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The Used Trucks Market is forecast to increase by USD 13.37 billion, at a CAGR of 5.38% between 2023 and 2028. The growth of the market depends on several factors expanded value proposition of used trucks, comprehensive quality checking systems deployed by used truck dealers, and increasing penetration of online truck websites.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The expanded value proposition of used trucks is notably driving market growth. Buying a used truck involves significantly lower investments than purchasing a new vehicle. Adherence to stringent manufacturing regulations and quality standards has ensured enhanced build quality in trucks. The influx of newer models and automotive technology advancements is driving truck owners to sell existing vehicles and buy upgraded models. This buying cycle among consumers has led to a steady increase in the supply of used trucks. Reduced prices of these trucks and their increased operational quality are expected to boost the demand from various customer segments during the forecast period.
Moreover, truck buyers take a keen interest in the scope of the resale value of their vehicles. This prompts them to install various aftermarket fitments to raise the intrinsic value of vehicles. For instance, owners are known to retrofit their vehicles with air deflectors and side extenders to ramp up resale values. Thus, the expanded value proposition of these trucks will drive the growth of the market during the forecast period.
Touchpoint management systems integrated with artificial intelligence is an emerging trend shaping market growth. Touchpoint management techniques have been leveraged in various industries to bridge the gap between the buyer and seller. Shopping has been redefined to provide a positive and rewarding experience for the customer. Unique touchpoint management techniques are being used by online retail stores and electronic stores to understand customer needs. Automotive dealers are also employing improved touchpoint management systems to enhance customer satisfaction.
However, the integration of artificial intelligence programs with online websites has helped raise customer satisfaction in terms of finding a product, collecting information, and comparing prices. The integration of artificial intelligence frees human service personnel to execute other duties. Prompt responses offered to customer queries are expected to improve the dealer-customer relationship, which, in turn, will drive the growth of the market during the forecast period.
Reducing profit margins of used trucks is a significant challenge hindering market development. A higher supply of used trucks in the market will bring down their prices, leading to lower profit margins for used truck dealers and aggravating market uncertainty. A large number of heavy goods vehicle entering the global market are driving dealers to lower prices to attract potential customers. The increased supply of such heavy goods vehicle is leading to a rise in operating costs, such as maintenance and repair costs. The lineup of such trucks is leading to an increase in the number of options for customers, which is generating less value for owners.
However, truck buyers increasingly prefer newer truck models as such vehicles offer higher fuel efficiency, driver-assist features, and adhere to the latest emission standards. Technological innovations in heavy goods vehicles are making obsolete such heavy goods vehicle that may be just five years old. As buyers preferences are getting more focused toward newly launched models, the rising supply of such heavy goods vehicle will further weaken the pricing strategy of dealers, which, in turn, will hamper the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB Volvo - The company offers used trucks such as Volvo FH, Mercedes Benz Aros, Scania P-serie, Volvo FL, Volvo FMX, MAN TGA and many more.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The pickup trucks segment is estimated to witness significant growth during the forecast period. Used pickup segment are mainly preferred by buyers looking for a larger vehicle to replace their sedan yet not wanting to fully invest in a new pickup. A new pickup truck costs about USD 45,000 on average. With vehicle manufacturers following strict quality standards, the end result has been better-quality vehicles. Used pickup heavy goods vehicle are perceived as highly reliable in terms of engine performance and load-carrying capacity in the passenger car segment.
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The pickup trucks segment was the largest and was valued at USD 20.62 billion in 2018. Used pickup segments are usually purchased for their hauling and towing capabilities. They are also versatile enough to carry an entire family when required. Pickup segment manufacturers ensure top quality throughout the manufacturing process, as their focus is on vehicle longevity. Pickup truck models retain about 46% of their original price even after five years of use. Japanese OEMs manufacture pickup segment offering the highest resale value among all brands. For instance, the mid-size Toyota Tacoma pickup truck is estimated to have a 70% resale value of its original cost even after a period of five years. Buyers are driven to choose pickup segment given their high resale values, which, in turn, will drive the growth of the pickup heavy goods vehicle segment in the market during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and analysis, and drivers that shape the market during the forecast period. The automotive market in North America is currently experiencing a period of stagnation attributed to a reduced demand for new vehicles, driven by the increased saturation of personal vehicles and sluggish economic growth. This trend is particularly notable in the market, where light commercial vehicles and pickup trucks dominate. Manufacturers are responding by enhancing the structural strength of pickup trucks to prolong their operational life, meeting stringent quality standards. Pickup trucks are favored for their spacious cargo areas, powerful engines, off-road capabilities, and towing capacities, contributing to their reliability.
In addition, tightening emission regulations and diverse vehicle models prompt truck owners to upgrade, increasing the supply of used trucks in North America. This surplus supply may lead to lower prices and narrower profit margins for dealers. To address this, vehicle manufacturers are implementing quality testing standards, such as Toyota's 160-point inspection and Ford's 172-point vehicle inspection checklist. Daimler Truck North America's introduction of Extended OPTIMUM further underscores the market's responsiveness, providing customizable extended coverage for Freightliner and Western Star vehicles with Detroit engines, filling a crucial gap in the market and enhancing the overall ownership experience for consumers which inturn drive market growth during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market plays a pivotal role in meeting transportation demand, catering to owners of used trucks who seek affordability and flexibility in their operations. With options like EMI payments, businesses can efficiently manage costs amidst fluctuating demands. This market thrives on manufacturing and construction activities, bolstered by incentives, and discounts. Governments support road freight activities, enhancing the circulation of new and used trucks across international borders.
As construction and logistics industries evolve with new technologies, used trucks remain indispensable for material transportation. Rising construction activity fuels demand for heavy-duty trucks, prioritizing driver comfort and safety. Government investments in infrastructure and automatic transmission technology further streamline the supply of trucks, ensuring optimal mileage and performance. Retail dealerships form a crucial distribution channel, ensuring seamless access to a diverse range of used trucks tailored to various needs.
Used Trucks Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.38% |
Market Growth 2024-2028 |
USD 13.37 billion |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
4.89 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, Canada, UK, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB Volvo, Corcentric Inc., Daimler Truck AG, EAN Services LLC, Iveco Group N.V, Knight Swift Transportation Holdings Inc., PACCAR Inc., Penske Corp., Renault SAS, Ryder System Inc., Scania AB, Tesla Inc., Toyota Motor Corp., TrueCar Inc., and Volkswagen AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Fuel Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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