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.
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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:
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
Breakup by End User:
- Oil and Gas
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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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
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