Used Trucks Market size is set to grow by USD 13.37 bn from 2024-2028, expanded value proposition of used trucks to boost the market growth, Technavio

NEW YORK, May 17, 2024 /PRNewswire/ -- The global used trucks market  size is estimated to grow by USD 13.37 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 5.38%  during the forecast period. 

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Key Market Trends Fueling Growth

In the used trucks market, various touchpoints are managed to optimize the customer experience. EMI payments, international borders, and road freight activities are key considerations. New trucks, freight demand, incentives, and discounts from truck manufacturers influence buying decisions. New technologies, fuel efficiency, and operational quality are essential factors for customers in heavy-duty trucks. Downtime, construction, agriculture, and e-commerce activities impact material transportation. The value proposition, customer segments, and high-performance, high-horsepower, high-speed trucks are crucial elements in the used trucks market. 

Market Challenges

• The used trucks market, particularly for models manufactured between 2012 and 2015, experiences declining resale values due to outdated technology. Newer trucks boast advanced features such as driver-assist systems, aerodynamics, and fuel efficiency, making them a superior investment. Buyers and transportation companies consider operational quality, customer segments, and road transportation when evaluating used trucks versus new ones. Heavy-duty trucks with high performance, horsepower, and speed are in high demand, but technology sensors and prices play crucial roles in decision-making. Mileage, retail dealerships, and EMI payments also factor into the value proposition. International borders, road freight activities, and new technologies influence the market, while incentives and discounts from truck manufacturers can impact prices.

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Segment Overview 

This used trucks market report extensively covers market segmentation by

1. Type 
• 1.1 Pickup trucks
• 1.2 Other trucks
2. Fuel Type
• 2.1 Diesel
• 2.2 Gasoline
• 2.3 Electric
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Pickup trucks-  The used trucks market in the passenger car segment is primarily driven by customer segments seeking larger vehicles for replacement, without committing to the full investment of a new pickup. Operational quality is a significant factor in this market, with used pickup trucks renowned for their high performance, high horsepower, and high-speed capabilities. These vehicles are also highly reliable in terms of engine performance and load-carrying capacity, making them popular choices over other used vehicle types. Heavy-duty trucks play a crucial role in road transportation, particularly in industries such as construction and agriculture. New technologies, including sensors and fuel efficiency, are increasingly influencing the market, as are prices and mileage. Retail dealerships offer various financing options, including EMI payments, to make purchases more accessible. International borders and freight demand contribute to the market's dynamics, with incentives and discounts from truck manufacturers driving sales. New technologies, such as those focused on fuel efficiency and downtime reduction, are also shaping the market. The used trucks market caters to various customer segments, including those involved in road freight activities, e-commerce, and material transportation. The value proposition of used trucks lies in their ability to offer high performance, reliability, and cost-effectiveness.

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Market Research Overview

The used trucks market encompasses the buying and selling of previously owned commercial trucks. This market caters to various industries such as transportation, logistics, construction, and agriculture. Freight transport is a significant driver for the used trucks market, as businesses seek cost-effective solutions for their transportation needs. The demand for used trucks is influenced by factors such as fuel prices, economic conditions, and technological advancements. Operators often prefer used trucks due to their lower acquisition costs and the availability of a wide range of models and configurations. The used trucks market also offers various financing options, including leasing and rental agreements, to facilitate transactions. Overall, the used trucks market plays a crucial role in the transportation sector by providing affordable and flexible solutions for businesses.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Pickup Trucks
• Other Trucks
• Fuel Type
• Diesel
• Gasoline
• Electric
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio