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

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.