India Used Truck Market 2023, Sales Analysis, Price Trends, Top Companies, Growth Till 2028

The India used truck market is projected to exhibit a growth rate (CAGR) of 5.40% during 2023-2028.

The growing demand for transportation services, particularly for goods and cargo, rising number of online platforms and marketplaces, and evolving regulatory environment represent some of the key factors driving the market.

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Factors Affecting the Growth of the India Used Truck Industry:

• Replacement and Upgrading Demand:

The rising need for replacement and upgrading used trucks is driving the market growth in India. Many transport operators periodically replace their older vehicles with newer models to ensure efficiency, reliability, and compliance with the latest emission norms. This replacement cycle creates a steady supply of used trucks, which smaller operators then purchase or those in less developed regions where the latest models might not be necessary or affordable. Moreover, increasing preferences for upgrading to higher capacity or more efficient trucks among fleet operators as their business grows is contributing to the market growth. The need to maintain modern, efficient fleets while adhering to environmental regulations encourages a cycle of upgrading and selling, strengthening the market growth.

• Demand in Logistics and E-Commerce Sectors:

The increasing demand for used trucks in the logistics and e-commerce sectors is contributing to the market growth. This necessitates a robust logistics network, where trucks play a crucial role as smaller businesses and new startups often opt for used trucks due to their lower initial investment and quicker return on investment. Additionally, the increasing rural e-commerce activity is creating a new market for smaller used trucks that can navigate narrower rural roads. This specific demand caters to the need for cost-effective, reliable vehicles that can operate in diverse geographical terrains, further supporting the market growth in the country.

• Technological Advancements and Digital Platforms:

The increasing number of online marketplaces and mobile applications are making it easier to buy and sell used trucks, providing greater access, transparency, and a broader range of options for buyers. These platforms often provide additional services, such as vehicle history reports, certification, and financing options, enhancing buyer trust and satisfaction. Moreover, technological advancements are enabling better maintenance and refurbishment of used trucks, improving their reliability and lifespan. Furthermore, the growing use of telematics and global positioning system (GPS) tracking in commercial vehicles, which maintains the condition of the vehicle and provides data on its usage and performance, is offering a favorable market outlook. This information is also valuable for second-hand buyers, making used trucks an even more attractive option in the market.

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India Used Truck Market Report Segmentation:

By Vehicle Type:

• Light Trucks
• Medium-duty Trucks
• Heavy-duty Trucks

On the basis of vehicle type, the market has been segregated into light trucks, medium-duty trucks, and heavy-duty trucks.

By Sales Channel:

• Franchised Dealer
• Independent Dealer
• Peer-to-Peer

Based on sales channel, the market has been divided into franchised dealer, independent dealer, and peer-to-peer.

By End Use:

• Construction
• Oil and Gas
• Others

On the basis of end use, the market has been fragmented into construction, oil and gas, and others.

Regional Insights:

• South India
• North India
• West & Central India
• East India

Region-wise the market has been divided into South India, North India, West and Central India, and East India.

India Used Truck Market Trends:

The rising focus on vehicle telematics and advanced features in trucks is supporting the market growth. Byers are increasingly seeking used trucks equipped with advanced telematics and fuel-efficient systems. These features provide better fleet management, improved fuel efficiency, and greater overall operational control, making them highly attractive to potential buyers. This trend is not limited to larger corporations but is also seen among small and medium-sized enterprises (SMEs) that recognize the long-term benefits of such technologies. The availability of these advanced features in the used truck market makes high-tech solutions accessible to a broader range of buyers.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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This release was published on openPR.