Used Truck Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 47.62 Billion |
| Market Size (2029) | USD 61.09 Billion |
| CAGR (2024 - 2029) | > 5.23 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Used Truck Market Analysis
The Used Truck Market size is estimated at USD 47.62 billion in 2024, and is expected to reach USD 61.09 billion by 2029, growing at a CAGR of greater than 5.23% during the forecast period (2024-2029).
The global market for used trucks has witnessed significant growth in recent times. This growth is fueled by increased construction, agriculture, and e-commerce activities, which have spurred the need for material transportation. Their value proposition is a key driver for developing the global used trucks market.
Owing to the low costs compared to the new trucks and rising freight demand across the construction and logistics industries, the demand for used trucks has been significant over the years. However, factors such as the incentives and discounts offered by the truck manufacturers, new technologies, fuel efficiency (available at a low price), and less downtime of new trucks lead to customers preferring new trucks over the used ones.
Moreover, the rise in construction, agriculture, and e-commerce activities has increased the demand for material transportation, resulting in increased sales of used trucks across the world over the past three years. The value proposition of used trucks is the key factor contributing to the growth of the used truck market.
Hence, reduced prices of used trucks and their increased operational quality are expected to boost demand from various customer segments during the forecast period.
Used Truck Market Trends
Heavy-duty Trucks Will be the Leading Segment
The dominance of heavy-duty trucks in the used truck market can be attributed to their integral role in key industries such as logistics, construction, and large-scale transportation. For instance, in 2022, the e-commerce industry worldwide was valued at USD 2809, as compared to USD 2805 in 2021. It is expected to continue to grow with a CAGR of over 10% in the next few years. These vehicles are crucial for moving heavy and large quantities of goods, especially over long distances, which is vital for the efficient functioning of these sectors. Their ability to handle diverse and demanding tasks makes them a preferred choice.
Heavy-duty trucks are known for their robust construction and longer lifespan compared to lighter trucks. This durability is a significant factor in the used market, as it assures buyers of reliable performance even with pre-owned models. Their build quality is designed to withstand rigorous use and harsh conditions, making them a worthwhile investment for businesses that rely on heavy hauling and transportation.
The stream of older heavy-duty trucks into the used market is facilitated by advancements in technology and stricter emission regulations, which prompt the turnover of older models. Newer models are more fuel-efficient and environmentally compliant, making older versions more accessible and affordable in the used market. This dynamic ensures a steady supply of heavy-duty trucks, maintaining their popularity and dominance in the used truck market.
Asia-Pacific is the Fastest Growing Market for Used Trucks
The Asia-Pacific (APAC) region's rapid growth in the used truck market is primarily fueled by the robust economic development and expansion of key industries. This region, characterized by a diverse range of economies from emerging to developed, sees a growing demand in the logistics, construction, and manufacturing sectors, which require heavy-duty transportation. The rise in infrastructure development, particularly in countries like India and Indonesia, further accelerates this demand.
The increasing focus on cost-effectiveness and efficiency in these growing economies also drives the demand for used trucks. Budget constraints and the need for reliable transportation solutions in developing countries make used trucks an attractive option, balancing cost with performance.
China, as the largest market in APAC, plays a pivotal role due to its massive manufacturing base and status as a global trade hub. Its extensive internal demand for transportation of goods across its vast geographical area, coupled with significant investments in road and infrastructure development, makes it a prime market for used trucks. Furthermore, China's policies that encourage the replacement of older, less efficient trucks with newer models have created a vibrant secondary market, reinforcing its position as the largest market in the region.
India has also witnessed a surge in demand for used cars in recent years. The market in India is primarily driven by the growing demand for e-commerce and logistics and the increasing infrastructure and construction projects across the country. For instance, in June 2022, the Ministry of Road Transport and Highways opened 15 national highway projects worth INR 13,585 crores (USD 1.7 billion) in Patna and Hajipur, Bihar. This is expected to drive the demand for heavy-duty commercial vehicles, which will, in turn, lead to an increase in the demand for used trucks, as purchasing new vehicles on such a large scale is budget-straining and a costly affair.
Thus, owing to its developing/emerging economies, the Asia-Pacific market is expected to lead the used truck industry in the years to come.
