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Used Truck Market Size (2024 - 2029)

The used truck market is experiencing notable expansion, driven by the rising demand for material transportation due to increased construction, agriculture, and e-commerce activities. This growth is largely attributed to the cost-effectiveness of used trucks compared to new ones, making them an attractive option for businesses in the construction and logistics sectors. Despite the competition from new trucks offering advanced technologies and incentives, the value proposition of used trucks continues to support their market growth. The anticipated increase in demand from various customer segments is expected to further enhance the market's scale during the forecast period.

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Market Size of Used Truck Industry

Used Truck Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 47.62 Billion
Market Size (2029) USD 61.09 Billion
CAGR (2024 - 2029) > 5.23 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Used Truck Market Major Players

*Disclaimer: Major Players sorted in no particular order

Used Truck Market Analysis

The Used Truck Market size is estimated at USD 47.62 billion in 2024, and is expected to reach USD 61.09 billion by 2029, growing at a CAGR of greater than 5.23% during the forecast period (2024-2029).

The global market for used trucks has witnessed significant growth in recent times. This growth is fueled by increased construction, agriculture, and e-commerce activities, which have spurred the need for material transportation. Their value proposition is a key driver for developing the global used trucks market.

Owing to the low costs compared to the new trucks and rising freight demand across the construction and logistics industries, the demand for used trucks has been significant over the years. However, factors such as the incentives and discounts offered by the truck manufacturers, new technologies, fuel efficiency (available at a low price), and less downtime of new trucks lead to customers preferring new trucks over the used ones.

Moreover, the rise in construction, agriculture, and e-commerce activities has increased the demand for material transportation, resulting in increased sales of used trucks across the world over the past three years. The value proposition of used trucks is the key factor contributing to the growth of the used truck market.

Hence, reduced prices of used trucks and their increased operational quality are expected to boost demand from various customer segments during the forecast period.

Used Truck Industry Segmentation

Used trucks refer to pre-owned commercial vehicles designed for transporting materials and goods. These vehicle are available for resale in the secondary market.

The used truck market is segmented by vehicle type, sales channel type, and geography. By vehicle type, the market is segmented into light trucks, medium-duty trucks, and heavy-duty trucks. By sales channel, the market is segmented into independent dealer, franchised dealer, and peer-to-peer. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The report offers the market size in value terms in USD for all the abovementioned segments.

Vehicle Type
Light Trucks
Medium-duty Trucks
Heavy-duty Trucks
Sales Channel
Independent Dealer
Franchised Dealer
Peer-to-peer
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Russia
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Rest of the World
Brazil
South Africa
Other Countries
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Used Truck Market Size Summary

The used truck market is experiencing substantial growth, driven by increased demand in sectors such as construction, agriculture, and e-commerce, which necessitate efficient material transportation. The market's expansion is largely attributed to the cost-effectiveness of used trucks compared to new ones, making them an attractive option for businesses in the logistics and construction industries. Despite the allure of new trucks due to incentives, advanced technologies, and better fuel efficiency, the value proposition of used trucks continues to be a significant factor in their market growth. Heavy-duty trucks, in particular, dominate the market due to their robust construction, longer lifespan, and ability to handle demanding tasks, making them essential for large-scale transportation and logistics operations.

The Asia-Pacific region is a key player in the used truck market, with rapid growth fueled by economic development and the expansion of industries requiring heavy-duty transportation. Countries like China and India are at the forefront, with China's massive manufacturing base and infrastructure investments driving demand, while India's growing e-commerce and construction projects contribute to the surge in used truck sales. The region's focus on cost-effectiveness and efficiency further bolsters the appeal of used trucks. Key industry players, including Scania, Mercedes-Benz, and Volvo Trucks, are actively enhancing their offerings with advanced technologies to maintain competitiveness. Initiatives like Ashok Leyland's e-marketplace and Daimler's certified platform are examples of efforts to promote sustainability and customer trust in the used truck market.

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Used Truck Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Increasing Infrastructure and Growing Construction Activities are Driving the Demand for Used Trucks

      2. 1.1.2 Cost Effectiveness and Affordability are Fueling the Demand for Used Trucks

    2. 1.2 Market Restraints

      1. 1.2.1 Stringent Emission and Safety Standards Present Challenges for the Market

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in USD Billion)

    1. 2.1 Vehicle Type

      1. 2.1.1 Light Trucks

      2. 2.1.2 Medium-duty Trucks

      3. 2.1.3 Heavy-duty Trucks

    2. 2.2 Sales Channel

      1. 2.2.1 Independent Dealer

      2. 2.2.2 Franchised Dealer

      3. 2.2.3 Peer-to-peer

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Russia

        5. 2.3.2.5 Italy

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 South Korea

        5. 2.3.3.5 Rest of Asia-Pacific

      4. 2.3.4 Rest of the World

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 South Africa

        3. 2.3.4.3 Other Countries

Used Truck Market Size FAQs

The Used Truck Market size is expected to reach USD 47.62 billion in 2024 and grow at a CAGR of greater than 5.23% to reach USD 61.09 billion by 2029.

In 2024, the Used Truck Market size is expected to reach USD 47.62 billion.

Used Truck Market Report Snapshots

Used Truck Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)