Reports
Sale
Global Used Truck Market Size, Share, Analysis, Forecast: By Vehicle Type: Light Truck, Medium-duty Truck, Heavy-duty Truck, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Global Used Truck Market Outlook
The global used truck market size reached nearly USD 44.47 billion in 2023. The market is projected to grow at a CAGR of 4.0% between 2024 and 2032 to reach a value of around USD 63.32 billion by 2032.
Key Takeaways
- Trucks transported around 11.46 billion tons of freight in the United States in 2022, which covers 72.6% of total domestic freight shipped.
- In 2021, 13.86 million single-unit and combination trucks were registered in the United States.
- In 2022 , China recorded sales of around 54, 000 new electric buses and an estimated 52, 000 electric medium- and heavy-duty trucks.
Trucks are larger vehicles designed for freight transportation or specialised operations such as firefighting. These vehicles are available in varied sizes, configurations, and power, and they are generally categorised as straight or articulated.
Used trucks refer to vehicles that have previously been owned and utilised by another party prior to being offered for sale or purchase once more. These vehicles encompass a wide array of makes, models, and manufacturing years, and their condition can vary extensively, from nearly new to significantly aged and requiring extensive repairs.
The used truck market expansion is being fuelled by an improving economy, the introduction of new regulations, technological improvements, and evolving business dynamics. Buying a used truck is a lot cheaper than getting a new one, which is great for businesses wanting to add to their fleets without spending too much money. Also, used trucks can be tweaked or changed to fit in accordance with businesses’ needs, making them ideal for smaller companies and those offering special services.
Key Trends and Developments
The rapid growth of the construction sector; transportation sector expansion; shift to electric vehicles; and increasing SMEs are positively impacting the used truck market growth
| Date | Company | News |
| Oct 18th 2023 | Scania | Starts production of its battery-electric trucks in Södertälje, Sweden, offering 400-450 kW power, new green batteries, and comprehensive charging solutions. |
| Sep 28th 2023 | Nikola Corporation | Launched the Nikola hydrogen fuel cell electric vehicle, through its HYLA brand, to contribute to the reduction of greenhouse gases. |
| Apr 18th 2022 | Ashok Leyland and Mahindra | First choice wheels signed an MOU for the launch of a hybrid ecosystem for its used commercial vehicle business. |
| May 8th 2021 | Volvo Trucks | Launched its platform, Volvo Selected, for truck buyers in Europe to provide accessibility to buy used trucks. |
| Factors | Impact on the Used Truck Market |
| Proliferation of the construction sector in the market | The heightening application of used trucks to transport heavy building components is fuelling the market growth. |
| Rapidly expanding transportation sector | Increasing acceptance of used trucks owing to their cost-effectiveness and thriving transportation sector is supporting the scalability of used trucks. |
| Increasing adoption of electric vehicles | The shift from traditional to electric trucks is preventing consumers from purchasing new diesel trucks, leading to higher demand for used trucks. |
| Rising number of small and medium businesses | Outsourcing of logistics and transportation needs by small and medium businesses leads to increased demand for used trucks. |
Used Truck Market Trends
The market is primarily being driven by the rising prevalence of digital platforms. Many companies are leveraging online platforms to reach a wider audience. By listing inventory online, they can attract buyers from different regions or countries. Implementing e-commerce capabilities allows customers to view, inquire, and even purchase used trucks online, making the process more convenient and expanding the customer base.
In addition, the rising emphasis on sustainability and regulatory compliance has propelled the used truck market expansion. Trucks that are more fuel-efficient or meet higher emissions standards can attract businesses looking to reduce their environmental impact. Moreover, some companies invest in remanufacturing and selling parts, which appeals to customers looking to maintain older vehicles in an environmentally friendly and cost-effective manner.
Market Segmentation
“Global Used Truck Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| Market Breakup | Categories |
| Vehicle Type | Light Truck, Medium-Duty Truck, Heavy-Duty Truck, Others |
| Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
Light trucks are expected to hold a leading position in the market in the forecast period
Light trucks account for a significant portion of the used truck market share. These types of trucks usually weigh 14,000 lbs or less and offer improved gas mileage, excellent safety, and great payload capacity. Light trucks have longer durability as compared to their counterparts, making them a successful option as a used truck.
Increasing demand for light trucks for intercity transportation of cargo and consumer goods, supported by the rapidly expanding e-commerce sector, is fuelling the segment’s growth. Meanwhile, heavy-duty trucks are utilised in larger operations involving the transportation of objects such as construction materials, oversized equipment, and tanks, among others.
Competitive Landscape
Major players are increasingly investing in expanding their presence in the international market to scale up their business:
| Company | Description |
| Daimler Truck AG | A leading global manufacturer of commercial vehicles, renowned for its extensive range of trucks and buses. Prioritises innovation and sustainability, offering advanced technologies in electric and autonomous vehicle development to enhance transport efficiency and reduce emissions. |
| AB Volvo | A prominent multinational corporation based in Sweden, specialising in the manufacturing of trucks, buses, construction equipment, and marine and industrial engines. Dedicated to driving progress in safety, efficiency, and environmental care within the transportation and infrastructure industries. |
| PACCAR Inc. | A global technology leader in the design, manufacture, and customer support of high-quality light, medium, and heavy-duty trucks under the Kenworth, Peterbilt, and DAF nameplates. Also provides financial services and information technology and distributes truck parts related to its principal business. |
| Ryder System, Inc. | A leading logistics and transportation company offering a wide range of supply chain, logistics, and transportation management solutions. Known for its fleet of rental trucks, also provides leasing, maintenance services, and advanced fleet management solutions to improve operational efficiency and reduce costs. |
Other key players in the global used truck market are Traton SE (MAN SE, SCANIA AB), Penske Corporation, Inc., IVECO S.p.A, Navistar, Inc., The Larson Group Peterbilt, and Arrow Truck Sales, Inc., among others.
