Used Truck Market Size to Reach US$ 54.12 Billion by 2028 | Industry CAGR of 3.65%

According to the latest report by IMARC Group, titled, "Used Truck Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global used truck  market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

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

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