The ‘Global Used Truck Market Size Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global used truck market, assessing the market on the basis of its segments like vehicle type and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 42.72 billion
- Forecast CAGR (2023-2028): 4.1%
- Forecast Market Size (2028): USD 53.92 billion
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The global used truck market growth is being driven by the increasing demand for trucks worldwide, particularly for industrial and commercial applications, and the rising availability of good quality used trucks. Larger trucks are commonly used in the construction and mining sectors as well as in the manufacturing industry. For consumers interested in light trucks for personal use, purchasing used trucks is a cost-effective means of testing out the suitability of the vehicle for their day-to-day use.
Used trucks, particularly those accompanied by certifications, are lower in cost while still supporting the same operational uses as new trucks, which is bolstering the used truck market. Regular maintenance of used trucks and assigning them to short distance routes minimises the risk of breakdowns and increases the lifespan and benefits of used trucks.
Rapid automotive developments and launch of new and improved trucks are augmenting the used truck market. Many consumers and companies invest in new trucks due to aesthetic reasons, personal interests, or need for new vehicles for reliable transportation across long distances and for road freight. Accordingly, there is a steady supply of used trucks available for other users. Improvements in automotive and truck manufacturing technologies have led to the development of reliable and sturdy trucks that offer a long lifespan after being resold.
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Used Truck Industry Definition and Major Segments
Used trucks refer to trucks that have been previously owned, either by individuals, companies, or any other type of user. Trucks are designed to be robust and sturdy, capable of carrying heavier payloads than traditional vehicles, with weight capacities depending upon the type of truck. Used trucks are lower in cost than new trucks, although the mileage depends upon its previous usage.
Based on vehicle type, the market is divided into:
- Light Truck
- Medium-duty Truck
- Heavy-duty Truck
On the basis of region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Used Truck Market Trends
Rising popularity of various online platforms and mobile applications for the sale of used trucks is a key trend in the used truck market. Through these platforms and apps, consumers can easily browse and consider different models of used trucks, including based on specifications, mileage, condition, location, and suitability. As more people sell existing trucks, there are a plethora of used truck options available for buyers through these platforms, in a wide range of price points to suit different budgets.
The increasing availability of certifications for used trucks is also contributing to the market growth of used trucks worldwide. Various companies and manufacturers offer dedicated certifications, verifications, and warranties for used trucks, thereby significantly increasing consumer confidence and interest in purchasing. Specialised maintenance and repair contracts are also available for used trucks, to look after their seamless operations, reducing the risk of malfunctions and breakdowns, thereby bolstering the used truck market.
At a regional level, the Asia Pacific is projected to witness rapid growth in the market for used trucks, attributable to the increasing construction activities in countries such as India and China. Increasing demand for heavy duty used trucks is also likely to take place in the Asia Pacific, to support the growing manufacturing sector in the region and utilising improvements in road infrastructure.
Key Market Players
The major players in the global used truck market report are Traton SE (MAN SE, SCANIA AB), Daimler Truck AG, AB Volvo, PACCAR Inc., Ryder System, Inc., Penske Corporation, Inc., IVECO S.p.A, Navistar, Inc., The Larson Group Peterbilt, and Arrow Truck Sales, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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