Used Truck Industry Growth Outlook: 6.7% CAGR and $64.62 Billion by 2029

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What Is the Long-Term Growth Forecast for the Used Truck Market Size 2025?
In recent times, the market size of used trucks has seen a consistent increase. It is anticipated to rise from $47.67 billion in 2024 to $49.93 billion in 2025, registering a compound annual growth rate (CAGR) of 4.7%. This growth during the historical period can be credited to factors like the state of the economy, the cycles of fleet renewal, developments in construction and infrastructure, the expansion of global trade, and environmental rules and regulations.

What CAGR is Forecasted for the Used Truck Market Through 2029?
Projection indicates a robust expansion of the used truck market in the upcoming years. With an impressive compound annual growth rate (CAGR) of 6.7%, the market is predicted to attain an estimation of $64.62 billion by 2029. Factors contributing to this anticipated growth within the forecast period encompass the surge in e-commerce, the rise in electric truck usage, emphasis on fleet optimization, increasing logistics outsourcing, and the industry's resilience amidst fiscal unpredictability. Emerging trends within this time frame include the digitization of sales platforms, advancements in technology, the integration of telematics, the development of predictive maintenance strategies, and a heightened focus on sustainability.

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What Are the Critical Factors Driving Used Truck Market Development?
The growth of the used truck market is predicted to be fuelled by the expansion of the construction industry. The segment of the economy that focuses on the construction, repair, renovation and maintenance of infrastructure is known as the construction industry. Used trucks are instrumental for the transportation of various building materials at construction sites. Invest India, the National Investment Promotion and Facilitation Agency of India, estimated in August 2022 that by 2025, the totaling revenue from India's construction sector could hit $1.4 trillion. Furthermore, according to projections from MGI (2011), by 2030, urban areas will contribute to 70% of India's GDP. The construction market in India is composed of 250 interconnected subsectors. It is expected that by 2030, the urban population will grow by 600 million, generating a demand for an additional 25 million affordable mid-range housing units. Consequently, the expansion in the construction industry is a significant driver for the used truck market.

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How Does the Used Truck Market Break Down Across 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

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

What Are the Major Trends Transforming the Used Truck Industry?
A key trend for gaining traction in the used truck market involves the introduction of innovative used truck brands and websites. Major players in the used truck market are concentrating on creating innovative solutions to solidify their market position. As an example, in June 2023, Daimler, an automotive manufacturer based in Germany, introduced the Bharat Benz Certified brand for used trucks. Customers have the option of choosing a new annual maintenance contract (AMC) when they purchase used Bharat Benz trucks.

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Which Players Are Driving Innovation in the Used Truck Market?
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 Driving Global Used Truck Market Expansion?
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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