Press release
Soaring Growth in Used Truck Market: Unleashing a CAGR of 5.9% by 2025 and 7.5% by 2029
Used Truck Market
What Is The Projected Market Size Of The Global Used Truck Market And Its Growth Rate?
• The used truck market was valued at $47.67 billion in 2024.
• It is projected to reach $50.47 billion by 2025, growing at a compound annual growth rate (CAGR) of 5.9%.
• The market is driven by factors such as economic conditions, fleet renewal cycles, construction and infrastructure development, global trade expansion, and environmental regulations.
• The market is expected to continue its strong growth trajectory, reaching $67.44 billion by 2029 with a CAGR of 7.5%.
• This growth will be fueled by e-commerce expansion, adoption of electric trucks, optimization of fleet, increased logistics outsourcing, and resilience amid economic uncertainty.
What Is Driving The Growth In The Used Truck Market?
The explosive growth in the construction sector has played a pivotal role in propelling the used truck market forward. Used trucks transport numerous construction materials onsite, becoming an indispensable aid to infrastructure development. For instance, Invest India estimates that by 2025, India's construction sector could contribute $1.4 trillion. Furthermore, by 2030, the swelling urban population would necessitate an additional 25 million mid-range and affordably priced housing units. Consequently, the boom in the construction sector fuels the demand for used trucks.
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Who Are the Key Players Driving Used Truck Market Growth?
• 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.
What Are The Key Trends In The Used Truck Market?
• Digitalization of sales platforms
• Technology advancements
• Integration of telematics
• Predictive maintenance solutions
• Focus on sustainability
What Are The Segments Of The Global Used Truck Market?
• By Type: Light-Duty Truck, Medium-Duty Truck, Heavy-Duty Truck
• By Fuel Type: Gasoline, Electric, Diesel
• By Sales Channel: Franchised Dealer, Independent Dealer, Peer-To-Peer
• By End-Use: Construction, Oil And Gas, Mining, Other End-Users
Which Region Leads The Used Truck Market?
In 2024, Asia-Pacific dominated the used truck market and continues to sustain its leading position. The regions under the purview of the used truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Used Truck Market Global Market Report?
- Market Size Analysis: Analyze the Used Truck Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Used Truck Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Used Truck Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Used Truck Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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