Global Used Truck Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Used Truck Market Analysis

Rising demand across diverse industries for cost-effective solutions for fleet operations is growing the market for used trucks. In logistics, construction, and agricultural sectors, such companies realize the value proposition of cost-effectiveness that used trucks offer over brand new ones and enjoy the flexibility of ready availability in large markets with strong transportation demand.

Recent improvements in refurbishment technology facilitate further enhancement in performance and sales for sellers to attract budget-constraint consumers. Moreover, sustainability trends in the shift to electric trucks open opportunities for the transition of conventional vehicles into used markets. Companies are innovating in the financing options, warranties, and online purchase platforms for smoother purchases to increase access and confidence among buyers, thereby bolstering the used truck demand.

Digital transformation is growing in used truck companies that seek a better customer experience and an easier working environment. They are investing in online platforms for easy buying and selling, vehicle diagnostic systems, and providing specific financing options. Moreover, businesses are using AI and data analytics to predict the future demand trends, get into the right pricing model, and optimize the inventory in hand so that it caters better to the demands of customers. These innovations not only ease transactions but also build trust and market reach, positioning companies to remain sustainable in a competitive landscape.

Used Truck Market Growth

High Growth of Electric Vehicles

The growing transition to electric trucks is changing the used truck market. As consumers opt for environmentally friendly alternatives, older diesel trucks are sold in the secondary markets. For example, companies like Tesla, introducing electric semi-trucks, have indirectly facilitated the sale of used diesel trucks as fleet owners shifted to electric models. Thus, this trend increases stock in the used truck market for buyers looking for cost-effective solutions while boosting sustainability, and eventually the growth of used truck market.

Number of Small and Medium Businesses

The growing number of SMEs outsourcing logistics increases the demand for cheap used trucks. For instance, major used trucking companies such as Ryder System offer SMEs a reliable, low-cost transportation solution. With its certified pre-owned trucks and flexible financing options, Ryder provides SMEs with the opportunity to expand without overextending their budget, thus fueling growth in the used truck market as well as small business scalability.

Key Trends and Developments

Used Truck Market Trends

The market is primarily being driven by the rising prevalence of digital platforms. Many companies are leveraging online platforms to reach a wider audience. By listing inventory online, they can attract buyers from different regions or countries. Implementing e-commerce capabilities allows customers to view, inquire, and even purchase used trucks online, making the process more convenient and expanding the customer base.

In addition, the rising emphasis on sustainability and regulatory compliance has propelled the used truck market expansion. Trucks that are more fuel-efficient or meet higher emissions standards can attract businesses looking to reduce their environmental impact. Moreover, some companies invest in remanufacturing and selling parts, which appeals to customers looking to maintain older vehicles in an environmentally friendly and cost-effective manner.

Opportunities in Used Truck Market

The new wave of technology being adopted in the used truck industry is artificial intelligence (AI)-powered inventory management systems, propelling the used truck market dynamics and trends. Companies like Ryder System, Inc. are adopting this AI to track vehicle conditions, predict maintenance needs, and optimize fleet performance. In this way, the correct, real-time information pertaining to the trucks' history of operation, mileage, and potential repairs helps customers make informed decisions about which used trucks to buy or sell. This technology contributes to efficiency, better vehicle reliability, and enhanced market transparency.

The growth of the construction and transportation sectors is driving the demand for used trucks. Used trucks are increasingly being employed for transporting heavy construction materials, such as building components and machinery. Additionally, the cost-effectiveness of these trucks is making them a popular choice in the expanding transportation industry, further boosting their market scalability. With the ongoing infrastructure development and increasing transportation needs, used trucks are gaining traction, offering companies an affordable and efficient alternative to new vehicles.

Used Truck Market Restraints

• High initial costs of purchasing used trucks may deter some buyers, especially small businesses, from reaching the market.
• Apart from the emissions standards, any other regulatory compliance issues available also reduce the availability of older used trucks, thus leading to used truck market challenges.
• Competition from electric vehicles and newer, more fuel-efficient models is drawing demand away from older, traditional diesel-powered used trucks.
• A lack of proper maintenance or warranty support for used trucks is often a source of reliability issues, which lowers the buyer's confidence.

Used Truck Industry Segmentation

Used Truck Market Share

By Vehicle Type Analysis

Light trucks account for a significant portion of the used truck industry share. These types of trucks usually weigh 14,000 lbs or less and offer improved gas mileage, excellent safety, and great payload capacity. Light trucks have longer durability as compared to their counterparts, making them a successful option as a used truck.

