PUBLISHER: The Business Research Company | PRODUCT CODE: 1671004
PUBLISHER: The Business Research Company | PRODUCT CODE: 1671004
A used 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 $47.67 billion in 2024 to $50.47 billion in 2025 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to economic conditions, fleet renewal cycles, construction and infrastructure development, global trade expansion, and environmental regulations
The used truck market size is expected to see strong growth in the next few years. It will grow to $67.44 billion in 2029 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to e-commerce growth, adoption of electric trucks, fleet optimization, increased outsourcing of logistics, and resilience amid economic uncertainty. Major trends in the forecast period include the digitalization of sales platforms, technology advancement, telematics integration, predictive maintenance solutions, focus on sustainability.
The growth of the construction industry is expected to drive the expansion of the used truck market in the future. The construction industry encompasses the production and commerce involved in constructing, repairing, renovating, and maintaining infrastructure. Used trucks are essential for transporting various construction materials at job sites. For example, in August 2022, Invest India, the National Investment Promotion and Facilitation Agency of India, reported that India's construction sector is projected to reach $1.4 trillion by 2025. According to MGI (2011), cities are expected to contribute 70% of India's GDP by 2030. India's construction market comprises 250 subsectors that are interconnected. By 2030, the urban population is likely to increase by 600 million, leading to a demand for 25 million additional mid-range and affordable housing units. Therefore, the growth of the construction sector fuels the demand for used trucks.
The growth of e-commerce is expected to boost the used truck market in the future. E-commerce (electronic commerce) involves buying and selling goods and services and transferring money or data over an electronic network, primarily the Internet. In e-commerce logistics, used trucks offer cost-effective and reliable transportation solutions for last-mile delivery, enhancing the efficiency of the e-commerce supply chain. For instance, in August 2023, the United States Census Bureau, a government agency, reported that e-commerce estimates for the second quarter of 2023 increased by 7.5% (or 1.4%) compared to the second quarter of 2022, while overall retail sales rose by 0.6% (or 0.4%). In the second quarter of 2023, 15.4% of all sales were made through online stores. Thus, the rise in e-commerce is driving the growth of the used truck market.
The introduction of innovative used truck brands and platforms is a key trend driving popularity in the used truck market. Leading companies in this sector are focusing on creating innovative solutions to enhance their market position. For example, in June 2023, Daimler, a Germany-based automotive manufacturer, introduced the Bharat Benz Certified brand for used trucks. Customers also have the option to select a new annual maintenance contract (AMC) when purchasing used Bharat Benz trucks.
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 2024, Mitsui & Co. Ltd., a trade company based in Japan, acquired Taylor & Martin Enterprises LLC for an undisclosed amount. This acquisition will bolster Mitsui's presence in the U.S. truck market by leveraging Taylor & Martin's expertise in auctioning. It aims to facilitate geographic expansion, enhance services, and create stronger synergies with Mitsui's automotive operations, ultimately promoting growth for both companies and improving the customer experience. Taylor & Martin Enterprises LLC is a U.S.-based transportation company that specializes in providing and auctioning used trucks.
Major companies operating in the used truck market include 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., 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 2024. 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 2025 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.
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 forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.