Global Used Truck Market

Used Truck Market Size, Share, Growth Analysis, By Type(Light & Medium, Heavy Type), By Fuel Type(Diesel, Petrol) - Industry Forecast 2024-2031

Report ID: SQMIG25C2108 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 64 | Figures: 76

Used Truck Market News

  • 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.
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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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Global Used Truck Market

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