Global Used Truck Market Size was valued at USD 45.9 Billion in 2022. The Used Truck market industry is projected to grow from USD 50.3 Billion in 2023 to USD 104.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.60% during the forecast period (2024 - 2032). The growing need for affordable transportation solutions and the rising e-commerce activities are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Road transportation is essential for the movement of products in any country. One of the main reasons for the high-performance truck industry is the combination of enhanced features like driver comfort and safety (particularly in Class 6 and Class 7 trucks) with high performance. Their high horsepower and speed mostly distinguish these cars. Vehicles with sophisticated safety features such as ABS, EBD, and sensors are highly favored in the manufacturing and construction industries for commercial and material handling purposes. Heavy-duty trucks are anticipated to be used more frequently in the coming years due to the developing building and real estate markets in nations like China, South Korea, and India. Government investments and programs promoting the region's construction activity may significantly increase the market share of heavy-duty trucks in Asia-Pacific by 2026.
Moreover, autonomous transmissions and other cutting-edge technology are becoming increasingly popular. Customers are now more interested in new trucks due to the factors above. Therefore, to draw in clients, businesses and producers of secondhand trucks maintain their low costs. Prices on the market have decreased due to an increased supply of trucks with higher mileage and ages ranging from three to five years. Customers are more inclined to buy new trucks since dealer lots are stocked with vehicles with high mileage. Retail dealerships control the market with over 75% of the shares in the distribution channels. When it comes to sales and customer support, it is superior to the other channels.
For instance, in the fourth quarter of 2022, the construction business in India was valued at nearly three trillion Indian rupees (USD 36.60 billion). In contrast to 2020, when the value decreased due to the coronavirus (COVID-19) pandemic, this was a notable gain.
Furthermore, adaptive cruise control, lane departure alerts, and collision avoidance systems are advanced safety features that make driving safer. When evaluating secondhand vehicles, buyers find this increased safety attractive, especially if they want to improve the overall safety profile of their fleet. Modern safety technology-equipped trucks have lower accident rates, which saves firms money on repairs and downtime, driving the market CAGR. Used vehicles with a solid safety record draw in buyers and may fetch a higher price at auction. Some insurance companies provide lower rates to drivers of cars with cutting-edge safety features. This monetary advantage increases purchasers' value and promotes using trucks with these safety features. Thus driving the Used Truck market revenue.
Based on vehicle type, the global Used Truck market segmentation includes light trucks, medium-duty trucks, and heavy-duty trucks. In 2023, the light trucks segment dominated the market. Light trucks are used to transport both perishable and non-perishable commodities from one location to another. They have a small cargo capacity. Additionally, light vehicles have loading elevations for easy loading and unloading of cargo and cheap maintenance expenses. Additionally, the sector is increasing due to the rising use of light vehicles to distribute short-distance products. Aside from this, small and medium-sized store owners are becoming increasingly interested in secondhand light vehicles.
The heavy-duty trucks category is anticipated to be the fastest growing. Consumers' increasing interest in freshly released models and the increasing number of product launches by top manufacturers are credited with the segment's growth. For example, in 2023, Stellates Group plans to launch a completely redesigned RAM 3500 HD. The vehicle will seem newer and have more contemporary cabin amenities. General Motors plans to release the GMC Sierra 3500HD, a heavy-duty used truck with 401 horsepower and 464 lb-ft of torque, on the market in 2022.
Based on End Users, the global Used Truck market segmentation includes construction, oil and gas, and others. In 2023, the construction category generated the most income. The market is increasing owing to the rising use of used trucks to transport different building materials in the construction industry. Furthermore, there is an increase in construction activity occurring globally. This bolsters the market's growth and the growing use of heavy-duty vehicles for loading and unloading bulky building materials. The industry is expanding due to the growing need for secondhand vehicles that efficiently transport construction equipment over longer distances.
The used truck oil and gas segment is anticipated to grow fastest during the forecast period. Used trucks are needed to transport cargo to industrial facilities or gas stations for oil and gas activities. In addition, because they are better at stopping leaks, secondhand vehicles are being utilized more often to transport gas and oil products.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Used Truck market will dominate this market, owing to the strong reliance on heavy vehicle transport systems to move products from the place of production and consumption, and suppliers to the market are among the primary factors propelling the industry's rise. Heavy-duty (HD) vehicles contribute significantly to the total energy consumption of transportation. HD trucks account for over 20% of the gasoline used for transportation in the United States, and by 2050, that figure is expected to climb to about 30%, according to the Energy Information Association's (EIA) Annual Energy Outlook (AEO). However, many small firms need help to afford HD trucks because their average cost is between USD 30,000 and USD 40,000. Due to this, companies are forced to switch to used trucks to reduce operating costs and increase profit margins.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Used Truck market accounts for the second-largest market share. Europe has a highly developed transportation system with an extensive expressway and road network, which increases demand for dependable and effective used trucks. The transportation of commodities is facilitated by this infrastructure, which raises the need for well-maintained trucks. Further, the German Used Truck market held the largest market share, and the UK Used Truck market was the fastest-growing market in the European region.
