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The size of the used truck market exceeded USD 40 billion in 2022, and it is expected to increase at a 9% CAGR from 2023 to 2032. Due to an increase in the need for material transportation caused by the growth of the construction, agriculture, and e-commerce industries over the past three years, used truck sales have increased globally. One of the main factors promoting industry growth is the value proposition of secondhand trucks. By 2030, it is anticipated that lower used truck pricing and increased operational quality would boost demand across a variety of consumer categories.
A used truck is a car that has been previously owned and driven by another person and is now being sold. Depending on elements like age, mileage, and maintenance history, the condition of a secondhand truck can vary greatly. Market expansion is anticipated to be fueled by elements like the low cost of acquisition and the rising demand for electric and low emission vehicles.
The transition to internet sales and a greater emphasis on low-emission cars are two recent changes in the used truck market. The secondhand truck market has experienced a move towards internet sales, similar to many other sectors. The COVID-19 epidemic, which has made in-person sales more difficult, has been a contributing factor in this. As a result, a lot of buyers and sellers are increasingly buying and selling secondhand trucks on internet marketplaces. The secondhand truck market has placed more emphasis on clean trucks as a result of tighter emissions rules and rising environmental concerns. Older vehicles with higher pollutants are depreciating in value, while modern trucks with more efficient engines and pollution control systems are in high demand. Old vehicles have a reduced cost of acquisition, a high rate of resale, and a variety of alternatives. When bringing a new car to an authorised brand service centre, the maintenance fee can be rather significant. The expense of restoring and maintaining an older truck, however, is often much lower and may be completed at a regular garage without the need to return to the company's service facility. The owner may be able to save money as a result of this having a big effect on their budget.
Increased interest in electric vehicles, technology integration, a focus on sustainability, and a shortage of essential parts are some recent trends in the used truck market. Buyers are increasingly looking for used trucks with technological features like telematics, GPS tracking, and sophisticated safety systems. In order to better manage their inventory and enhance the purchasing experience for customers, many retailers are now investing in technology. The market for old trucks has been impacted by a shortage of essential parts, particularly semiconductors. As a result, the production of new vehicles has slowed, increasing the market for secondhand trucks. As purchasers search for alternatives to new models, it has also resulted in increased pricing for used trucks.
Report Coverage
Global Used Truck research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Used Truck report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Used Truck competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Used Truck market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Used Truck market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Used Truck market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Scania, Daimler Truck AG., RENAULT TRUCKS, Mascus, MAN, AB Volvo, KENWORTH (PACCAR Inc.), Freightliner Northwest, ASHOK LEYLAND, Gordon Truck Centers, Inc.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Used Truck market based on the below-mentioned segments:
Global Used Truck Market, By Vehicle Type
Light & Medium Duty Truck
Heavy Duty Truck
Off-road Truck
Global Used Truck Market, By End User
Logistic & Transportation
Construction
Mining
Oil & Gas
Others
Global Used Truck market, Regional Analysis
A used truck is a car that has been previously owned and driven by another person and is now being sold. Depending on elements like age, mileage, and maintenance history, the condition of a secondhand truck can vary greatly. Market expansion is anticipated to be fueled by elements like the low cost of acquisition and the rising demand for electric and low emission vehicles.
The transition to internet sales and a greater emphasis on low-emission cars are two recent changes in the used truck market. The secondhand truck market has experienced a move towards internet sales, similar to many other sectors. The COVID-19 epidemic, which has made in-person sales more difficult, has been a contributing factor in this. As a result, a lot of buyers and sellers are increasingly buying and selling secondhand trucks on internet marketplaces. The secondhand truck market has placed more emphasis on clean trucks as a result of tighter emissions rules and rising environmental concerns. Older vehicles with higher pollutants are depreciating in value, while modern trucks with more efficient engines and pollution control systems are in high demand. Old vehicles have a reduced cost of acquisition, a high rate of resale, and a variety of alternatives. When bringing a new car to an authorised brand service centre, the maintenance fee can be rather significant. The expense of restoring and maintaining an older truck, however, is often much lower and may be completed at a regular garage without the need to return to the company's service facility. The owner may be able to save money as a result of this having a big effect on their budget.
Increased interest in electric vehicles, technology integration, a focus on sustainability, and a shortage of essential parts are some recent trends in the used truck market. Buyers are increasingly looking for used trucks with technological features like telematics, GPS tracking, and sophisticated safety systems. In order to better manage their inventory and enhance the purchasing experience for customers, many retailers are now investing in technology. The market for old trucks has been impacted by a shortage of essential parts, particularly semiconductors. As a result, the production of new vehicles has slowed, increasing the market for secondhand trucks. As purchasers search for alternatives to new models, it has also resulted in increased pricing for used trucks.
Report Coverage
Global Used Truck research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Used Truck report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Used Truck competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Used Truck market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Scania, Daimler Truck AG., RENAULT TRUCKS, Mascus, MAN, AB Volvo, KENWORTH (PACCAR Inc.), Freightliner Northwest, ASHOK LEYLAND, Gordon Truck Centers, Inc. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Used Truck Market from 2021 to 2030.
- Market Forecast for Used Truck Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Used Truck competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Used Truck
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Used Truck market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Used Truck market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Scania, Daimler Truck AG., RENAULT TRUCKS, Mascus, MAN, AB Volvo, KENWORTH (PACCAR Inc.), Freightliner Northwest, ASHOK LEYLAND, Gordon Truck Centers, Inc.
Primary Target Market
- Market Players of Used Truck
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Used Truck market based on the below-mentioned segments:
Global Used Truck Market, By Vehicle Type
Light & Medium Duty Truck
Heavy Duty Truck
Off-road Truck
Global Used Truck Market, By End User
Logistic & Transportation
Construction
Mining
Oil & Gas
Others
Global Used Truck market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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