Used Truck Market

Used Truck Market Size:

The global used truck market size reached US$ 43.22 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 54.12 Billion by 2028, exhibiting a growth rate (CAGR) of 3.65% during 2023-2028. The growing need for cost-effective transportation solutions among business organizations of different industry verticals, increasing adoption due to rising e-commerce activities, and the thriving construction sector are some of the major factors propelling the market. 

A used truck, also known as a pre-owned truck or second-hand truck, is a vehicle that has been previously owned and operated by one or more owners before being put up for sale. It is widely available as light, medium-duty, and heavy-duty trucks for various purposes according to the payload capacities. It is cost-effective as compared to purchasing a new truck and assists in improving the safety of products and providing easy hauling and towing tasks. As a result, used trucks are employed in the agriculture, construction, oil and gas, logistics, and manufacturing industries across the globe.   

 
At present, the growing adoption of high-performance, safe, and comfortable used trucks among individuals are influencing the market positively. In addition, rising demand for hybrid and electric heavy-duty used trucks among businesses worldwide are contributing to the growth of the market. Moreover, the increasing adoption of used trucks in the agriculture industry to reduce manual labor, increase productivity, improve crop yields, and enhance the overall efficiency of farming operations is offering lucrative growth opportunities to industry investors. Apart from this, the wide availability of various models of used trucks around the world is strengthening the growth of the market. Furthermore, the increasing demand for used trucks due to the rising number of small and medium-sized businesses across the globe is supporting the growth of the market.          

Used Truck Market Trends/Drivers:

Rising demand for cost-effective transportation solutions impelling market growth

The rising demand for used trucks, as they are cost-effective transportation solutions with increased operational quality, is contributing to the growth of the market. Besides this, the growing preferences for these trucks due to their lower cost of insurance and registration fees compared to new vehicles is impelling the growth of the market. In line with this, the increasing adoption of used trucks on account of their low depreciation rate is propelling the growth of the market. Moreover, various service providers are offering used trucks in good condition after proper inspection, which is offering a positive market outlook. Furthermore, the rising number of logistics and transportation activities is bolstering the growth of the used trucks market.      

Thriving construction sector positively influencing sales of used trucks

At present, the escalating demand for renovation and infrastructure activities in residential areas due to inflating income levels of individuals across the globe is supporting the growth of the market. In addition, the rising utilization ofused trucks for handling equipment and materials efficiently is propelling the growth of the market. Apart from this, the increasing demand for used trucks, as they are suitable for transporting construction goods at different terrains in a cost-effective manner, is strengthening the growth of the market. In line with this, governing agencies of various countries are promoting green construction activities by providing incentives, which is contributing to the growth of the used trucks market.          

Increasing e-commerce activities propelling market growth

The rising adoption of used trucks due to the rising e-commerce activities across the world is strengthening the growth of the market. Besides this, the escalating demand for used trucks in the e-commerce industry, as buyers can easily find a truck that best suits their specific requirements of conveniently picking up and delivering goods to consumers across the globe, is impelling the growth of the market. In addition, the growing popularity of online purchasing, as it provides home delivery options and ease of shopping within the comforts of home, is contributing to the growth of the market. Furthermore, key suppliers in the e-commerce industry are rapidly adopting used trucks to streamline the working process, reduce delays, protect products from damage, and increase the profitability of a business.      

Used Truck Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global used truck market report, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on vehicle type, sales channel, and end user. 

Breakup by Vehicle Type:

• Light Trucks
• Medium-duty Trucks
• Heavy-duty Trucks
   

Light trucks represent one of the commonly used vehicle types

The report has provided a detailed breakup and analysis of the used truck market based on the vehicle type. This includes light trucks, medium-duty trucks, and heavy-duty trucks.  According to the report, light trucks represented the largest segment. Light trucks are vehicles with a low payload capacity that are utilized to carry perishable and non-perishable goods from one place to another. Moreover, light trucks require low maintenance costs and have loading elevation for smooth loading and unloading goods. In addition, the rising adoption of light trucks for distributing goods over short distances is contributing to the growth of the market. Besides this, there is a rise in the demand for used light trucks among small and medium-sized shop owners.                      

Medium-duty trucks are versatile and they are utilized in a wide range of applications, such as parcel delivery services and towing. Additionally, the growing adoption of used medium-duty trucks among businesses as an affordable option for transportation purposes is positively influencing the market.          

