Used Truck Market

Used Truck Market Size:

The global used truck market size reached US$ 44.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 59.9 Billion by 2032, exhibiting a growth rate (CAGR) of 3.29% during 2024-2032. Significant economic advantages, the rising demand in logistics and transportation, technological advancements influencing the vehicle longevity, the rise of new truck models, the implementation of stringent regulatory initiatives, and the increasing online marketplaces are some of the key factors driving the market toward growth.

Used Truck Market Analysis:

• Major Market Drivers: The used truck market is influenced by various key factors. Economic considerations play a significant role as purchasing used trucks offer substantial cost savings as compared to new models which makes them attractive for small and medium sized enterprises. The robust demand in logistics and transportation sectors also fuels the market growth, with businesses looking for reliable yet affordable vehicles to meet growing delivery needs. In line with this, advancements in medical longevity and quality assurance have increased the viability of used trucks. Environmental regulations encouraging the use of fuel efficient and lower emission vehicles further propels this market as newer used models tend to meet these standards. Furthermore, the rising availability of financing options for used vehicles makes them more accessible to a broader range of buyers enhancing its market growth.
• Key Market Trends: Key trends in the used truck market includes the rising preference for online platforms and digital marketplaces which further simplifies the buying and selling processes and provide access to a broader inventory. In line with this, there is also a growing demand for certified pre-owned programs that offer warranties and rigorous inspections further enhancing buyers’ confidence. The gradual shift towards environmentally friendly practices is also evident with rising focus on acquiring used trucks with lower emissions and better fuel efficiency. Another notable trend is the integration of advanced telematics and fleet management systems in used trucks improving its operational efficiency and vehicle monitoring. Furthermore, economic uncertainties and supply chain disruptions are driving businesses to opt for cost effective use trucks over new purchases, further propelling the market growth.
• Geographical Trends: Geographical trends in the used truck market show significant regional variation mainly influenced by economic, regulatory and industry specific factors. In North America, robust logistics and ecommerce sector is driving the demand for used trucks with increasing adoption of online sales platforms. Europe is witnessing a strong emphasis on acquiring low emission, fuel efficient used trucks due to strict monumental revolutions and sustainability goals. In contrast, developing regions like Asia Pacific and Latin America experience a rise in demand for used trucks due to rapid industrialization, organization and expanding infrastructure projects where affordability and availability are key considerations. Furthermore, Middle East and Africa shows rising interest in used trucks for construction and mining activities generally driven by regional development initiatives and cost-effective transportation needs.
• Competitive Landscape: Some of the major market players in the used truck industry include AB Volvo, International Used Truck Centers, Mascus (Ritchie Bros. Auctioneers), PACCAR Inc., Renault Group, TrueCar Inc., Volkswagen AG, among many others.
• Challenges and Opportunities: The used truck market faces various challenges and opportunities. Among the challenges, varying quality and reliability of used trucks can deter buyers, making rigorous inspections and certifications essential. Economic uncertainties and fluctuation in fuel prices also impact market stability. However, these challenges are presenting various opportunities as well. The increase in use of digital platforms for buying and selling used trucks enhances market accessibility and transparency, while certified preowned programs build buyer trust. In line with this, the global push for sustainability creates the demand for fuel efficient, low emission used trucks driving innovation and new market segments. Expanding financing options for used trucks further opens opportunities for small and medium sized enterprises to acquire essential vehicles supporting market growth despite the economic fluctuations.
   

Used Truck Market Trends:

Certified Pre-Owned Programs

Certified pre-owned programs are very popular in the market because of their promise of quality and reliability. Vehicles under CPO programs undergo various comprehensive inspections and refurbishments to meet strict manufacturer standards which ensures that the trucks are in excellent condition. For instance, Volvo Trucks has launched the Volvo Certified Program offering a factory backed warranty for pre-owned trucks. This program provides engine and transmission coverage modeled after Engine Plan 2 Protection Plan for new trucks. Qualified Class 8 Volvo Certified trucks undergo a 150-point inspection, reconditioning process and come with up to 24 months and 250,000 miles of coverage. This program aims to raise the standards of used trucks and provide customers with the same quality and reliability expected from Volvo Trucks. The trucks come with extended warranty offering buyers peace of mind and protection against potential defects. The rigorous inspection process includes checks on mechanical safety and cosmetic aspects thereby enhancing the overall value and performance of the vehicle.

