Press release
Used Truck Market Size to Reach US$ 54.12 Billion by 2028 | Industry CAGR of 3.65%
Used Truck Market Research and Forecast Report 2023-2028
Report Highlights:
How big is the used truck market?
The global used truck market size reached US$ 43.22 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 54.12 Billion by 2028, exhibiting a growth rate (CAGR) of 3.65% during 2023-2028.
What is used truck ?
A used truck, also called as a pre-owned or second-hand truck, refers to a vehicle that has been previously owned and operated by one or more owners before being put up for sale. It is widely available as light, medium-duty, and heavy-duty trucks for numerous purposes according to the payload capacities. Used trucks are cost-effective compared to purchasing a new truck and help in improving the safety of products and providing easy hauling and towing tasks. As a result, they are utilized in the agriculture, construction, oil and gas, logistics, and manufacturing industries across the globe.
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What are the growth prospects and trends in the used truck industry?
The widespread adoption of high-performance, safe, and comfortable second-hand motor vehicles by individuals are among the key factors driving the used truck market. Moreover, the escalating demand for hybrid and electric heavy-duty pre-owned trucks amidst businesses across several countries is also stimulating the market growth. Besides this, the rising usage of used motor vehicles in the agriculture industry for reducing manual labor, increasing productivity, improving crop yields, and enhancing the overall efficiency of farming operations is acting as another significant growth-inducing factor. Furthermore, the wide availability of various models of second-hand trucks across the globe is further propelling the global market. Apart from this, the elevating need for pre-owned motor vehicles, on account of the growing number of small and medium-sized businesses, is positively influencing the market growth. Additionally, the escalating demand for the product in the construction and logistics industries, owing to the low costs compared to the new trucks and the rising freight across these sectors, is anticipated to fuel the used truck market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Vehicle Type:
Light Trucks
Medium-duty Trucks
Heavy-duty Trucks
Breakup by Sales Channel:
Franchised Dealer
Independent Dealer
Peer-to-peer
Breakup by End User:
Construction
Oil and Gas
Others
Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
AB Volvo
International Used Truck Centers
Mascus (Ritchie Bros. Auctioneers)
PACCAR Inc.
Renault Group
TrueCar Inc.
Volkswagen AG
Browse full report with TOC & List of Figure: https://www.imarcgroup.com/used-truck-market
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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