Used Truck Market Size - By Type (Light-duty Trucks, Medium-duty Trucks, Heavy-duty Trucks), By Sales Channel (Franchised Dealer, Independent Dealer, Peer-to-peer), By Fuel Type (Gasoline, Diesel, Electric) & Forecast, 2023 - 2032

Used Truck Market Size

Used Truck Market size surpassed USD 40 billion in 2022 and is anticipated to grow at 9% CAGR from 2023 to 2032. Over the past three years, used truck sales have increased globally owing to the expansion of the construction, agricultural & e-commerce industries, raising the need for material transportation. The value proposition of used trucks is a major factor driving industry expansion. Lower prices of used trucks and improved operational quality are expected to increase the demand across a range of customer segments by 2032.
 

Used trucks may require frequent maintenance or repairs compared to new trucks, depending on their age and condition. Buyers may hesitate to invest in used trucks if they anticipate high maintenance & repair costs, especially if they lack proper warranty coverage or after-sales support. Used trucks generally experience value depreciation over time, which may pose as a restraint for sellers as they may not be able to sell trucks at the initial price paid. Concerns about the remaining lifespan of used trucks and their potential maintenance or repair costs will further hamper used truck market development.
 

COVID-19 Impacts

The COVID-19 pandemic in early 2020 impacted many industries including the used truck market. As economies came to a halt, used truck sales fell, leading to price hikes in the post-pandemic period. COVID-19 restrictions on cash flow and the sharp decline in transportation demand impacted the overall business growth, raising financial concerns among owners of used trucks. Truck usage increased by mid-2021 as manufacturing and construction activities expanded. This trend has continued as governments opened borders, leading to an increase in road freight activities.
 

Used Truck Market Trends

One of the main factors driving the truck market is the high performance of trucks along with their enhanced features such as driver comfort and safety (especially in Class 6 & 7 trucks). These vehicles are primarily characterized by high horsepower and high speed. Trucks are highly preferred for commercial & material handling in the manufacturing and construction industries due to the use of innovative technologies including automotive sensors, Anti-braking System (ABS), Electronic Brake Distribution (EBD), and other advanced safety features such as automatic gearboxes. These factors make new trucks more appealing to consumers.
 

Used Truck Market Analysis

The medium-duty trucks segment held 45% of the used truck market share in 2022. Medium-duty trucks are highly versatile and can be used for a wide range of applications including parcel delivery services, construction, utilities, and towing. This versatility increases the demand for used medium-duty trucks as businesses & individuals seek affordable options for specific transportation needs, thereby driving market growth. The global market for heavy-duty trucks is likely to cross USD 400 billion by 2032.
 

The independent dealer sales channels captured around 55% of the industry share in 2022 and is expected to grow at a lucrative pace through 2032. The independent dealers plays a vital role in fueling the used truck business statistics by offering a wide range of inventory, market access, convenience, vehicle inspection & quality assurance, expertise & guidance, financing options, and after-sales support. Their presence and services offered simplify the buying process, build buyer confidence, and expand the market by attracting a diverse range of buyers looking for reliable & affordable used trucks.
 

The electric fuel type is poised to witness 14% growth between 2023 and 2032. While the electric truck is still in its infancy, factors including increased availability, cost savings, environmental benefits, technological advancements, government support, infrastructure development, and market education are gradually contributing to its growth. This sector is expected to play an increasingly important role in the used truck market as it matures.

Asia Pacific used truck market dominated 70% of the global share in 2022. China, India, and Southeast Asian countries are among the world's fastest-growing economies in the Asia Pacific region. As these economies grow, there is a high demand for transportation & logistics services, which augments the demand for trucks. Used trucks provide cost-effective solutions for businesses & individuals in these countries to meet their transportation needs. Used trucks are less expensive than new trucks, making them an appealing option for businesses, particularly Small- & Medium-sized Enterprises (SME) and individuals. Lower purchase costs, reduced depreciation, and potentially lower insurance premiums contribute to cost savings, which is especially important in the price-sensitive markets of the region.
 

Used Truck Market Share

Some major players operating in the used truck industry are

• AmeriQuest Used Trucks
• Volvo Trucks
• Arrow Truck Sales
• Daimler Trucks North America (DTNA)
• Enterprise Truck Rental
• International Used Trucks
• Ryder System, Inc.
• Knight-Swift Transportation
• Daimler AG
• Navistar International Corporation
• PACCAR (Kenworth and Peterbilt)

These players focus on strategic partnerships and new product launches & commercialization for market expansion. Furthermore, these players are heavily investing in research, allowing them to introduce innovative products and garner maximum revenue in the market.

Used Truck Industry News:

• In April 2022, Ashok Leyland signed an agreement with Mahindra First Choice Wheels to launch an exclusive hybrid ecosystem for its used commercial vehicle business. The digital platform facilitates the exchange, proper disposal, and purchase of used commercial vehicles. Ashok Leyland's entry into this segment was aimed at streamlining the used vehicle market by leveraging its digital ecosystem, existing & potential channel partners for physical interactions in over 700+ parking yards across the country, and other advanced technologies. Through effective & efficient processes, the company plans to bring more transparency into this space, increasing options for reducing the number of old vehicles on India's roads.
   
• In April 2022, Scania introduced Scania One, a marketplace for late-model commercial vehicles, such as coaches and buses, as well as its Scania Go concept, which emphasizes flexibility. Scania Go accepts vehicles up to five years old with a maximum mileage of 550,000 km. Customers can specify their maintenance requirements through a "pick-and-mix" offering that includes an R&M contract proposition or a service package. Scania Financial Services provides several funding options including hire purchase, finance lease, and operating lease.
   

This used truck market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

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Market, By Type

• Light-duty truck
• Medium-duty truck
• Heavy-duty truck

Market, By Sales Channel

• Franchised dealer
• Independent dealer
• Peer-to-peer

Market, By Fuel Type

• Gasoline
• Electric
• Diesel

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Belgium
  • Sweden
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Thailand
  • Vietnam 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Iran
  • Turkey