USD 42.92 billion
Used Truck Market Size, Share, Growth Analysis, By Type(Light & Medium, Heavy Type, Off-Road), By Fuel Type(Diesel, Petrol, Electric, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2108 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
64
|Figures:
76
Used Truck Market Insights
Global Used Truck Market size was valued at USD 42.92 billion in 2022 and is poised to grow from USD 44.68 billion in 2023 to USD 61.62 billion by 2031, growing at a CAGR of 4.10% during the forecast period (2024-2031).
A high number of product launches, increased consumer expenditure on passenger vehicles, and rising affordability are the main factors driving the global market. The product launch of new-generation used trucks with improved functionality, such as better torque, a higher payload capacity, and improved fuel efficiency, is made possible by important corporations increasing their spending on research and development.
The leading manufacturers are introducing enhanced and appealing vehicles on a more frequent basis, which attracts attention from buyers and feeds their propensity for impulsive purchases. Greater general usefulness, a sizable cargo space, and a high towing capability of these vehicles are the major features that impact the consumers' buying decision.
The slow demand in some regions caused by fewer consumers and stricter rules & regulations significantly inhibits the expansion of the global market. Some areas lack sufficient room for safe operations in parking lots and driving lanes for passenger cars, which has an impact on local customers' preferences for services and results in lower-than-expected income. In addition, entry into the market is hampered by rigorous government regulations and requirements for reducing greenhouse gas (GHG) emissions.
The majority of trucks use diesel, which results in higher CO2 emissions from the car as well. Production lines were stopped, leading to a decline in product sales, due to shortages of semiconductor chips and auto parts as well as labour. Future years are likely to see a continuation of the semiconductor chip shortage. The Economist Group's The Economist Intelligence Unit predicts that the shortage of semiconductor chips will likely last well until 2022. After the pandemic, the market is predicted to rebound and increase at a significant rate.
US Used Truck Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Light & Medium
Fastest Growth
Light & Medium
Growth Rate
4.10% CAGR
Global Used Truck Market ($ Bn)
Country Share for North America Region (%)
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Used Truck Market Segmental Analysis
Global Used Truck Market is segmented on the basis of type, fuel type and region. By type, the market is segmented into light & medium, heavy duty, off-road. By fuel type, market is segmented into diesel, petrol, electric, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
In 2022, light-duty used trucks had a 91.0% revenue share, dominating the global market. The greater product portfolio provided by the manufacturers is responsible for the segment's larger market revenue share. As a result of their appearance and small size and space, light-duty used trucks are becoming more and more popular with consumers, which will help the market grow. Light-duty trucks, such the Ford F-150, Ram 1500, Toyota Hilux, Ford Ranger, Chevrolet Silverado, etc., are market leaders with higher unit sales. The greater appeal of these models on a global scale helped to make the light-duty vehicle type segment more dominant.
Over the projected period, the sector for heavy-duty vehicle types is anticipated to grow at the fastest rate. The rise of the segment is attributed to consumers' growing interest in recently released models and the leading manufacturers' rising product launches. For instance, Stellates Group intends to introduce a brand-new, highly improved RAM 3500 HD in 2023. This vehicle will have updated appearance and more modern cabin facilities. The GMC Sierra 3500HD, a heavy-duty used truck with 401 horsepower and 464 lb-ft of torque, is expected to go on sale in 2022 from General Motors.
Analysis by Fuel Type
In 2022, the diesel category controlled the largest revenue share of about 95.5%, dominating the market. Due to the fact that most of the available used truck models are powered by diesel engines, this segment has the biggest market share. A large variety of used trucks with a predominance of diesel engines are offered by major players. The consumer preference for diesel-powered used trucks over those powered by other fuel types, which is a result of the higher torque and higher calorific value supplied by diesel, also contributes to the segment's growth. Additionally, compared to other fuel types, diesel engines haul heavier loads more effectively and last longer.
Over the projected period, it is anticipated that the electric category will develop at the fastest rate. Although a diesel engine has numerous benefits for the used truck economy, it also causes more GHG and CO2 emissions as well as more air pollution. Automakers are required to and eager to develop and produce clean and green fuel-based automobiles as a result of the growing threat of global warming. Electric Vehicles (EVs) are expected to continue to lead the segment growth in the foreseeable future thanks to government initiatives and manufacturer increases in product launches.
Global Used Truck market By Type
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Used Truck Market Regional Insights
North America will continue to dominate the global market in the future years. One of the main trends driving the market expansion is the high reliance on heavy vehicle transport systems for moving goods from the point of production and consumption and suppliers to the market. In terms of overall transportation energy consumption, heavy-duty (HD) vehicles play a significant role. According to the Energy Information Association's (EIA) Annual Energy Outlook (AEO), HD trucks use around 20% of the gasoline used for transportation in the United States, and by 2050, this percentage is predicted to rise to almost 30%. However, the average cost of HD trucks is between USD 30,000 and USD 40,000, which is out of reach for many small businesses. This forces the businesses to move to secondhand trucks in order to save operating expenses and boost profit margins.
