Used Truck Global Market Report 2024

A pre-owned truck is one that has had previous ownership and is now being sold to a new customer. These trucks serve various purposes, including transporting products and supplies, hauling cargo, engaging in construction work, and towing trailers.

Used trucks are categorized into three main types light-duty trucks, medium-duty trucks, and heavy-duty trucks. Light-duty trucks fall under a vehicle classification with a gross vehicle weight of up to 8,500 pounds and a payload capacity of up to 4,000 pounds. They come in different fuel types, such as gasoline, electric, and diesel. These trucks are made available through various sales channels such as franchised dealers, independent dealers, and peer-to-peer transactions, catering to diverse end-users in industries such as construction, oil and gas, mining, and others.

The used truck market research report is one of a series of new reports from The Business Research Company that provides used truck market statistics, including used truck industry global market size, regional shares, competitors with a used truck market share, detailed used truck market segments, market trends and opportunities, and any further data you may need to thrive in the used truck industry. This used truck market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The used truck market size has grown strongly in recent years. It will grow from $45.39 billion in 2023 to $48.35 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The historical period's growth can be ascribed to factors such as economic conditions, fleet renewal cycles, development in construction and infrastructure, expansion of global trade, and compliance with environmental regulations.

The used truck market size is expected to see strong growth in the next few years. It will grow to $62.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be linked to the expansion of e-commerce, the increased adoption of electric trucks, optimization of fleets, a rise in logistics outsourcing, and enhanced resilience in the face of economic uncertainty. Key trends in the forecast period encompass the digitalization of sales platforms, advancements in technology, integration of telematics, implementation of predictive maintenance solutions, and a heightened focus on sustainability.

The anticipated growth in the used truck market is expected to be propelled by the increased activity in the construction industry. The construction industry, which involves the construction, repair, renovation, and maintenance of infrastructures, relies on used trucks for transporting various construction materials on job sites. For example, in June 2021, as reported by the NZ Tauranga Aotearoa, a New Zealand-based government data agency, building activities experienced a 3.7% increase in March 2021. Residential activities also saw a growth of 4.3% in 2021 compared to the previous year. Additionally, data from the US Census Bureau indicates that the value of construction activities surged from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, reflecting a growth rate of 10.2%. Consequently, the upswing in the construction sector is a significant driver for the used truck market.

The surge in e-commerce is poised to drive the growth of the used truck market. E-commerce, involving the online buying and selling of goods and services, has become a prominent mode of commerce. Used trucks play a crucial role in the logistics of e-commerce, providing cost-effective and reliable transportation solutions, particularly for last-mile delivery. This contributes to the overall efficiency and expansion of the e-commerce supply chain. For instance, in September 2022, the International Trade Administration reported that consumer eCommerce accounted for 30% of the UK's overall retail sector, a significant increase from 20% in 2020, generating an annual e-commerce revenue exceeding $120 billion. In 2021, 82% of people in the UK made at least one online purchase. Hence, the surge in e-commerce activities is a key factor driving the growth of the used truck market.

The adoption of innovative used truck brands and platforms stands out as a key trend for gaining traction in the used truck market. Major companies in the industry are actively pursuing the development of inventive solutions to bolster their market positions. For example, in June 2023, the Germany-based automotive manufacturer Daimler unveiled the Bharat Benz Certified brand for used trucks. This initiative allows customers to opt for a new annual maintenance contract (AMC) when purchasing used Bharat Benz trucks. Similarly, in May 2021, Sweden-based commercial vehicle designer and manufacturer Volvo AB introduced Volvo Selected, a new European e-commerce site facilitating the purchase of pre-owned trucks. Volvo Trucks aims to promote sustainability and circularity by simplifying the process for clients to identify properly inspected and assessed secondhand vehicles. These trucks can be delivered worldwide and come with driveline coverage, service contracts, and flexible financing options.

Major players in the used truck market are intensifying their focus on the introduction of digital platforms, exemplified by initiatives such as Scania Go. Scania Go, launched by Sweden-based heavy vehicle company Scania AB in April 2022, offers comprehensive digital solutions for fleet management and vehicle monitoring, enhancing operational efficiency. This initiative seeks to revamp the approach to used vehicle marketing, providing flexibility in the marketplace for late-used commercial vehicles. Scania Go addresses the shortage of second-hand stock and is available through participating dealers.

In April 2021, Nesco Holdings Inc., a US-based specialist equipment manufacturer, collaborated with an affiliate of Platinum Equity LLC, a US-based private equity firm, to acquire Custom Truck One Source LP for $1.475 billion. This acquisition aims to establish a leading one-stop shop for specialty rental equipment, serving growing infrastructure markets such as energy grid transmission and distribution, the 5G build-out, critical rail, and other national infrastructure initiatives. Custom Truck One Source LP is a US-based single-source manufacturer and provider of specialized vehicle and heavy equipment solutions, offering an extensive rental fleet, new and used truck sales, and aftermarket parts.

Major companies operating in the used truck market report are Mercedes Benz AG, Daimler Truck AG, Charter Trucks Co, Renault SA, AB Volvo, PACCAR Inc., Penske Automotive Group, MAN SE, Ryder System Inc.,Scania AB, Navistar International Corporation, Hertz Car Sales, Schneider National Inc.,Ruan Transportation Management Systems Inc., Murphy-Hoffman Co, Premier Truck Group, Freightliner Trucks, Kenworth Truck Company, Ritchie Bros, The Larson Group, TruckPaper.com, Del-Val International Trucks Inc., Arrow Truck Sales Inc., Fyda Freightliner Inc., Peterbilt Motors Company, Vander Haag's Inc., Mascus International Holding Co, Hammer Trucks Sales LLC.

Asia-Pacific was the largest region in the used truck market in 2023. The regions covered in the used truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the used truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The used truck market consists of sales of pickup trucks, cement trucks, chiller trucks, crane trucks or mobile cranes, fire trucks, logging trucks, snow plows, and tankers. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Used Truck Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on used truck market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for used truck ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The used truck market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Light-Duty Truck; Medium-Duty Truck; Heavy-Duty Truck
• 2) By Fuel Type: Gasoline; Electric; Diesel
• 3) By Sales Channel: Franchised Dealer; Independent Dealer; Peer-To-Peer
• 4) By End-Use: Construction; Oil And Gas; Mining; Other End-Users
• Companies Mentioned: Mercedes Benz AG; Daimler Truck AG; Charter Trucks Co; Renault SA; AB Volvo
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.