Heavy-duty trucks are multipurpose vehicles that can be loaded with heavy goods and materials. Moreover, the rising demand for used heavy-duty trucks to distribute goods over a long-distance is impelling the growth of the market.       

Breakup by Sales Channel:

• Franchised Dealer
• Independent Dealer
• Peer-to-peer
   

A detailed breakup and analysis of the used truck market based on the sales channel has also been provided in the report. This includes franchised dealer, independent dealer, and peer-to-peer.

A franchised dealer, also known as automobile dealer, sells used and new vehicles and has the authority to sell vehicles as a direct agent. It maintains parts inventory and has trained technicians that perform vehicle repairing tasks. Moreover, rising preferences for buying used trucks from franchise dealers, as they provide used trucks in a better condition compared to independent dealers, is propelling the growth of the market.

An independent dealer only sells used trucks and has a wider range of vehicles as compared to franchise dealer. Apart from this, an independent dealer provides flexibility, market access, and vehicle inspection and quality insurance to the buyer.             

Peer-to-peer selling is a type of sales channel wherein customers purchase a product and share the experience with family and friends to encourage further sales. Moreover, it assists in increasing sales of used vehicles in a business through recommendations and feedback about the product. 

Breakup by End User:

• Construction
• Oil and Gas
• Others
   

A detailed breakup and analysis of the used truck market based on the end user has also been provided in the report. This includes construction, oil and gas, and others.

The rising utilization of used trucks in the construction sector to transport various construction materials is bolstering the growth of the market. In addition, there is a rise in the number of construction activities around the world. This, coupled with the increasing adoption of heavy-duty trucks to load and unload heavy construction goods, is strengthening the growth of the market. Furthermore, the rising demand for used trucks to carry construction equipment over a longer distance efficiently is supporting the growth of the market.

Oil and gas activities require used trucks for carrying cargo to gas stations or manufacturing centers. Besides this, there is a rise in the adoption of used trucks to transfer oil and gas products, as they are more efficient in preventing leakage.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. 

Competitive Landscape:

Key players are focusing on opening a new parts distribution center that enables dealers to restock common and business-critical components of the vehicle. Apart from this, they are introducing hydrogen-powered electric trucks on public roads that can handle harsh environmental conditions and run long distances without deteriorating their quality, thereby making good options for used trucks. In addition, companies are rapidly collaborating with each other for advancing and developing electric light, medium, and heavy-duty vehicles. Moreover, they are also creating a hybrid ecosystem for used commercial vehicle businesses that facilitates exchanging and purchasing old commercial vehicles. Furthermore, key players are launching a nationwide warranty program for pre-owned or used trucks that assist in eliminating the need for third-party vendors to process warranty claims and providing an enhanced experience to customers. 

The report has provided a comprehensive analysis of the competitive landscape in the global used truck market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• AB Volvo
• International Used Truck Centers
• Mascus (Ritchie Bros. Auctioneers)
• PACCAR Inc.
• Renault Group
• TrueCar Inc.
• Volkswagen AG 

Recent Developments:

• In May 2023, AB Volvo signed a letter of intent to sell 1,000 electric trucks till 2030 to Holcim, one of the world’s leading building solution providers.          
• In February 2023, Renault Group and Nissan plan to collaborate on new vehicle projects, such as sports utility vehicles and others, in India as a part of their Renault-Nissan-Mitsubishi Alliance.          
• In June 2023, Volkswagen AG launched an electric bus ‘ID. BUZZ’ with long wheelbase in Europe and North America. 
   

Used truck Market Report Scope:

Report Coverage:

Key Questions Answered in This Report:

• How has the global used truck market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global used truck market?
• What is the impact of each driver, restraint, and opportunity on the global used truck market?
• What are the key regional markets?
• Which countries represent the most attractive used truck market?
• What is the breakup of the market based on the vehicle type?
• Which is the most attractive vehicle type in the used truck market?
• What is the breakup of the market based on the sales channel?
• Which is the most attractive sales channel in the used truck market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the used truck market?
• What is the competitive structure of the global used truck market?
• Who are the key players/companies in the global used truck market?

Key Benefits for Stakeholders

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the used truck market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global used truck market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the used truck industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.