Used Truck Market Report and Forecast 2024-2032

According to the report, the global used truck market grew significantly in 2023. Aided by the ever-growing transportation needs, the pursuit of cost-effective solutions, and the changing dynamics of the automotive sector, the market is projected to further grow at a CAGR of 4% between 2024 and 2032 reaching a value of approximate USD 63.32 billion by 2032.

Used trucks, referring to those vehicles previously owned and operated, have gained substantial traction in the transportation and logistics sector due to their affordability compared to new trucks. They serve crucial roles, from heavy-duty transportation to light deliveries, ensuring that goods reach from manufacturers to consumers, and every step in between. Additionally, the resale value of trucks, coupled with their robust build, has made them a preferred choice among many small and medium enterprises (SMEs) as well as individual contractors.

As per the used trucks market analysis, the surge in global trade, especially e-commerce, has invigorated the transportation sector, driving the demand for trucks. For many businesses, especially start-ups and SMEs, the upfront cost of new trucks is prohibitive. This economic challenge has paved the way for the growth of the market. Moreover, the quality and durability of modern trucks mean that even second-hand trucks have significant operational life left, offering a near equivalent performance as new trucks but at a fraction of the cost.

Furthermore, one of the crucial used trucks market trends is the technological advancements that have facilitated platforms where buyers and sellers can engage in the market seamlessly. Digital platforms offering detailed inspection reports, transparent pricing, and financing options have revolutionised the buying process, instilled trust and boosting the market's growth.

Environmental concerns also play a pivotal role in this market. While the push for electric and low-emission vehicles grows stronger, the manufacturing process of new trucks contributes significantly to carbon footprints. In contrast, opting for used trucks can be seen as a form of recycling, thereby reducing the environmental impact, and propelling the used trucks market growth.

Another driving factor for the market is the rapid depreciation rate of new trucks. A brand-new truck can lose a significant portion of its value within the first year. This rapid depreciation makes used trucks, which have already undergone the steepest depreciation, an attractive option for many buyers and contribute to the used trucks market demand.

Market Segmentation

The market can be divided based on vehicle type and region.

Market Breakup by Vehicle Type

• Light Truck
• Medium-duty Truck
• Heavy-duty Truck
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global used truck market. Some of the major players explored in the report are as follows:

• 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
• Arrow Truck Sales, Inc.
• Others