What is the global market size of Used Truck Market?

Used Truck Market size was valued at USD 41.23 billion in 2021 and is poised to grow from USD 42.92 billion in 2022 to USD 56.86 billion by 2030, at a CAGR of 4.10% during the forecast period (2023-2030).

Used Truck Companies

Q: Which region accounted for the largest share in Global Used Truck Market?

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.

Used Truck Market Competitive Landscape

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)

FAQs

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).

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. '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)'

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.

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.

North America will continue to dominate the 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.

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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

Used Truck Market Competitive Landscape

Used Truck Market Report Snapshots

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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

Used Truck Market Competitive Landscape

Used Truck Market Report Snapshots

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What is the market size of Used Truck Market?

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Which region accounted for the largest share in Used Truck Market?

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