The latest report by IMARC Group, titled “Used Truck Market Report by Vehicle Type (Light Trucks, Medium-Duty Trucks, Heavy-Duty Trucks), Sales Channel (Franchised Dealer, Independent Dealer, Peer-to-Peer), End User (Construction, Oil and Gas, and Others), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the used truck market forecast 2024.
Used Truck Market Predictions
The global used truck market size reached US$ 44.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 59.9 Billion by 2032, exhibiting a growth rate (CAGR) of 3.29% during 2024-2032.
Factors Affecting the Growth of the Used Truck Industry:
- Economic Factors:
The global used truck market is significantly influenced by economic conditions. When economies are robust, businesses tend to invest more in expanding their fleets, including purchasing new trucks. Conversely, during economic downturns, companies often cut back on expenses and turn to the used truck market as a cost-effective alternative to maintain their operations. The economic impact is multifaceted, affecting both supply and demand. On the supply side, economic hardship can lead to an increase in the number of trucks being sold as businesses liquidate assets. On the demand side, companies seek more affordable transportation options to manage their operating costs effectively. Additionally, fluctuating fuel prices also play a crucial role; when fuel costs are high, the operating expenses of trucks increase, prompting businesses to look for more fuel-efficient models, often available in the used market. Thus, the broader economic climate, including factors such as GDP growth, unemployment rates, and fuel prices, collectively drives the dynamics of the used truck market.
- Technological Advancements:
Technological advancements in the trucking industry significantly impact the used truck market. Newer trucks are equipped with advanced technologies that improve fuel efficiency, safety, and overall performance. These advancements make older models less desirable, driving down their resale value and increasing the availability of used trucks. For instance, the implementation of electronic logging devices (ELDs) and other telematics systems in new trucks enhances fleet management and regulatory compliance. Companies seeking to upgrade to these modern features often sell their older models, boosting the supply in the used truck market. Furthermore, advancements in electric and hybrid truck technologies are beginning to reshape the market. As more companies transition to greener fleets to comply with environmental regulations and reduce operating costs, the turnover rate of traditional diesel trucks increases, feeding the used truck inventory. Technological obsolescence thus accelerates the cycling of trucks through the market, influencing both availability and pricing of used trucks.
- Regulatory and Environmental Policies:
Regulatory and environmental policies play a crucial role in shaping the global used truck market. Governments worldwide are implementing stricter emissions regulations to combat air pollution and climate change. These regulations often require trucks to meet certain emissions standards, leading companies to upgrade their fleets to comply. As a result, older trucks that do not meet these standards are sold off, increasing the supply in the used truck market. Additionally, initiatives promoting sustainability and green logistics drive the demand for newer, more environmentally friendly vehicles. Companies aiming to enhance their corporate social responsibility (CSR) profiles are more likely to invest in new, lower-emission trucks, thereby increasing the turnover of older models. Moreover, policies offering incentives for scrapping older, higher-emission vehicles and purchasing new ones also stimulate the used truck market. These regulatory pressures ensure a steady influx of older trucks into the market, affecting supply dynamics and pricing. Therefore, regulatory and environmental frameworks are pivotal in driving both the availability and the desirability of used trucks globally.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
- AB Volvo
- International Used Truck Centers
- Mascus (Ritchie Bros. Auctioneers)
- PACCAR Inc.
- Renault Group
- TrueCar Inc.
- Volkswagen AG
Used Truck Market Report Segmentation:
By Vehicle Type:
- Light Trucks
- Medium-Duty Trucks
- Heavy-Duty Trucks
Light trucks dominate the market due to their versatility, fuel efficiency, and widespread use in both commercial and personal transportation needs.
By Sales Channel:
- Franchised Dealer
- Independent Dealer
- Peer-to-Peer
Based on the sales channel, the market has been divided into franchised dealer, independent dealer and peer-to-peer.
By End User:
- Construction
- Oil and Gas
- Others
On the basis of the end user, the market has been segmented into construction, oil and gas, and others.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America’s dominance in the used truck market is attributed to its highly developed logistics and transportation infrastructure, coupled with a significant demand for commercial vehicles across various industries.
Global Used Truck Market Trends:
Fleet renewal cycles significantly impact the global used truck market. Large transportation and logistics companies regularly update their fleets to maintain efficiency, reliability, and compliance with the latest industry standards. These companies typically operate on a set schedule for fleet renewal, often every five to seven years, to ensure that their vehicles are equipped with the latest technologies and safety features. This cyclical renewal generates a consistent supply of relatively new, well-maintained used trucks entering the market. Smaller companies and individual operators, who may not have the capital to invest in brand-new vehicles, benefit from this influx, finding value in the high-quality, second-hand options available. The consistent and predictable nature of fleet renewals ensures a steady flow of used trucks, stabilizing supply and contributing to market growth.
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