive to this reputation. For a modern day vehicle reaching 200,000 miles isn't uncommon, and most modern vehicles will serve their owners for years without issue. For today, Toyota sales are strong (stronger than they've ever been, in fact) but I feel this will soon come to an end if they dont start producing high horsepower, exciting vehicles to pacify a new customer base. The 3rd gen Tacoma's are plagued with transmission issues, sluggish acceleration, and albeit subjective, boring looks.
I love Toyota, and use mine hard. I want their success to continue but I feel they're being the hare in the race and the tortoise is creeping up on them. If they don't begin to notice market trends now, they'll become the next nissan of the truck world: Irrelevant and anemic. A plastic snorkel upgrade isn't worth the $41k price tag, and the truck market is stronger than ever. What do you think Toyota do?
Toyota sales for the Tacoma in 2017 topped 198,000. I believe they will be severely hit by the ranger release this year, possibly by 30k units or more.