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ASEAN Second Hand Truck Market Size Forecast to USD 8.0 Billion by 2034 with a Focus on Affordable Logistics - Analysis by Transparency Market Research

05-28-2025 07:51 PM CET | Logistics & Transport

Press release from: Transparency Market Research Pvt Ltd

/ PR Agency: Transparency Market Research Pvt Ltd
ASEAN Second Hand Truck Market

ASEAN Second Hand Truck Market

ASEAN Second Hand Truck Market Outlook 2034

The ASEAN second hand truck market was valued at US$ 4.5 Bn in 2023 and is projected to reach US$ 8.0 Bn by the end of 2034, expanding at a CAGR of 5.3% from 2024 to 2034. Growth is driven by increasing demand for cost-effective transport solutions and expanding logistics and e-commerce sectors across the region.

The market includes a wide range of truck types such as mini-vans, semi-trailers, flatbeds, dump trucks, and articulated haulers. Rising infrastructure development and cross-border trade are further supporting market expansion. Manufacturers and dealers are also leveraging digital platforms to enhance vehicle accessibility and streamline transactions.

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The ASEAN second hand truck market is witnessing a dynamic shift driven by evolving logistics demands, cost-conscious fleet operators, and the growing reliability of used vehicles. As the logistics and transportation sector continues to thrive in Southeast Asia, second hand trucks are emerging as a pragmatic choice for small and medium enterprises (SMEs), last-mile delivery businesses, and intercity transport operators.

This research report delves into the key trends, growth drivers, competitive landscape, and future opportunities shaping the ASEAN second hand truck market. It is highly relevant for fleet management firms, logistics companies, used vehicle dealers, and aftermarket service providers operating in countries like Indonesia, Thailand, Vietnam, Malaysia, the Philippines, and Singapore.

Market Overview

Southeast Asia's trucking industry is integral to its supply chain and trade flow. In recent years, demand for cost-efficient fleet solutions has spurred the growth of the second hand truck market across ASEAN nations.

The market is expected to grow at a steady CAGR between 2024 and 2034, supported by:
• Strong e-commerce penetration in urban and rural areas.
• Infrastructural investments in road transport and industrial zones.
• Lower total cost of ownership (TCO) of used trucks compared to new models.
• Increasing digitization in used vehicle auctions and online listings.

Analysis of Key Players

The ASEAN second-hand truck market is characterized by intense competition among a wide range of players, including importers, dealerships, independent sellers, and online platforms. This competitive environment drives aggressive pricing strategies, marketing efforts, and product differentiation initiatives aimed at attracting and retaining customers.

Price remains a critical factor for consumers in the second-hand truck segment, leading to fierce price-based competition among sellers. As a result, profit margins are often compressed, prompting market participants to explore alternative revenue streams such as value-added services and aftermarket product offerings to maintain profitability.

Prominent players in the ASEAN second-hand truck market include KHMER24, MyKhmerCar.com, TOYOTA (ASEAN) CO., LTD., AutoBeeb.com, S.P CAR MARKET CO., LTD., BuyNears.com, Shima Company Ltd., Khmer66, and UD Trucks Corp.

These companies have been profiled in the market report based on various criteria such as company overview, financial performance, strategic initiatives, product portfolios, business segments, and recent developments.

Key Developments

• August 2023 - Mahindra & Mahindra announced its plan to enter the ASEAN market by introducing a range of pickup trucks through multiple distribution channels as part of its global expansion strategy. The company aims to boost sales of key models, including the Scorpio N-based pickup and XUV700.

• February 2020 - UD Trucks launched its Used Trucks division, designed to meet the growing demand for second-hand trucks from reputable OEMs. The initiative emphasizes customer satisfaction and offers reliable, pre-owned vehicles with dedicated support.

• May 2019 - MyKhmerCar was introduced as the first online automotive marketplace in ASEAN by Australian startup AsiaCarGroup. The platform enables local individuals and dealerships to list and sell cars, motorbikes, and trucks efficiently and securely, directly connecting them with potential buyers across the region.

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Key Growth Drivers

1. Rapid Expansion of Logistics and E-Commerce
The rise of e-commerce platforms such as Shopee, Lazada, and Tokopedia has catalyzed demand for mid-sized and light-duty trucks for last-mile delivery. Second hand trucks offer an ideal solution for delivery partners who require dependable vehicles at affordable prices.

