Used Truck Market 2023 | Industry Trends, Share, Size and Forecast 2028

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According to the latest report by IMARC Group, titled, “Used Truck Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global used truck  market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the used truck market?

Report Attributes Details
Market Size in 2022 US$ 43.22 Billion
Market Forecast in 2028 US$ 54.12 Billion
Growth rate (2023 to 2028) CAGR of 3.65%
Base Year of the Analysis 2022
Forecast Period 2023-2028

What is used truck ?

A used truck, also called as a pre-owned or second-hand truck, refers to a vehicle that has been previously owned and operated by one or more owners before being put up for sale. It is widely available as light, medium-duty, and heavy-duty trucks for numerous purposes according to the payload capacities. Used trucks are cost-effective compared to purchasing a new truck and help in improving the safety of products and providing easy hauling and towing tasks. As a result, they are utilized in the agriculture, construction, oil and gas, logistics, and manufacturing industries across the globe.

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What are the growth prospects and trends in the used truck industry?

The widespread adoption of high-performance, safe, and comfortable second-hand motor vehicles by individuals are among the key factors driving the used truck market. Moreover, the escalating demand for hybrid and electric heavy-duty pre-owned trucks amidst businesses across several countries is also stimulating the market growth. Besides this, the rising usage of used motor vehicles in the agriculture industry for reducing manual labor, increasing productivity, improving crop yields, and enhancing the overall efficiency of farming operations is acting as another significant growth-inducing factor. Furthermore, the wide availability of various models of second-hand trucks across the globe is further propelling the global market. Apart from this, the elevating need for pre-owned motor vehicles, on account of the growing number of small and medium-sized businesses, is positively influencing the market growth. Additionally, the escalating demand for the product in the construction and logistics industries, owing to the low costs compared to the new trucks and the rising freight across these sectors, is anticipated to fuel the used truck market over the forecasted period.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Vehicle Type:

  • Light Trucks
  • Medium-duty Trucks
  • Heavy-duty Trucks

Breakup by Sales Channel:

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

Breakup by End User:

  • Construction
  • Oil and Gas
  • Others

Breakup by Region:

  • North America
  • Asia-Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • AB Volvo
  • International Used Truck Centers
  • Mascus (Ritchie Bros. Auctioneers)
  • PACCAR Inc.
  • Renault Group
  • TrueCar Inc.
  • Volkswagen AG

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