The Asia-Pacific Used Truck Market is expected to grow at the fastest CAGR from 2024 to 2032. The need for logistics and transportation services is growing along with these economies, which increases the need for trucks. For people and companies in these nations, used trucks offer affordable ways to fulfill their transportation requirements. Because they are less expensive than new vehicles, used trucks are a desirable alternative for individuals and organizations alike, especially small and medium-sized enterprises (SMEs). Reduced depreciation, lower purchase prices, and possibly lower insurance premiums all help to cut expenses, which is crucial in the region's price-sensitive sectors. Moreover, China’s Used Truck market held the largest market share, and the Indian Used Truck market was the fastest-growing market in the Asia-Pacific region.
The Used Truck market continues to grow due to major R&D expenditures from leading industry players to expand their product offerings. Furthermore, market participants are pursuing various strategic initiatives to expand their global presence. The market has seen significant developments in new product introductions, contract agreements, mergers and acquisitions, increased investment, and collaboration with other organizations. The Used Truck industry must offer reasonably priced products to expand and prosper in a more cutthroat and dynamic market.
Manufacturing locally to lower operating costs is one of the main business strategies manufacturers use in the global Used Truck industry to help clients and expand the market sector. The used truck industry has contributed significantly to medical advancements in recent years. Major players in the Used Truck market, including PACCAR Inc., Daimler AG (SelecTrucks), Renault SA, MAN SE (Volkswagen AG), Volvo Trucks, Scania AB (Traton SE), Mascus, OK Trucks (IVECO S.p.A), International Used Truck (Navistar, Inc.), Truck World, and others, are attempting to increase market demand by investing in research and development operations.
Commercial trucks, ranging from light to heavy-duty, are designed, manufactured, marketed, distributed, and sold by PACCAR Inc. The company also designs and produces advanced diesel engines and aftermarket parts for trucks and related commercial vehicles. In addition, PACCAR offers dealers and clients financing and leasing for goods and services. The company makes and sells industrial winches under the brands Braden, Carco, and Gearmatic and trucks under the Kenworth, Peterbilt, and DAF names. PACCAR Components offers aftermarket components for trucks, buses, and engines and distributes, sells, and advertises them. PACCAR Financial offers dealers and clients financing, leasing, and insurance services. PACCAR Financial launched a redesigned used truck website in January 2021, with search options including make, model, vehicle components, and miles.
Volvo Trucks offers its whole line of medium- and heavy-duty trucks to selective professional clients, providing comprehensive transport solutions. A global network of dealers with 2,200 service locations spread over 130 countries offers customer support. In twelve different nations worldwide, Volvo vehicles are put together. Roughly 145,000 Volvo trucks were shipped globally in 2023. As part of the Volvo Group, Volvo is one of the top producers of trucks, buses, construction equipment, and industrial and marine engines worldwide, including Volvo Trucks.
Additionally, the group offers comprehensive finance and service alternatives. The primary tenets of Volvo Trucks' operations are quality, safety, and environmental responsibility. Volvo Trucks will launch Volvo Selected, a new platform for secondhand truck sales, in May 2021. Trucks and driveline coverage, service contracts, and flexible financing alternatives are also offered. To assist truck purchasers in selecting the ideal truck for expanding their business, Volvo Selected offers search filters based on vehicle type and axle configuration.
May 2023: Leading global providers of construction solutions, Holcim and AB Volvo, signed an agreement of understanding to supply 1,000 electrified trucks until 2030.
April 2022: The company presents its Scania Go concept, which prioritizes flexibility, and Scania One, a marketplace for late-model commercial vehicles, including buses and coaches. Scania Go accepts five-year-old cars with a maximum mileage of 550,000 km. A "pick and mix" option that combines a service package or an R&M contract proposal will allow customers to tailor their maintenance requirements. There are numerous funding alternatives available through Scania Financial Services. They include, for example, operating leases, financing leases, and hire purchases.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 45.9 Billion |
| Market Size 2023 | USD 50.3 Billion |
| Market Size 2032 | USD 104.7 Billion |
| Compound Annual Growth Rate (CAGR) | 9.60% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vehicle Type, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | PACCAR Inc., Daimler AG (SelecTrucks), Renault SA, MAN SE (Volkswagen AG), Volvo Trucks, Scania AB (Traton SE), Mascus, OK Trucks (IVECO S.p.A), International Used Truck (Navistar, Inc.), and Truck World |
| Key Market Opportunities | Government incentives for sustainable transport and the expansion of used truck markets in emerging economies |
| Key Market Dynamics | Growing need for affordable transportation solutions and the rising e-commerce activities |
Frequently Asked Questions (FAQ) :
The global Used Truck market size was valued at USD 50.3 Billion in 2023.
The global market is projected to grow at a CAGR of 9.60% during the forecast period, 2024-2032.
North America had the largest share of the global market
The key players in the market are PACCAR Inc., Daimler AG (SelecTrucks), Renault SA, MAN SE (Volkswagen AG), Volvo Trucks, Scania AB (Traton SE), Mascus, OK Trucks (IVECO S.p.A), International Used Truck (Navistar, Inc.), and Truck World.
The light trucks category dominated the market in 2023.
Construction had the largest share in the global market.
Analyst Explore the profile of garvit vyas, one of our esteemed authors at market research future, and access their expert research contributions in the field of market research and industry analysis
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