2. Surge in Urbanization and Infrastructure Development
Government-led infrastructure initiatives, including Thailand's Eastern Economic Corridor (EEC), Indonesia's Nusantara project, and Vietnam's national expressway development, are improving road connectivity. This, in turn, stimulates demand for intercity transport vehicles, particularly second hand trucks.

3. Increasing Adoption by SMEs and Local Transporters
Small logistics operators and contractors are key buyers in the second hand truck market. The affordability of used trucks allows these businesses to expand their fleets without incurring high capital expenditures, driving a surge in transactions across the ASEAN region.

4. Digital Platforms and Online Marketplaces
Digital transformation is changing how second hand trucks are bought and sold. Online portals such as OLX Autos, Truck2Hand, and regional e-commerce platforms are simplifying the process, ensuring better price transparency and access to a wider selection of vehicles.

Regional Market Insights

Thailand
Thailand is the largest market for used commercial vehicles in ASEAN, owing to its robust manufacturing base, extensive road network, and well-established vehicle inspection and resale infrastructure. Domestic truck manufacturers such as Hino, Isuzu, and Mitsubishi Fuso have a strong secondary market presence.

Indonesia
Indonesia's large population and archipelagic geography make trucking vital for inter-island and inter-city trade. Second hand trucks, especially light-duty and mid-duty types, are favored by local freight companies and construction contractors.

Vietnam
Vietnam's logistics boom, fueled by rapid industrialization and exports, is boosting demand for second hand trucks. Government policies supporting vehicle emissions standards and inspection systems have also improved consumer confidence in used trucks.

Malaysia
Malaysia is a mature market with increasing adoption of Euro-4 and Euro-5 compliant trucks, pushing many fleet owners to trade in older vehicles. These used trucks then enter the second hand market, catering to small logistics and warehousing firms.

Philippines and Singapore
In the Philippines, metro-centric congestion is prompting businesses to opt for smaller used trucks for urban deliveries. Meanwhile, Singapore's strict COE (Certificate of Entitlement) policies often lead to early vehicle replacement, making it a source of high-quality used trucks for export to neighboring countries.

Key Trends to Watch

1. Shift Toward Green Retrofitting
There's a growing trend in retrofitting older diesel trucks with cleaner engine systems or converting them to hybrid alternatives. This makes older trucks compliant with newer emissions norms, especially in Thailand and Malaysia.

2. Financing and Leasing Options
Used truck financing is becoming more accessible, with several banks and fintech companies offering attractive interest rates and low down payments. This is helping SMEs invest in second hand vehicles with greater confidence.

3. Trade-In Programs and Fleet Upgrades
OEMs and large fleet owners are running structured trade-in programs to refresh their fleets. These programs are feeding a steady supply of reliable second hand trucks into the market.

4. Cross-Border Used Truck Trade
Singapore and Malaysia serve as key exporters of used trucks to Indonesia, Myanmar, Cambodia, and Laos. Improved trade regulations and logistics channels are expected to boost this intra-ASEAN truck trade.

Challenges and Restraints

• Lack of Standardization: Inconsistent vehicle inspection protocols across countries hinder the trust and fluidity of second hand truck sales.
• Limited Warranty and Aftermarket Support: Buyers often face challenges around maintenance, spare parts, and post-sale services.
• Regulatory Hurdles: Import duties and age restrictions on used vehicles vary across ASEAN countries, affecting cross-border trade potential.

Future Outlook

The ASEAN second hand truck market is poised for sustained growth, with digitalization, financing options, and infrastructure upgrades acting as enablers. By 2031, it is expected that over 30% of commercial vehicle acquisitions in Southeast Asia will be from the used segment.
To capitalize on this growth, stakeholders should:
• Invest in certified pre-owned truck programs with robust inspection and warranty support.
• Enhance digital platforms with AI-driven price estimations and buyer-seller matching.
• Foster partnerships between OEMs, leasing firms, and logistics operators for structured resale ecosystems.

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Conclusion

The ASEAN second hand truck market is no longer a fringe segment-it is now central to regional logistics, trade, and urban mobility. As economies rebound and SMEs look for budget-friendly mobility solutions, the demand for reliable, roadworthy used trucks is set to surge.

Companies operating in this space-from manufacturers to marketplaces-must adapt to changing buyer expectations and regulatory standards. With strategic investments and digital innovation, the second hand truck market in ASEAN can become a robust and trusted pillar of commercial transportation.

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About Us Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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