Online Platforms and Digital Marketplaces

Online platforms and digital marketplaces have revolutionized the used truck market by streamlining the buying and selling processes. These platforms offer a vast inventory, enabling buyers to easily compare options, prices and features from comfort of their homes or offices. For instance, Daimler India Commercial Vehicles (DICV) introduced 'BharatBenz Exchange' to facilitate the exchange of used and commercial vehicles for new or used BharatBenz vehicles at dealerships across India. The platform aims to provide customers with a seamless experience, offering quality checked used trucks and assistance with documentations, resale value and financing options. DICV plans to digitalize its services and collaborate with online used vehicle platforms to expand its customer reach. Advanced search filters and user-friendly interfaces simplifies the selection process making it more efficient and less time consuming. Sellers benefit from reaching a wider audience increasing the likelihood of quick sales.

Increasing Sustainability Initiatives

Sustainability initiatives are increasingly influencing the market as both consumer and businesses seek to adopt eco-friendly practices and vehicles. This shift is driven by a global emphasis on reducing carbon footprints and adhering to a strict environmental regulation. The UK government is implementing policies like carbon budgets and utilizing the EU emission trading scheme to reduce greenhouse gas emissions and ensure compliance with the climate change impacts. These strategies are aimed at decreasing the carbon emissions and meet emission reduction target effectively. Used truck buyers are now prioritizing vehicles with lower emissions and better fuel efficiency often opting for models equipped with heavy technology that minimize environmental impact. In line with this many companies nowadays are incorporating green policies into their operations like recycling programs and sustainable sourcing. These efforts does not only help in mitigating environmental harm but also enhance corporate reputation and compliance with international sustainability standards further fostering the market growth.

Used Truck Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on vehicle type, sales channel, and end user.

Breakup by Vehicle Type:

• Light Trucks
• Medium-Duty Trucks
• Heavy-Duty Trucks
   

Light Trucks accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the vehicle type. This includes light trucks, medium-duty trucks, heavy-duty trucks. According to the report, light trucks represented the largest segment.

Light trucks dominate the market representing a significant majority. This category includes pickup trucks, SUV and vans, appeals broadly because of its versatility and robustness which makes it an ideal for both personal and commercial use. According to data published by at the United Nations Environment Programme, the export of used light duty vehicles has risen globally further reaching 4 million in 2020 due to COVID-19 pandemic. Consumers favor light truck for their enhanced towing capacity, spaciousness and off-road capabilities which are invaluable for a variety of work-related recreational activities.

Breakup by Sales Channel:

• Franchised Dealer
• Independent Dealer
• Peer-to-Peer
   

A detailed breakup and analysis of the market based on the sales channel have also been provided in the report. This includes franchised dealer, independent dealer and peer-to-peer.

Franchised dealerships are a prominent channel in the used truck market, offering vehicles that often come with warranties and are certified pre-owned. These dealerships are typically affiliated with specific manufacturers, providing a reliable and trusted source for consumers seeking quality and assurance in their second-hand vehicle purchases.

Independent dealers constitute a significant portion of the used truck market, providing a wide variety of makes and models without manufacturer affiliation. These dealers often offer more competitive prices and a diverse inventory, catering to budget-conscious buyers looking for more flexible purchasing options and potentially higher bargaining power.

The peer-to-peer sales channel is gaining traction in the used truck market as technology facilitates direct transactions between buyers and sellers. This model often results in lower prices due to the absence of dealer overheads and provides a platform for buyers to negotiate directly, offering a more personalized transaction experience.

Breakup by End User:

• Construction
• Oil and Gas
• Others
   

The report has provided a detailed breakup and analysis of the market based on the end user. This includes construction, oil and gas, and others.