Major companies are increasingly investing to expand into international markets by exporting used trucks in order to expand their consumer base, especially in regions where there is a high demand for affordable transportation solutions.
Used Truck Market Analysis by Region
The Asia Pacific accounts for a significant share of the market. This can be attributed to the increasing domestic trade of goods and cargo across emerging economies such as India and China. A strong foothold of market players offering online services of refurbished and used trucks is improving the accessibility to used trucks in the region.
Moreover, heavy traffic conditions across the region are generating the requirement to handle stranded or disabled vehicles, which is expected to be a crucial trend in the market in the coming years.
The North America used truck market is expected to hold a dominating position in the forecast period owing to the surge in construction activities around the region. Manufacturers are increasingly integrating advanced sensors and automatic transmission for enhanced cabin comfort. Furthermore, the North American free trade agreement has allowed companies to ship qualified goods duty-free to Canada and Mexico.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Vehicle Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Used Truck Market Analysis
8.1 Key Industry Highlights
8.2 Global Used Truck Historical Market (2018-2023)
8.3 Global Used Truck Market Forecast (2024-2032)
8.4 Global Used Truck Market by Vehicle Type
8.4.1 Light Truck
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Medium-duty Truck
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Heavy-duty Truck
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Used Truck Market by Region
8.5.1 North America
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Europe
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Asia Pacific
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Latin America
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Middle East and Africa
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
9 North America Used Truck Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Used Truck Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Used Truck Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Used Truck Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Used Truck Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Traton SE (MAN SE, SCANIA AB)
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Daimler Truck AG
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 AB Volvo
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 PACCAR Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Ryder System, Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Penske Corporation, Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 IVECO S.p.A
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Navistar, Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 The Larson Group Peterbilt
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Arrow Truck Sales, Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Used Truck Market: Key Industry Highlights, 2018 and 2032
2. Global Used Truck Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
3. Global Used Truck Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
4. Global Used Truck Historical Market: Breakup by Region (USD Billion), 2018-2023
5. Global Used Truck Market Forecast: Breakup by Region (USD Billion), 2024-2032
6. North America Used Truck Historical Market: Breakup by Country (USD Billion), 2018-2023
7. North America Used Truck Market Forecast: Breakup by Country (USD Billion), 2024-2032
8. Europe Used Truck Historical Market: Breakup by Country (USD Billion), 2018-2023
9. Europe Used Truck Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Asia Pacific Used Truck Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Asia Pacific Used Truck Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Latin America Used Truck Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Latin America Used Truck Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Middle East and Africa Used Truck Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Middle East and Africa Used Truck Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Global Used Truck Market Structure
Key Questions Answered in the Report
The market reached a value of nearly USD 44.47 billion in 2023.
The market is estimated to grow at a CAGR of 4.0% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 63.32 billion by 2032.
The heightening application of used trucks across the construction sector, the increasing acceptance of used trucks in the transportation business, and the cost-effectiveness offered by used trucks are the major drivers of the market.
The key trends in the market include the thriving e-commerce sector boosting domestic trade and a gradual shift from traditional to electric trucks.
Light truck, medium-duty truck, and heavy-duty truck, among others, are the different vehicle types included in the market report.
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the major regions in the market.
Traton SE (MAN SE, SCANIA AB), Daimler Truck AG, AB Volvo, PACCAR Inc., Ryder System, Inc., Penske Corporation, Inc., IVECO S.p.A, Navistar, Inc., The Larson Group Peterbilt, and Arrow Truck Sales, Inc., among others, are the key market players.
Purchase Options 10% off
Call us
Purchase Full Report
Mini Report
$ 2199
$1999
-
Selected Sections, One User
-
Printing Not Allowed
-
Email Delivery in PDF
-
Free Limited Customisation -
Post Sales Analyst Support -
50% Discount on Next Update
Single User License
$ 3299
$2999
-
All Sections, One User
-
One Print Allowed
-
Email Delivery in PDF
-
Free Limited Customisation -
Post Sales Analyst Support -
50% Discount on Next Update
Five User License
$ 4399
$3999
-
All Sections, Five Users
-
Five Prints Allowed
-
Email Delivery in PDF
-
Free Limited Customisation
-
Post Sales Analyst Support
-
50% Discount on Next Update
Corporate License
$ 5499
$4999
-
All Sections, Unlimited Users
-
Unlimited Prints Allowed
-
Email Delivery in PDF + Excel
-
Free Limited Customisation
-
Post Sales Analyst Support
-
50% Discount on Next Update
Any Question? Speak With An Analyst
View A Sample
Did You Miss Anything, Ask Now
Why Expert Market Research?
Right People
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
Right Methodology
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
Right Price
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Right Support
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.
NEWSLETTER