Used Truck Industry Overview
Key players operating in the used trucks market are Scania, Mercedes-Benz, Renault, Mascus, and Volvo Trucks. Manufacturers focus on launching new products to stay competitive in the market by incorporating advanced technologies, including IoT, AI, smart navigation systems, and accident prevention technologies.
- In April 2022, Ashok Leyland partnered with Mahindra First Choice Wheels to launch an exclusive hybrid ecosystem for its used commercial vehicle business. The digital platform will facilitate exchanging, properly disposing of, and purchasing old commercial vehicles.
Used Truck Market Leaders
-
Volvo Trucks
-
Scania
-
MAN SE
-
Renault SA
-
Mercedes Benz
*Disclaimer: Major Players sorted in no particular order
Used Truck Market News
- August 2023: Ashok Leyland introduced its e-marketplace 'Re-AL', dedicated to the sale of used trucks. The platform enables customers to exchange their existing commercial vehicles and upgrade to new Ashok Leyland trucks and buses. The e-marketplace provides customers with various features to help them easily locate vehicles of their choice, including verified images of the vehicles, validated documents, and evaluation reports.
- June 2023: Daimler launched the "Bharat Benz Certified" platform, aiming to offer reliable and quality-assured pre-owned Bharat Benz trucks with a new annual maintenance contract (AMC). This initiative focuses on enhancing customer trust and promoting sustainability in the used truck market.
Used Truck Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increasing Infrastructure and Growing Construction Activities are Driving the Demand for Used Trucks
4.1.2 Cost Effectiveness and Affordability are Fueling the Demand for Used Trucks
4.2 Market Restraints
4.2.1 Stringent Emission and Safety Standards Present Challenges for the Market
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in USD Billion)
5.1 Vehicle Type
5.1.1 Light Trucks
5.1.2 Medium-duty Trucks
5.1.3 Heavy-duty Trucks
5.2 Sales Channel
5.2.1 Independent Dealer
5.2.2 Franchised Dealer
5.2.3 Peer-to-peer
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Italy
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 Brazil
5.3.4.2 South Africa
5.3.4.3 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 PACCAR Inc.
6.2.2 Daimler AG (SelecTrucks)
6.2.3 Renault SA
6.2.4 MAN SE (Volkswagen AG)
6.2.5 Volvo Trucks
6.2.6 Scania AB ( Traton SE)
6.2.7 Mascus
6.2.8 Navistar International Corporation
6.2.9 Enterprise Truck Rental
6.2.10 Eicher
6.2.11 Ashok Leyland
6.2.12 Tata Motors
6.2.13 AmeriQuest Used Trucks
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing E-commerce and Logistics Sector Presents Growth Opportunities in Coming Years
8. MARKET SIZE AND FORECAST IN VOLUME
9. REGULATORY GOVERNMENT EMISSION NORMS FOR TRUCKS
Used Truck Industry Segmentation
Used trucks refer to pre-owned commercial vehicles designed for transporting materials and goods. These vehicle are available for resale in the secondary market.
The used truck market is segmented by vehicle type, sales channel type, and geography. By vehicle type, the market is segmented into light trucks, medium-duty trucks, and heavy-duty trucks. By sales channel, the market is segmented into independent dealer, franchised dealer, and peer-to-peer. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The report offers the market size in value terms in USD for all the abovementioned segments.
| Vehicle Type | |
| Light Trucks | |
| Medium-duty Trucks | |
| Heavy-duty Trucks |
| Sales Channel | |
| Independent Dealer | |
| Franchised Dealer | |
| Peer-to-peer |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Used Truck Market Research FAQs
How big is the Used Truck Market?
The Used Truck Market size is expected to reach USD 47.62 billion in 2024 and grow at a CAGR of greater than 5.23% to reach USD 61.09 billion by 2029.
What is the current Used Truck Market size?
In 2024, the Used Truck Market size is expected to reach USD 47.62 billion.
Who are the key players in Used Truck Market?
Volvo Trucks, Scania, MAN SE, Renault SA and Mercedes Benz are the major companies operating in the Used Truck Market.
Which is the fastest growing region in Used Truck Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Used Truck Market?
In 2024, the Asia-Pacific accounts for the largest market share in Used Truck Market.
What years does this Used Truck Market cover, and what was the market size in 2023?
In 2023, the Used Truck Market size was estimated at USD 45.13 billion. The report covers the Used Truck Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Used Truck Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Used Truck Industry Report
Statistics for the 2024 Used Truck market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Used Truck analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