Construction companies are one of the significant end users in the used truck market. These businesses mainly seek robust and durable trucks which are capable of handling demands tasks like transporting heavy materials and equipment across rugged terrains. Used trucks provide a cost-effective solutions for construction firms which seems to expand their fleets without financial burden of new vehicles making them a highly sought after assets for both small scale projects and major developments.

The oil and gas sector heavily relies on used trucks for various operational needs which includes exploration, drilling and transportation of natural gas and crude oil. Trucks used in oil and gas industry needs to be highly durable and capable of operating in harsh and remote environments. The cost saving associated with purchasing used trucks make them an attractive option for companies that are looking to minimize expenses while maintaining high efficiency and reliability in their logistical operations.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest used truck market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for used truck.

North America is the front runner in the used truck market holding largest share across the world. This dominance is mainly driven by the rising demand for light and heavy trucks across various industries like construction, transportation and logistics. According to an article published by ET Auto, in recent years, American automakers witnessed the rise in demand for pickup trucks in United States leading to a market size of $95,214 million mainly dominated by General Motors, Ford and Fiat Chrysler. The region benefits from a well-established automotive infrastructure a strong cultural vehicle ownership and favorable financing options which make used trucks as an attractive alternative to new models. In line with this the presence of major automotive manufacturers in the region and widespread network of franchised and independent dealers ensures a steady supply of used trucks which caters to the diverse needs of both individual consumer and commercial enterprises.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the used truck industry include AB Volvo, International Used Truck Centers, Mascus (Ritchie Bros. Auctioneers), PACCAR Inc., Renault Group, TrueCar Inc., Volkswagen AG, etc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• The competitive landscape of the used truck market is intensely dynamic, characterized by the presence of numerous players ranging from franchised and independent dealers to online platforms facilitating peer-to-peer sales. Major automotive brands also play a critical role, often selling certified pre-owned trucks with warranties that attract buyers seeking reliability and value for money. In 2023, Volvo Trucks achieved record sales, delivering 145,395 trucks globally and maintaining strong market shares. The company also expanded its electric truck range, with 1,977 electric trucks delivered, marking a 256% increase from the previous year. Volvo introduced two new electric models and launched fuel-efficient trucks like the Volvo VNL and the new Volvo FH Aero, emphasizing sustainability and improved performance. Additionally, technological advancements and the rise of digital platforms have revolutionized how customers access and purchase used trucks, increasing market transparency and competition. Dealers are increasingly focusing on enhancing customer service and offering competitive pricing, financing options, and comprehensive vehicle histories to gain an edge in this competitive market.

Used Truck Market News:

• In February 2024, Volvo finalized the acquisition of Proterra Inc.'s battery business for a purchase price of USD 210M. The deal includes a California-based battery development center and an assembly factory in South Carolina. According to Lars Stenqvist, Volvo Group's CTO, the acquisition will enhance Volvo's battery-electric roadmap. The company plans to continue operating Proterra and serving specific customers. This transaction is not expected to have a significant impact on Volvo Group's financial performance.
• In September 2024, Elli, a subsidiary of Volkswagen Group, launched Charging Site Management, a new B2B product that offers AC and DC charging hardware, integrated software solutions, and extensive consulting functions for fleet operators. The product aims to support the electrification of fleets, providing state-of-the-art hardware and software solutions for smooth operation. Elli's extensive experience in charging management at Volkswagen Group locations contributes to the development of this innovative B2B charging solution

Used Truck Market Report Scope:

Key Questions Answered in This Report:

• How has the global used truck market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global used truck market?
• What is the impact of each driver, restraint, and opportunity on the global used truck market?
• What are the key regional markets?
• Which countries represent the most attractive used truck market?
• What is the breakup of the market based on the vehicle type?
• Which is the most attractive vehicle type in the used truck market?
• What is the breakup of the market based on the sales channel?
• Which is the most attractive sales channel in the used truck market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the used truck market?
• What is the breakup of the market based on the region?
• Which is the most attractive region in the used truck market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global used truck market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the used truck market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global used truck market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the used truck industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.