Used Trucks

Used Trucks

Global Used Trucks Market to Reach US$55.6 Billion by 2030

The global market for Used Trucks estimated at US$43.3 Billion in the year 2023, is expected to reach US$55.6 Billion by 2030, growing at a CAGR of 3.6% over the analysis period 2023-2030. Medium-Duty Trucks, one of the segments analyzed in the report, is expected to record a 3.7% CAGR and reach US$25.3 Billion by the end of the analysis period. Growth in the Heavy-Duty Trucks segment is estimated at 4.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$11.8 Billion While China is Forecast to Grow at 6.9% CAGR

The Used Trucks market in the U.S. is estimated at US$11.8 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$11.6 Billion by the year 2030 trailing a CAGR of 6.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 1.2% and 2.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.9% CAGR.

Used Trucks - Key Trends and Drivers

Used trucks refer to previously owned trucks that are available for resale in the market. These trucks range widely in size, type, and condition, encompassing everything from light-duty pickup trucks to heavy-duty commercial haulers. The market for used trucks is a vital component of the automotive sector, providing cost-effective solutions for individuals and businesses in need of vehicles for transportation, construction, logistics, and other commercial activities. The appeal of used trucks primarily lies in their lower cost compared to new models, as well as the depreciation aspect, where the initial steep drop in value has already occurred, making them a smarter investment in many cases.

The market dynamics for used trucks are influenced by several factors including the economic cycle, the state of the construction and transportation industries, and technological advancements in vehicle manufacturing. During economic downturns, the demand for cheaper, used vehicles tends to increase as businesses and consumers look to cut costs. Conversely, when the economy is booming, the sale of used trucks rises as companies expand their operations and require additional vehicles. Additionally, regulatory changes, such as emissions standards and vehicle operation laws, can affect market dynamics by necessitating fleet upgrades, thereby increasing the availability of used models.

The growth in the used truck market is driven by several factors, including technological advancements, shifts in consumer behavior, and broader economic trends. Enhanced durability and reliability of modern trucks mean they have longer lifespans, which makes purchasing used models a more attractive and feasible option. There’s also a growing trend towards digital platforms for buying and selling used trucks, which simplifies the process and expands the market reach. Economic pressures, such as rising new vehicle prices and uncertainty in global trade, have bolstered the attractiveness of used trucks as a cost-effective alternative. Moreover, the increasing acceptance of telematics and other in-vehicle technologies has improved fleet management practices, making it easier for businesses to maintain and track the condition of their vehicles, thereby ensuring a better quality of used trucks in the marketplace. These factors collectively drive the continuous growth and transformation of the used truck market, catering to a diverse range of consumer needs and preferences.

Select Competitors (Total 38 Featured) -

• AmeriQuest Business Services, Inc. (AmeriQuest Used Trucks)
• Daimler Truck AG (Mercedes Benz Trucks)
• Daimler Truck North America LLC
• Eicher Trucks & Buses
• Enterprise Holdings, Inc (Enterprise Truck Rental)
• Freightliner Northwest
• MAN Truck & Bus SE
• Mascus
• Navistar International Corporation
• PACCAR Inc.
• Peterbilt
• Renault Trucks SAS
• Ryder System, Inc.
• Scania AB
• Sotrex Limited
• Tata Motors Ltd.
• Volvo Trucks;

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