The Business Research Company’s report on the Used Truck Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the used truck market in recent years?
The rise in the construction industry is expected to propel the growth of the used truck market going forward. The construction industry is the industrial segment of production and commerce concerned with constructing, repairing, renovating, and maintaining infrastructures. Used trucks are used for transporting several construction materials on construction sites. For instance, in August 2022, according to Invest India, the National Investment Promotion and Facilitation Agency of India, by 2025, it’s anticipated that India’s building sector would generate $1.4 trillion. According to MGI (2011), cities are predicted to produce 70% of India’s GDP by 2030. India’s construction market is divided into 250 subsectors and has connections between them. By 2030, there will probably be 600 million more people living in metropolitan areas, increasing the need for 25 million more mid-range and reasonably priced housing units. Therefore, the rise in the construction sector drives the used truck market.
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What is the projected market size of the used truck industry, and how is it expected to grow?
The used truck market size has grown strongly in recent years. It will grow from $47.67 billion in 2024 to $50.47 billion in 2025 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to economic conditions, fleet renewal cycles, construction and infrastructure development, global trade expansion, and environmental regulations
The used truck market size is expected to see strong growth in the next few years. It will grow to $67.44 billion in 2029 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to e-commerce growth, adoption of electric trucks, fleet optimization, increased outsourcing of logistics, and resilience amid economic uncertainty. Major trends in the forecast period include the digitalization of sales platforms, technology advancement, telematics integration, predictive maintenance solutions, focus on sustainability.
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Who are the key players driving competition in the used truck market?
Major companies operating in the used truck market include Mercedes Benz AG, Daimler Truck AG, Charter Trucks Co, Renault SA, AB Volvo, PACCAR Inc., Penske Automotive Group, MAN SE, Ryder System Inc., Scania AB, Navistar International Corporation, Hertz Car Sales, Schneider National Inc., Murphy-Hoffman Co, Premier Truck Group, Freightliner Trucks, Kenworth Truck Company, Ritchie Bros, The Larson Group, TruckPaper.com, Del-Val International Trucks Inc., Arrow Truck Sales Inc., Fyda Freightliner Inc., Peterbilt Motors Company, Vander Haag’s Inc., Mascus International Holding Co, Hammer Trucks Sales LLC.
What key trends are expected to drive the urinary tract infection treatment market during the forecast period?
Introducing innovative used truck brands and sites is a key trend for gaining popularity in the used truck market. Major companies operating in the used truck market are focused on developing innovative solutions to strengthen their position in the market. For instance, in June 2023, Daimler, a Germany-based automotive manufacturer, launched the Bharat Benz Certified brand for used trucks. Customers can choose a new annual maintenance contract (AMC) while purchasing used Bharat Benz trucks.
Which key geographies are driving the growth of the used truck market?
Asia-Pacific was the largest region in the used truck market in 2024. The regions covered in the used truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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What are the key segments driving growth in the used truck market?
The used truck market covered in this report is segmented –
1) By Type: Light-Duty Truck, Medium-Duty Truck, Heavy-Duty Truck
2) By Fuel Type: Gasoline, Electric, Diesel
3) By Sales Channel: Franchised Dealer, Independent Dealer, Peer-To-Peer
4) By End-Use: Construction, Oil And Gas, Mining, Other End-Users
Subsegments:
1) By Light-Duty Truck: Pickup Trucks, Mini Trucks, Utility Trucks
2) By Medium-Duty Truck: Box Trucks, Flatbed Trucks, Delivery Trucks
3) By Heavy-Duty Truck: Tractor-Trailers (Semi-Trucks), Dump Trucks, Heavy Haul Trucks
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What defines the structure and scope of the used truck market?
A used truck has previously been owned and is being resold to a new customer. They are used for several purposes, including transporting products and supplies, hauling cargo, doing construction work, and towing trailers.
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