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

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.