Global Used Truck Market Report and Forecast 2024-2032

Global Used Truck Market Outlook

The global used truck market size reached nearly USD 44.47 billion in 2023. The market is projected to grow at a CAGR of 4.0% between 2024 and 2032 to reach a value of around USD 63.32 billion by 2032.

Key Takeaways

• Trucks transported around 11.46 billion tons of freight in the United States in 2022, which covers 72.6% of total domestic freight shipped.

• In 2021, 13.86 million single-unit and combination trucks were registered in the United States.

• In 2022 , China recorded sales of around 54, 000 new electric buses and an estimated 52, 000 electric medium- and heavy-duty trucks.

Trucks are larger vehicles designed for freight transportation or specialised operations such as firefighting. These vehicles are available in varied sizes, configurations, and power, and they are generally categorised as straight or articulated.

Used trucks refer to vehicles that have previously been owned and utilised by another party prior to being offered for sale or purchase once more. These vehicles encompass a wide array of makes, models, and manufacturing years, and their condition can vary extensively, from nearly new to significantly aged and requiring extensive repairs.

The used truck market expansion is being fuelled by an improving economy, the introduction of new regulations, technological improvements, and evolving business dynamics. Buying a used truck is a lot cheaper than getting a new one, which is great for businesses wanting to add to their fleets without spending too much money. Also, used trucks can be tweaked or changed to fit in accordance with businesses’ needs, making them ideal for smaller companies and those offering special services.

Key Trends and Developments

The rapid growth of the construction sector; transportation sector expansion; shift to electric vehicles; and increasing SMEs are positively impacting the used truck market growth

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.

Market Segmentation

“Global Used Truck Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Light trucks are expected to hold a leading position in the market in the forecast period

Light trucks account for a significant portion of the used truck market 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.

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.

Competitive Landscape

Major players are increasingly investing in expanding their presence in the international market to scale up their business:

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.

Major companies are increasingly investing to expand into international markets by exporting used trucks in order to expand their consumer base, especially in regions where there is a high demand for affordable transportation solutions.

Used Truck Market Analysis by Region

The Asia Pacific accounts for a significant share of the market. This can be attributed to the increasing domestic trade of goods and cargo across emerging economies such as India and China. A strong foothold of market players offering online services of refurbished and used trucks is improving the accessibility to used trucks in the region.

Moreover, heavy traffic conditions across the region are generating the requirement to handle stranded or disabled vehicles, which is expected to be a crucial trend in the market in the coming years.

The North America used truck market is expected to hold a dominating position in the forecast period owing to the surge in construction activities around the region. Manufacturers are increasingly integrating advanced sensors and automatic transmission for enhanced cabin comfort. Furthermore, the North American free trade agreement has allowed companies to ship qualified goods duty-free to Canada and Mexico.

Key Highlights of the Report