The used trucks market is expected to grow by 6.47 million units during 2021-2025, expanding at a CAGR of over 4%. The report throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect.
The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios.
Used Trucks Market: Value proposition of used trucks to drive growth Advances in automotive technology and the influx of new truck models are driving fleet owners to sell their existing vehicles and adopt new models. This has led to a steady rise in the supply of used trucks in the market. Buying a used truck significantly lowers the capital when compared to buying new ones. In addition, most truck owners are known to install aftermarket fitments in their vehicles to improve operational quality and raise the resale values. Besides, many used truck dealers maintain a strict quality checking system and offer extended warranty on vehicles' drivetrain. All these factors are expected to fuel the growth of the global used trucks market during the forecast period.
As per Technavio, the increasing penetration of online used trucks websites will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Used Trucks Market: Increasing Penetration of Online Used Trucks Websites Used truck dealers are expanding their presence by leveraging online websites to offer their range of used trucks. This is because the advertisement costs in online used truck websites are comparatively lower than offline stores. Online platforms also offer customers a wide range of choices compared to brick-and-mortar stores. They allow customers to research the availability of the vehicle model, compare prices, read reviews, and select vehicles based on delivery and aftersales support. This trend is expected to positively influence the growth of the global used trucks market during the forecast period.
"Vehicle makers entering used trucks market and comprehensive quality checking systems deployed by used trucks dealers will further boost market growth during the forecast period", says a senior analyst at Technavio.
Related Reports on Consumer Discretionary Include: Global Truck Axle Market – Global truck axle market is segmented by application (light-duty trucks, heavy-duty trucks, and medium-duty trucks) and geography (APAC, North America, Europe, South America, and MEA).
Used Trucks Market: Segmentation Analysis This market research report segments the used trucks market by Type (Pickup trucks and Other trucks) and Geography (North America, Europe, APAC, South America, and MEA).
The North America region led the used trucks market in 2021, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the high adoption of light commercial vehicles and pickup trucks in the region.
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