As per used truck market analysis, increasing demand for light trucks for intercity transportation of cargo and consumer goods, supported by the rapidly expanding e-commerce sector, is fuelling the segment’s growth. Meanwhile, heavy-duty trucks are utilised in larger operations involving the transportation of objects such as construction materials, oversized equipment, and tanks, among others.

Medium- and heavy-duty trucks have been on the rise in the used truck market due to rising transportation needs, especially for logistics, construction, and retail sectors. Medium-duty trucks are mainly used for local deliveries, thereby providing a more affordable alternative for small and medium-sized businesses. Heavy-duty trucks are also in demand because these are used in long-haul freight. More so, in the current climate of expensive new trucks, businesses need affordable alternatives when purchasing.

Used Truck Market Regional Insights

North America Used Truck Market Opportunities

The North America used truck market will benefit from the growth of e-commerce platforms, with online sales expected to drive 25% of market growth by 2025. Fleet owners are increasingly opting for cost-effective, modern used trucks to upgrade their fleets, meeting stringent emission standards. The shortage of new trucks due to supply chain disruptions has boosted demand for used vehicles. Government initiatives also support cleaner fleets, enhancing the appeal of used trucks

Asia Pacific Used Truck Market Trends

The demand for used trucks is on the rise in this region as more people are opting for economical trucks due to rapid economic growth in the region. Key industries, including logistics, construction, and manufacturing, contribute to the demand. It is estimated that the market will grow steadily, and businesses will primarily look for cost efficiency and customization.

Europe Used Truck Market Dynamics

The Europe used truck market is being driven by the growth in trade, increasing demand for environmentally friendly transport, and government incentives to encourage fleet renewal. The region is shifting towards cleaner, fuel-efficient trucks, which leads to increased demand for second-hand vehicles. Major countries, such as Germany and France, have enormous growth prospects in the used commercial vehicle space.

Middle East and Africa Used Truck Market Drivers

The Middle East and Africa industry for used trucks is driven by increasing construction and infrastructure projects. They need heavy-duty trucks, which increases the demand for cost-effective, reliable vehicles. In this region, mainly South Africa and the UAE are where road freight and transport logistics are growing rapidly.

Latin America Used Truck Market Insights

The Latin America market for used trucks is gaining momentum as small and medium-sized enterprises seek cheaper solutions to their fleet needs. Both Brazil and Argentina hold large parts of this market, and growing demand for logistics in these regions explains the reason. The increase in international trade and e-commerce also fuels the need for used trucks in the region.

Competitive Landscape

The used truck market players focus on expanding fleet offerings in medium- and heavy-duty segments as these trucks attract demand. The companies also leverage digital platforms for wider reach, finance options, and sustainability in the electric truck options, and stress maintenance services along with the increase in the aftermarket and vehicle remanufacturing processes. In addition, used truck companies are focusing on growth in emerging markets such as Asia-Pacific, which is driven by infrastructure development and growing logistics needs.

Daimler Truck AG

Daimler Truck AG, established in 1998 and headquartered in Stuttgart, Germany, is a leading global manufacturer of commercial vehicles, renowned for its extensive range of trucks and buses. Prioritises innovation and sustainability, offering advanced technologies in electric and autonomous vehicle development to enhance transport efficiency and reduce emissions.

AB Volvo

AB Volvo, founded in 1927 and based in Gothenburg, Sweden, is a prominent multinational corporation based in S...

PACCAR Inc.

PACCAR Inc., established in 1905 and headquartered in Bellevue, Washington, USA, is a global technology leade...

Ryder System, Inc.

Ryder System, Inc., founded in 1933 and headquartered in Miami, Florida, USA, leading logistics and transporta...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other key players in the global used truck market are Traton SE (MAN SE, SCANIA AB), Penske Corporation, Inc., IVECO S.p.A, Navistar, Inc., The Larson Group Peterbilt, and Arrow Truck Sales, Inc., among others.

Innovative Used Truck Startups

Startups in the used truck market are working on enhancing the buying and selling experience through technology-driven platforms. They want to streamline transactions, provide transparent vehicle histories, and offer financing solutions. Companies like TruckingHub and UsedTrucks.com are simplifying the used truck marketplace by integrating digital tools, improving inventory visibility, and reducing costs, making it easier for businesses to access affordable, quality trucks.

TruckingHub is a startup that simplifies the process of buying and selling used trucks. It presents an online platform for businesses to access the wide range of trucks and their transparent histories, along with financing options, to be used for logistics in a most efficient manner.

UsedTrucks.com is an online marketplace to buy and sell used commercial vehicles. It integrates advanced search filters and detailed vehicle reports into the system to ensure buyers can quickly find quality trucks at competitive prices and make smoother transactions for everyone involved.