Used Truck Market Outlook

According to a report by Expert Market Research (EMR), the global used truck market reached a valuation of USD 44.47 billion in 2023. Driven by the increasing demand for cost-effective transportation solutions and the rising popularity of pre-owned vehicles, the market is expected to grow at a CAGR of 4.0% between 2024 and 2032, reaching an estimated value of USD 63.32 billion by 2032.

The used truck market includes the sales and distribution of pre-owned commercial trucks, spanning light, medium, and heavy-duty vehicles. These trucks are vital across various sectors such as logistics, construction, and agriculture, providing a cost-effective alternative to new trucks, particularly for small and medium-sized enterprises (SMEs) and independent contractors. The sector's growth is being fueled by a robust economy, the introduction of new regulations, technological advancements, and changing business trends.

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A key factor driving the used truck market is the economic benefit of pre-owned vehicles. Used trucks offer significant cost savings compared to new models, enabling businesses to allocate resources more effectively. Additionally, since trucks experience the highest depreciation in their first few years, used trucks present a better value-for-money option for buyers.

The growing emphasis on sustainability and environmental concerns is also shaping the market. Many companies are choosing used trucks to reduce their carbon footprint and comply with environmental regulations. Furthermore, advancements in vehicle technology and maintenance have extended the lifespan of trucks, making used vehicles more reliable and appealing to buyers, thus contributing to the expansion of the used truck market share.

The rise of online sales channels has become a notable trend in the market. Online platforms and auctions offer buyers a convenient and accessible means to explore a wide range of options and compare prices, enhancing the overall purchasing experience.

North America and Europe significantly contribute to the demand for used trucks, attributed to their well-established logistics and transportation sectors and the high adoption rate of pre-owned vehicles. The United States, Germany, and the United Kingdom are key markets in these regions.

In the Asia Pacific, the used truck market is experiencing rapid growth, driven by economic development, expanding infrastructure projects, and the growth of the logistics industry. Countries like China, India, and Japan are seeing a surge in demand for used trucks.

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Latin America and the Middle East and Africa are emerging markets for used trucks, with increasing investments in construction and infrastructure development. The need for cost-effective transportation solutions is driving the adoption of used trucks in these regions, further expanding the market.

Used Truck Market Segmentation

The market can be categorized based on vehicle type and region.

Market Segmentation by Vehicle Type

• Light Truck
• Medium-duty Truck
• Heavy-duty Truck
• Others

Market Segmentation by Region

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

Competitive Landscape

The EMR report examines the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions among other major developments of the leading companies operating in the global used truck market. Some of the major players covered in the report by Expert Market Research include:

• Traton SE (MAN SE, SCANIA AB)
• Daimler Truck AG
• AB Volvo
• PACCAR Inc.
• Ryder System, Inc.
• Penske Corporation, Inc.
• IVECO S.p.A
• Navistar, Inc.
• The Larson Group Peterbilt
• Arrow Truck Sales, Inc.
• Others

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