What Has Been the Progress and Growth of the Used Truck Market in Recent Years?
The used truck market has seen considerable growth due to a variety of factors.
•Recently, there has been substantial growth in the size of the used truck market. The market is expected to inflate from $47.67 billion in 2024 to $50.47 billion in 2025, recording a compound annual growth rate (CAGR) of 5.9%.
Factors contributing to this growth during the historic period include economic factors, fleet renewal cycles, developments in construction and infrastructure, global trade growth, and environmental regulations.
What Can Be Expected from the Used Truck Market in the Coming Years?
The used truck market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the size of the used truck market is predicted to experience considerable growth, with projections pointing to a value of $67.44 billion by 2029, with a compound annual growth rate (CAGR) of 7.5%.
Factors contributing to this growth over the forecasted period include the rise of e-commerce, the adoption of electric trucks, optimization of fleets, a surge in logistics outsourcing, and resilience in times of economic instability. Key trends expected during this forecast period encompass the digitalization of sales platforms, progression in technology, integration of telematics, solutions for predictive maintenance, and an emphasis on sustainability.
What Are The Leading Drivers Of Growth In The Used Truck Market?
The expansion of the construction industry is projected to fuel the growth of the second-hand truck market. The construction sector, which deals with the building, repairing, remodeling, and upkeep of infrastructure, frequently employs used trucks to transport various materials on site. For example, Invest India, India's National Investment Promotion and Facilitation Agency, forecasted in August 2022 that the construction industry in India could generate $1.4 trillion by 2025. MGI (2011) predicts that urban areas will contribute to 70% of India's GDP by 2030. The construction market in India is comprised of 250 interconnected subsectors. With an expected population increase of 600 million in urban regions by 2030, there will be a heightened demand for 25 million middle-class and affordable housing units. Hence, the acceleration of the construction industry acts as a propellant for the used truck market.
How Are The Segments Defined Within The Global Used Truck Market?
The used truck market covered in this report is segmented –
1) By Type: Light-Duty Truck, Medium-Duty Truck, Heavy-Duty Truck
2) By Fuel Type: Gasoline, Electric, Diesel
3) By Sales Channel: Franchised Dealer, Independent Dealer, Peer-To-Peer
4) By End-Use: Construction, Oil And Gas, Mining, Other End-Users
Subsegments:
1) By Light-Duty Truck: Pickup Trucks, Mini Trucks, Utility Trucks
2) By Medium-Duty Truck: Box Trucks, Flatbed Trucks, Delivery Trucks
3) By Heavy-Duty Truck: Tractor-Trailers (Semi-Trucks), Dump Trucks, Heavy Haul Trucks
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How Are New Trends Expected To Influence The Growth Of The Used Truck Market?
The introduction of creative used truck brands and platforms is a significant trend for gaining traction in the used truck market. Leading companies in this market are concentrating on establishing novel solutions to consolidate their market position. For example, Daimler, an automotive manufacturer based in Germany, unveiled the Bharat Benz Certified brand for used trucks in June 2023. Customers have the option to select a new annual maintenance contract (AMC) when buying used Bharat Benz trucks.
Who Are the Key Players in the Used Truck Market?
Major companies operating in the used truck market include:
• Mercedes Benz AG
• Daimler Truck AG
• Charter Trucks Co
• Renault SA
• AB Volvo
• PACCAR Inc.
• Penske Automotive Group
• MAN SE
• Ryder System Inc.
• Scania AB
• Navistar International Corporation
• Hertz Car Sales
• Schneider National Inc.
• Murphy-Hoffman Co
• Premier Truck Group
• Freightliner Trucks
• Kenworth Truck Company
• Ritchie Bros
• The Larson Group
• TruckPaper.com
• Del-Val International Trucks Inc.
• Arrow Truck Sales Inc.
• Fyda Freightliner Inc.
• Peterbilt Motors Company
• Vander Haag's Inc.
• Mascus International Holding Co
• Hammer Trucks Sales LLC.
What Is The Most Dominant Region In The Used Truck Market?
Asia-Pacific was the largest region in the used truck market in 2024. The regions covered in the used truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