The Asia-Pacific area is anticipated to be a significant market, driving the global construction industry. With increased construction activity in developing nations like India and the ASEAN countries. For instance, one of the booming industries in India is the building sector. Due to the growing population, the country's construction industry is anticipated to increase twice as quickly as China's until 2030. An essential supporter of economic expansion in India is the infrastructure sector. The Indian government is taking a number of steps to guarantee the timely development of outstanding infrastructure throughout the nation.
Global Used Truck Market By Region
- Largest
- Fastest
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Used Truck Market Dynamics
Drivers
Availability of Diverse Inventory
- The used truck market offers a wide range of options in terms of vehicle types, brands, sizes, and configurations. This diversity in inventory allows buyers to find trucks that suit their specific requirements, enabling businesses to choose the right vehicle for their operations without necessarily having to purchase new trucks.
Improved Vehicle Durability and Reliability
- Modern trucks are designed to have a longer lifespan and improved durability compared to older models. Advances in technology, manufacturing processes, and vehicle maintenance practices have contributed to the enhanced durability and reliability of used trucks. This has increased confidence among buyers and led to a growing demand for used trucks.
Restraints
Economic Volatility
- Economic fluctuations and uncertainties can have a significant impact on the used truck market. During periods of economic downturn, businesses may reduce their capital expenditures, leading to a decrease in demand for used trucks. Economic volatility can also affect consumer confidence, making individuals and businesses more cautious about making large investments, including purchasing used trucks.
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Used Truck Market Competitive Landscape
The existence of sizable, well-known significant players and a largely consolidated market are characteristics of the worldwide market. The market's leading companies are concentrating on the introduction of new products and geographic expansion. In order to introduce improved truck models with more functionality and optimal performance, key manufacturers are also concentrating on research and development operations.
Top Player’s Company Profiles
- Penske (United States)
- Ryder (United States)
- Manheim (United States)
- DAF Trucks (Netherlands)
- Navistar International Corporation (United States)
- AB Volvo (Sweden)
- Daimler AG (Germany)
- PACCAR Inc. (United States)
- Hino Motors (Japan)
- Scania AB (Sweden)
- Tata Motors (India)
- Isuzu Motors (Japan)
- CNH Industrial (Italy)
- Iveco (Italy)
- Dongfeng Motor Corporation (China)
- FAW Group (China)
- Sinotruk (China)
- Ashok Leyland (India)
- Mahindra & Mahindra (India)
- Sino Trucks (China)
- Kamaz (Russia)
Recent Developments
- In March 2023, Penske Truck Leasing, a leading global truck leasing company, announced that it had acquired a fleet of 10,000 used trucks. The acquisition will help Penske to expand its used truck leasing business and to meet the growing demand for used trucks in the global market.
- In February 2023, Navistar, a leading global truck manufacturer, announced that it would be investing $1 billion in its used truck business. The investment will be used to expand Navistar's used truck reconditioning facilities and to develop new used truck sales and marketing programs.
- In January 2023, Manheim, a leading global used vehicle auction company, announced that it had sold over 1 million used trucks in 2022. This was a record-breaking year for Manheim, and it reflects the growing demand for used trucks in the global market.
Used Truck Key Market Trends
- Preference for Late-Model Trucks: Buyers are showing a preference for late-model used trucks. These trucks typically have newer features, improved fuel efficiency, advanced safety technologies, and lower mileage. Late-model trucks offer a balance between affordability and modern features, attracting buyers who seek reliable and technologically advanced vehicles without the premium cost of brand-new models.
Used Truck Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global used truck market has been experiencing steady growth and presents numerous opportunities for buyers and sellers alike. It serves as an essential component of the transportation and logistics industry, offering cost-effective solutions for businesses and individuals looking to acquire trucks for various purposes. The used truck market has witnessed significant growth in recent years and is expected to continue expanding. The increasing demand for commercial vehicles, driven by industries such as e-commerce, construction, manufacturing, and transportation, has contributed to the growth of the used truck market. Additionally, the affordability of used trucks compared to new ones has made them an attractive option, especially for small and medium-sized enterprises. One of the primary advantages of the used truck market is cost savings. Used trucks are generally more affordable compared to new ones, enabling buyers to acquire vehicles at a lower upfront cost. This cost advantage appeals to businesses and individuals seeking to minimize their initial investment or expand their fleet within a limited budget. The affordability factor has driven the popularity and growth of the used truck market globally.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 42.92 billion |
| Market size value in 2031 | USD 61.62 billion |
| Growth Rate | 4.10% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Used Truck Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Used Truck Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Used Truck Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Used Truck Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Used Truck Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Used Truck Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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