Used truck market is anticipated to grow at a considerable CAGR of 8.3% during the forecast period (2024-2031). One of the primary reasons for the increasing adoption of used trucks is the significant cost savings compared to purchasing new ones. Used trucks typically have a lower upfront cost, allowing businesses and individuals to acquire reliable vehicles without the higher price tag of new models. According to the Used Truck Association, four- to six-year-old trucks brought 3.9% less money than in October, and 40.2% less money than November 2022. In the first 11 months of 2023, late-model sleepers brought 41.6% less money than the same period of 2022. Monthly depreciation in 2023 is now down to 4.0%. Additionally, in 2024, International Used Truck Centers offered The Owner-Operator Independent Drivers Association (OOIDA) members a $1,000 Advantage® Card Credit* with the purchase of any used 2018 and newer International® LT™, LoneStar® or RH®st. Program Expires on December 31, 2024. Such incentive influences purchasing decisions and draw potential buyers towards the used truck market.
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The global used truck market is segmented on the fuel type, vehicle type, and end-user. Based on the fuel type, the market is sub-segmented into gasoline, diesel, and electric. Based on the vehicle type, the market is sub-segmented into heavy-duty trucks, medium-duty trucks, and light-duty trucks. Further, based on the end-user, the market is sub-segmented into construction, logistics and transportation, oil, gas, and other. Others include agriculture. Among the end-users, the construction sub-segment is projected to hold a significant market share. The rising construction demand fuels the used truck market, offering cost-effective, immediately available, and diverse options that associate with construction companies operational and budgetary needs.
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- Market Coverage
- Market number available for – 2024-2030
- Base year- 2023
- Forecast period- 2024-2030
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Used Truck Market by Fuel type
- Gasoline
- Diesel
- Electric
Global Used Truck Market by Type
- Heavy-Duty Trucks
- Medium-Duty Trucks
- Light-Duty Trucks
Global Used Truck Market by End-User
- Construction
- Logistics and Transportation
- Oil and Gas
- Other (Agriculture)
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Arrow Truck Sales, Inc
- Enterprise Holdings, Inc.
- Hino Motors, Ltd.
- Penske Truck Rental
- Isuzu Motors Ltd.
- KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
- MAN SE (Volkswagen AG)
- Mascus USA
- Navistar, Inc.
- Iveco S.p.A. (OK Trucks)
- PACCAR Inc.
- Ritchie Bros. Auctioneers Inc.
- Ryder System, Inc.
- Schneider National
- TATA Motors Ltd.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global used truck market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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