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Used Semi-Truck Market Trends

Report ID: GMI7928
Published Date: Jan 2024
Report Format: PDF

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Used Semi-Truck Market Trends

The introduction of coverage plans for out-of-warranty used trucks will foster lucrative growth in the used semi-truck industry. These plans offer buyers reassurance by mitigating concerns about potential repair costs, making used trucks more appealing and low risk. For instance, in October 2023, Daimler Truck North America (DTNA) introduced Extended Optimum, a customizable coverage plan for out-of-warranty or uncovered Freightliner and Western Star trucks. This extended coverage includes genuine OEM parts and services accessible through DTNA's dealer service network, ensuring maintenance & repairs by certified technicians specializing in Freightliner, Western Star, and Detroit brands.

The appeal of the used semi-truck market is fueled by the declining value of new trucks over a period of time. As new trucks undergo a reduction in value with mileage and wear, businesses find cost-effective solutions by acquiring used vehicles. This factor enhances the appeal of used trucks, allowing buyers to expand their fleets economically. The favorable cost-to-value ratio positions used semi-trucks as an attractive option, propelling market growth as businesses seek reliable and affordable solutions for their freight transportation needs.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of used semi-truck reached USD 13.8 billion in revenue in 2023 and is poised to expand at over 8% CAGR from 2024 to 2032, propelled by the growing volume of freight transportation.

Class 8 used semi-truck segment accounted for more than 60% revenue share in 2023, owing to their heavy-duty capabilities and exceptional versatility.

Asia Pacific accounted for more than 50% of the market share in 2023, owing to the robust economic growth along with flourishing trade and commerce.

Some of the prominent used semi-truck companies are AB Volvo, Daimler Trucks, East Coast International Trucks, Fyda Freightliner, MAN Truck & Bus SE, PACCAR Inc., Penske Used Trucks, Premier Truck Group, Ritchie Bros. Auctioneers, Ryder System, Inc., and Tata Motors Limited.