According to the report by Expert Market Research (EMR), the global used truck market size reached a value of USD 44.47 billion in 2023. Aided by the growing demand for cost-effective transportation solutions and the increasing popularity of pre-owned vehicles, the market is projected to further grow at a CAGR of 4.0% between 2024 and 2032 to reach a value of USD 63.32 billion by 2032.
The used truck market encompasses the sales and distribution of pre-owned commercial trucks, including light, medium, and heavy-duty trucks. These vehicles are essential for various sectors, including logistics, construction, and agriculture, as they offer a cost-effective alternative to new trucks, especially for small and medium-sized enterprises (SMEs) and independent contractors. The growth of the used truck sector is being driven by a strengthening economy, the implementation of fresh regulations, advancements in technology, and evolving business trends.
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One of the key drivers of the used truck market is the economic advantage associated with pre-owned vehicles. Used trucks provide significant cost savings compared to new models, allowing businesses to allocate their resources more efficiently. Additionally, the depreciation rate of trucks is highest in the first few years, making used trucks a more value-for-money option for buyers.
The growing focus on sustainability and environmental concerns is also influencing the market. Many companies are opting for used trucks as a way to reduce their carbon footprint and adhere to environmental regulations. Moreover, advancements in vehicle technology and maintenance have extended the lifespan of trucks, making used trucks more reliable and appealing to buyers and consequently driving up the used truck market share.
Moreover, the online sales channel has emerged as a significant trend in the market. Online platforms and auctions provide a convenient and accessible way for buyers to explore a wide range of options and compare prices, enhancing the overall buying experience.
North America and Europe significantly contributes to the used truck market demand which is attributed to the well-established logistics and transportation sectors and the high adoption rate of pre-owned vehicles. The United States, Germany, and the United Kingdom are key contributors to the market in these regions.
The Asia Pacific region is witnessing rapid growth in the market for used truck, driven by economic development, increasing infrastructure projects, and the expansion of the logistics industry. Countries such as China, India, and Japan are experiencing a surge in demand for used trucks.
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Latin America and the Middle East and Africa are emerging markets for used trucks, with growing investments in construction and infrastructure development. The demand for cost-effective transportation solutions is driving the adoption of used trucks in these regions which would further lead to used truck market expansion.
Used Truck Market Segmentation
The market can be divided based on vehicle type and region.
Market Breakup by Vehicle Type
- Light Truck
- Medium-duty Truck
- Heavy-duty Truck
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global used truck market. Some of the major players explored in the report by expert market research are as follows:
- 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
- Arrow Truck Sales, Inc.
- Others
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