Used Truck Market Size

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.

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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.