Used Truck Market Size to Reach US$ 54.12 Billion by 2028 | Industry CAGR of 3.65%

According to the latest report by IMARC Group, titled, “Used Truck Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, 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.

A used truck, also called as a pre-owned or second-hand truck, refers to 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 numerous purposes according to the payload capacities. Used trucks are cost-effective compared to purchasing a new truck and help in improving the safety of products and providing easy hauling and towing tasks. As a result, they are utilized in the agriculture, construction, oil and gas, logistics, and manufacturing industries across the globe.

Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/used-truck-market/requestsample

Used Truck Market Trends and Drivers:

The widespread adoption of high-performance, safe, and comfortable second-hand motor vehicles by individuals are among the key factors driving the used truck market. Moreover, the escalating demand for hybrid and electric heavy-duty pre-owned trucks amidst businesses across several countries is also stimulating the market growth. Besides this, the rising usage of used motor vehicles in the agriculture industry for reducing manual labor, increasing productivity, improving crop yields, and enhancing the overall efficiency of farming operations is acting as another significant growth-inducing factor. Furthermore, the wide availability of various models of second-hand trucks across the globe is further propelling the global market. Apart from this, the elevating need for pre-owned motor vehicles, on account of the growing number of small and medium-sized businesses, is positively influencing the market growth. Additionally, the escalating demand for the product in the construction and logistics industries, owing to the low costs compared to the new trucks and the rising freight across these sectors, is anticipated to fuel the used truck market over the forecasted period.

Used Truck Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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

The report has segmented the market based on vehicle type, sales channel, and end user.

Breakup by Vehicle Type:

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

Breakup by Sales Channel:

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

Breakup by End User:

• Construction
• Oil and Gas
• Others

Breakup by Region:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

Ask Analyst for 10% Free Customized Report: https://www.imarcgroup.com/request?type=report&id=8102&flag=C

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.