Used Truck Global Market Report 2024 - By Demand, Share, Size, Industry Trends, Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Used Truck Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $62.63 billion In 2028 At A CAGR Of 6.7%.
The used truck market size has grown strongly in recent years. It will grow from $45.39 billion in 2023 to $48.35 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to economic conditions, fleet renewal cycles, construction and infrastructure development, global trade expansion, environmental regulations.

The used truck market size is expected to see strong growth in the next few years. It will grow to $62.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to e-commerce growth, adoption of electric trucks, fleet optimization, increased outsourcing of logistics, resilience amid economic uncertainty. Major trends in the forecast period include digitalization of sales platforms, technology advancement, telematics integration, predictive maintenance solutions, focus on sustainability.

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Used Truck Market Major Segments
The used truck market covered in this report is segmented -
1) By Type: Light-Duty Truck, Medium-Duty Truck, Heavy-Duty Truck
2) By Fuel Type: Gasoline, Electric, Diesel
3) By Sales Channel: Franchised Dealer, Independent Dealer, Peer-To-Peer
4) By End-Use: Construction, Oil And Gas, Mining, Other End-Users

Key Driver - Rise In Construction Industry Fuels The Expansion Of The Used Truck Market
The rise in the construction industry is expected to propel the growth of the used truck market going forward. The construction industry is the industrial segment of production and commerce concerned with constructing, repairing, renovating, and maintaining infrastructures. Used trucks are used for transporting several construction materials on construction sites. For instance, in June 2021, according to the NZ Tauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7% in March 2021. Further, in 2021, residential activities rose 4.3% compared to 2020. Additionally, according to the US Census Bureau, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, with a growth rate of 10.2%. Therefore, the rise in the construction sector drives the used truck market.

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Prominent Trend - The Rise Of E-Commerce Platforms For Used Trucks
Introducing innovative used truck brands and sites is a key trend for gaining popularity in the used truck market. Major companies operating in the used truck market are focused on developing innovative solutions to strengthen their position in the market. For instance, in June 2023, Daimler, a Germany-based automotive manufacturer, launched the Bharat Benz Certified brand for used trucks. Customers can choose a new annual maintenance contract (AMC) while purchasing used Bharat Benz trucks. Furthermore, in May 2021, Volvo AB, a Sweden-based commercial vehicle designer, manufacturer, and supplier, launched Volvo Selected, a new European e-commerce site for purchasing old trucks. Volvo Trucks intends to encourage sustainability and circularity by making it easier and less time-consuming for clients to identify the right secondhand vehicle that has passed all required inspections and assessments. The vehicles may be delivered anywhere in the world, and the trucks come with driveline coverage, service contracts, and flexible financing options.

Used Truck Market Players
Major companies operating in the used truck market report are 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.,Ruan Transportation Management Systems 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.

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the used truck market in 2023. The regions covered in the used truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Used Truck Market Report Structure
3. Used Truck Market Trends And Strategies
4. Used Truck Market - Macro Economic Scenario
5. Used Truck Market Size And Growth
…..
27. Used Truck Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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