The Used Truck Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Used Truck Global Market Report 2024, The used truck market size has grown strongly in recent years. It will grow from $45.39 billion in 2023 to $48.35 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to economic conditions, fleet renewal cycles, construction and infrastructure development, global trade expansion, environmental regulations.
The used truck market size is expected to see strong growth in the next few years. It will grow to $62.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to e-commerce growth, adoption of electric trucks, fleet optimization, increased outsourcing of logistics, resilience amid economic uncertainty. Major trends in the forecast period include digitalization of sales platforms, technology advancement, telematics integration, predictive maintenance solutions, focus on sustainability.
The rise in the construction industry is expected to propel the growth of the used truck market going forward. The construction industry is the industrial segment of production and commerce concerned with constructing, repairing, renovating, and maintaining infrastructures. Used trucks are used for transporting several construction materials on construction sites. For instance, in June 2021, according to the NZ Tauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7% in March 2021. Further, in 2021, residential activities rose 4.3% compared to 2020. Additionally, according to the US Census Bureau, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, with a growth rate of 10.2%. Therefore, the rise in the construction sector drives the used truck market.
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The used truck market covered in this report is segmented –
1) By Type: Light-Duty Truck, Medium-Duty Truck, Heavy-Duty Truck
2) By Fuel Type: Gasoline, Electric, Diesel
3) By Sales Channel: Franchised Dealer, Independent Dealer, Peer-To-Peer
4) By End-Use: Construction, Oil And Gas, Mining, Other End-Users
Introducing innovative used truck brands and sites is a key trend for gaining popularity in the used truck market. Major companies operating in the used truck market are focused on developing innovative solutions to strengthen their position in the market. For instance, in June 2023, Daimler, a Germany-based automotive manufacturer, launched the Bharat Benz Certified brand for used trucks. Customers can choose a new annual maintenance contract (AMC) while purchasing used Bharat Benz trucks. Furthermore, in May 2021, Volvo AB, a Sweden-based commercial vehicle designer, manufacturer, and supplier, launched Volvo Selected, a new European e-commerce site for purchasing old trucks. Volvo Trucks intends to encourage sustainability and circularity by making it easier and less time-consuming for clients to identify the right secondhand vehicle that has passed all required inspections and assessments. The vehicles may be delivered anywhere in the world, and the trucks come with driveline coverage, service contracts, and flexible financing options.
The used truck market report table of contents includes:
1. Executive Summary
2. Used Truck Market Characteristics
3. Used Truck Market Trends And Strategies
4. Used Truck Market – Macro Economic Scenario
5. Global Used Truck Market Size and Growth
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32. Global Used Truck Market Competitive Benchmarking
33. Global Used Truck Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Used Truck Market
35. Used Truck Market Future Outlook and Potential Analysis
36. Appendix
Top Major Players :
- Ford Motor Corporation
- General Motors Company
- MAN Truck & Bus SE
- Scania AB
- Toyota Motor Corporation
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