The Used Truck Global Market Report 2023, provides comprehensive information on the used truck market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Used Truck Global Market Report 2023, the global used trucks market is expected to grow from $42.59 billion in 2022 to $45.39 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The used trucks market is expected to reach $58.12 billion in 2027 at a CAGR of 6.4%.
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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 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 is segmented:
- 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
Asia-Pacific was the largest region in the used truck market in 2022.
The table of contents in TBRC’s used truck market report includes:
- Executive Summary
- Used Truck Market Characteristics
- Used Truck Market Trends And Strategies
- Used Truck Market – Macro Economic Scenario
- Global Used Truck Market Size and Growth
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- Global Used Truck Market Competitive Benchmarking
- Global Used Truck Market Competitive Dashboard
- Key Mergers And Acquisitions In The Used Truck Market
- Used Truck Market Future Outlook and Potential Analysis
- Appendix
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