Used Truck Market Growth Accelerates: Strategic Forecast Predicts $67.44 Billion by 2029

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What Will the Used Truck Industry Market Size Be by 2025?
In the past few years, notable growth has been observed in the used truck market. The market which was valued at $47.67 billion in 2024 is projected to expand to $50.47 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.9%. This significant increase during the historical phase can be linked to various factors including economic circumstances, the cycles of fleet renewal, development in construction and infrastructure, the expansion of global trade, and environmental regulations.

What's the Long-Term Growth Forecast for the Used Truck Market Size Through 2029?
The market size for used trucks is poised for robust expansion in the coming years, with predictions of growth to $67.44 billion in 2029, marking a compound annual growth rate (CAGR) of 7.5%. This anticipated expansion during the forecast period is credited to factors such as the surge in e-commerce, the shift towards electric trucks, optimization of fleets, increased delegation of logistics, and economic resilience. The advancement of technology, digitalization of sales platforms, integration of telematics, predictive upkeep solutions, and a focus on sustainability are the leading trends for the forecast period.

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What Are the Key Growth Drivers Fueling the Used Truck Market Expansion?
The surge in the construction industry is projected to boost the expansion of the second-hand truck market in the future. The construction industry involves the industrial components of production and trade, which includes the building, repair, renovation, and maintenance of infrastructure. Pre-owned trucks play a crucial role in transporting various construction materials at construction locations. For example, Invest India, the National Investment Promotion and Facilitation Agency of India, stated in August 2022 that it is projected that India's construction industry will generate $1.4 trillion by 2025. MGI (2011) forecasts that cities will contribute 70% of India's GDP by 2030. The Indian construction market comprises 250 subsectors and there are myriad relationships between them. It is expected that by 2030, an additional 600 million people will reside in urban areas, thus augmenting the demand for an extra 25 million middle-range and affordable housing units. As a result, the escalating construction industry stimulates the second-hand truck market.

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What Are the Key Trends Driving Used Truck Market Growth?
Unveiling novel used truck brands and platforms is a significant strategy to garner recognition in the used truck industry. Prominent firms in this market are prioritizing the development of unique solutions to bolster their market standing. For example, in June 2023, Daimler, an automotive producer based in Germany, introduced the Bharat Benz Certified brand explicitly for used trucks. Clients have the option to select a fresh annual maintenance contract (AMC) when buying used Bharat Benz trucks.

How Is the Used Truck Market Segmented?
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

Subsegments:
1) By Light-Duty Truck: Pickup Trucks, Mini Trucks, Utility Trucks
2) By Medium-Duty Truck: Box Trucks, Flatbed Trucks, Delivery Trucks
3) By Heavy-Duty Truck: Tractor-Trailers (Semi-Trucks), Dump Trucks, Heavy Haul Trucks

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Which Companies Are Leading the Charge in Used Truck Market Innovation?
Major companies operating in the used truck market include 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.

Which Regions Are Leading the Global Used Truck Market in Revenue?
Asia-Pacific was the largest region in the used truck market in 2024. The regions covered in the used truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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