PUBLISHER: Orion Market Research | PRODUCT CODE: 1452994
PUBLISHER: Orion Market Research | PRODUCT CODE: 1452994
Global Used Truck Market Size, Share & Trends Analysis Report by Fuel Type (Gasoline, Diesel, and Electric), by Vehicle Type (Heavy-Duty Trucks, Medium-Duty Trucks, and Light-Duty Trucks), by End-User (Construction, Logistics and Transportation, Oil and Gas, and Other) Forecast Period (2024-2031)
The global used truck market is anticipated to grow at a considerable CAGR of 8.3% during the forecast period (2024-2031). One of the primary reasons for the increasing adoption of used trucks is the significant cost savings compared to purchasing new ones. Used trucks typically have a lower upfront cost, allowing businesses and individuals to acquire reliable vehicles without the higher price tag of new models. According to the Used Truck Association, four- to six-year-old trucks brought 3.9% less money than in October, and 40.2% less money than November 2022. In the first 11 months of 2023, late-model sleepers brought 41.6% less money than the same period of 2022. Monthly depreciation in 2023 is now down to 4.0%. Additionally, in 2024, International Used Truck Centers offered The Owner-Operator Independent Drivers Association (OOIDA) members a $1,000 Advantage(R) Card Credit* with the purchase of any used 2018 and newer International(R) LT(TM), LoneStar(R) or RH(R)st. Program Expires on December 31, 2024. Such incentive influences purchasing decisions and draw potential buyers towards the used truck market.
Furthermore, with the increasing investment in digital platforms and improving accessibility, there is an increased opportunity for attracting more customers to the used truck market. In October 2020, Ryder System Inc. launched the mobile-friendly used vehicle sales website, ryder.com/used-trucks. With the launch of the new used vehicle sales website that includes an expanded inventory of vehicles through an additional 156 current Ryder rental and maintenance facilities. This move aimed to enhance the company's digital retail presence and make used vehicles more accessible to customers.
The global used truck market is segmented on the fuel type, vehicle type, and end-user. Based on the fuel type, the market is sub-segmented into gasoline, diesel, and electric. Based on the vehicle type, the market is sub-segmented into heavy-duty trucks, medium-duty trucks, and light-duty trucks. Further, based on the end-user, the market is sub-segmented into construction, logistics and transportation, oil, gas, and other. Others include agriculture.Among the end-users, the construction sub-segment is projected to hold a significant market share. The rising construction demand fuels the used truck market, offering cost-effective, immediately available, and diverse options that associate with construction companies operational and budgetary needs.
Among the fuel type, the electric sub-segment is expected to hold a considerable share of the global used truck market. The segmental growth is attributed to the growing emphasis on environmental sustainability encouraged the businesses and consumers to prioritize electric trucks, as a cleaner and greener transportation option. Also, companies are emphasizing introducing such products to cater the demand in the market. In 2023, Nikola Corp., Nikola Corp., produced 42 Class 8 hydrogen fuel cell electric trucks wholesaling 35 in the US and Canada. The trucks have a 500-mile range and 20-minute fueling time. Additionally, manufacturers are joining in strategic collaborations to eliminate barriers to adoption by providing accessible solutions. In November 2023, Scania CV AB collaborated with Sennder Technologies to launch JUNA, a pay-per-use model for electric trucks. The initiative aimed to remove barriers to adoption by offering access to Scania EVs with comprehensive services, streamlining operations for sustainable transport.
The global used truck market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the rising freight transportation activities, cost-effectiveness, and affordability.
Among all regions, the North America region is anticipated to grow at a considerable CAGR over the forecast period. The regional market growth is attributed to the growing infrastructure projects, such as construction and transportation, and increasing awareness of environmental sustainability coupled with collaborations with truck manufacturers to adopt newer, more eco-friendly trucks, leading to a higher turnover of older models in the used truck market. In July 2023, the California Air Resources Board launched a clean truck partnership with the nation's leading truck manufacturers and the Truck and Engine Manufacturers Association to advance the development of zero-emission vehicles (ZEVs) for the commercial trucking industry and meet emission reduction goals. The Clean Truck Partnership, which included Cummins, Inc., Daimler Truck North America, Ford Motor Company, General Motors Company, Hino Motors Limited, Inc., Isuzu Technical Center of America, Inc., Navistar, Inc., PACCAR Inc., and Stellantis N.V.
The major companies serving the used truck market include Mercedes-Benz USA, LLC, Renault SA, Scania AB, and Volvo Group, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.For instance,in December 2019, International(R) Used Truck Centers and Love's Travel Stops partnered on an exclusive offer for International Used Truck Center customers. Qualifying International(R) truck purchase from International Used Truck Centers received six months of My Love Rewards Diamond status and several other benefits for free.