Global Used Truck Market Size, Share, Growth Analysis, By Type(Light & Medium, Heavy Type), By Fuel Type(Diesel, Petrol) - Industry Forecast 2024-2031

Global Used Truck Market size was valued at USD 42.92 billion in 2022 and is poised to grow from USD 44.68 billion in 2023 to USD 61.62 billion by 2031, growing at a CAGR of 4.10% during the forecast period (2024-2031).

The global market is being propelled by a surge in product launches, increased consumer spending on passenger vehicles, and improved affordability, with major corporations investing heavily in research and development to introduce new-generation used trucks boasting enhanced features like better torque, increased payload capacity, and improved fuel efficiency. These frequent introductions of upgraded vehicles are capturing buyer attention and stimulating impulsive purchases, driven by their overall utility, spacious cargo areas, and high towing capabilities. However, sluggish demand in certain regions, stemming from fewer consumers and stringent regulations, poses a challenge to market expansion, compounded by issues like insufficient parking and driving space for cars, affecting local preferences and income. Moreover, stringent government regulations on greenhouse gas emissions impede market entry. Diesel-powered trucks, contributing to higher CO2 emissions, face production disruptions due to semiconductor chip and auto parts shortages as well as labor issues, with forecasts indicating a continuation of the chip shortage until at least 2022. Despite these challenges, a post-pandemic rebound is anticipated, promising significant market growth ahead.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Used Truck Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Used Truck Market Segmental Analysis

Global Used Truck Market is segmented on the basis of type, fuel type and region. By type, the market is segmented into light & medium, heavy duty, off-road. By fuel type, market is segmented into diesel, petrol, electric, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Used Truck Market

The pre-owned truck market provides an extensive array of choices concerning vehicle types, brands, sizes, and setups, granting buyers the flexibility to discover trucks tailored to their unique needs. This diversity in available inventory empowers businesses to select the ideal vehicle for their operations without the obligation of purchasing new trucks.

Restraints in the Global Used Truck Market

Economic fluctuations and uncertainties wield considerable influence over the used truck market, with downturns prompting businesses to curtail capital expenditures, thereby reducing demand for pre-owned trucks. Additionally, economic volatility can erode consumer confidence, instigating a sense of caution among individuals and businesses alike regarding substantial investments such as the acquisition of used trucks.

Market Trends of the Global Used Truck Market

Buyers are increasingly favoring late-model used trucks, drawn to their combination of newer features, enhanced fuel efficiency, advanced safety technologies, and lower mileage. These trucks strike a balance between affordability and modern amenities, appealing to consumers seeking dependable and technologically advanced vehicles without the higher price tag associated with brand-new models.