Used Semi-Truck Market Size & Share 2024 to 2032
Market Size by Class (Class 8, Class 7, Class 6), by Sales Channel (Franchised Dealer, Independent Dealer, Peer-to-Peer), by Fuel (Gasoline, Electric, Diesel), Growth Prospects, Regional Outlook & Global Forecast.
Report ID: GMI7928
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Published Date: January 2024
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Used Semi-Truck Market Size
Used Semi-Truck Market size was valued at USD 13.8 billion in 2023 and is estimated to register a CAGR of over 8% between 2024 and 2032. The growing volume of freight transportation is driving the demand for the market. As the transportation industry expands, businesses seek cost-effective solutions, making used trucks an appealing option.
Used Semi-Truck Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
According to the American Trucking Association, in 2022, trucks transported 11.46 billion tons of freight (considering primary shipments only), constituting 72.6% of the total domestic tonnage shipped within the U.S. With the constant need for reliable and efficient freight hauling, the demand for used semi-trucks remains strong, reflecting the practicality and economic advantages they offer to those looking to meet the growing logistics & transportation demands.
The expansion of the transportation & logistics sector significantly fuels the used semi-truck market. As economies grow and global trade intensifies, businesses seek to augment their fleets to meet the escalating freight transportation needs. The increased demand for the movement of goods over long distances propels the demand for reliable & cost-effective transportation solutions, making the market a pivotal resource for businesses aiming to efficiently navigate the expanding logistics industry.
A limited warranty on truck parts can impede the used semi-truck industry growth by instilling concerns about long-term reliability and maintenance costs among buyers. Potential buyers may be hesitant to invest in used trucks with restrictive warranties, fearing increased expenses for unforeseen repairs. A more robust warranty offering could enhance buyer confidence, making used trucks a more appealing and low-risk option for businesses looking to expand their fleets cost-effectively.
Used Semi-Truck Market Trends
The introduction of coverage plans for out-of-warranty used trucks will foster lucrative growth in the used semi-truck industry. These plans offer buyers reassurance by mitigating concerns about potential repair costs, making used trucks more appealing and low risk. For instance, in October 2023, Daimler Truck North America (DTNA) introduced Extended Optimum, a customizable coverage plan for out-of-warranty or uncovered Freightliner and Western Star trucks. This extended coverage includes genuine OEM parts and services accessible through DTNA's dealer service network, ensuring maintenance & repairs by certified technicians specializing in Freightliner, Western Star, and Detroit brands.
The appeal of the used semi-truck market is fueled by the declining value of new trucks over a period of time. As new trucks undergo a reduction in value with mileage and wear, businesses find cost-effective solutions by acquiring used vehicles. This factor enhances the appeal of used trucks, allowing buyers to expand their fleets economically. The favorable cost-to-value ratio positions used semi-trucks as an attractive option, propelling market growth as businesses seek reliable and affordable solutions for their freight transportation needs.
Used Semi-Truck Market Analysis
Based on type, the class 8 segment held over 60% of the market share in 2023, owing to their heavy-duty capabilities and exceptional versatility. Known for handling large and heavy loads, these trucks cater to a diverse range of industries and transportation needs. Their robust design and powerful performance make them a preferred choice for businesses involved in long-haul freight transportation. The adaptability of Class 8 trucks to various types of freight adds to their appeal, positioning them as versatile assets for buyers seeking reliable solutions in the market.
Based on the sales channel, the independent dealer segment accounted for 55% of the used semi-truck market share in 2023. Sales promotions for used vehicles, tailored to meet customer demands, are propelling segment growth. By offering attractive discounts and addressing the diverse needs of buyers, independent dealers enhance their appeal in the competitive market.
For instance, in August 2023, Ryder System initiated a sales event, providing buyers with the opportunity to get up to 30% discounts on the purchase of three or more qualifying used commercial vehicles, or a 20% discount on the acquisition of two qualifying vehicles. This promotion underscored Ryder's commitment to addressing the constrained market for cost-effective, diverse, and reliable fleet management solutions that align with the varied demands of customers.
Asia Pacific used semi-truck market with a major share of over 50% in 2023, due to cost considerations as businesses prioritize affordability in fleet expansion. The region's robust economic growth and flourishing trade and commerce amplify the demand for transportation services, prompting businesses to seek cost-effective solutions such as used semi-trucks. As international trade activities increase, creating higher freight volumes, the need for reliable yet economical commercial vehicles become paramount, positioning used semi-trucks as a preferred choice in the dynamic logistics & transportation landscape across Asia Pacific.
Used Semi-Truck Market Share
AB Volvo and Daimler Trucks hold a significant market share of over 25% in the used semi-truck industry. AB Volvo operates a dedicated program for used trucks, providing customers with a range of pre-owned vehicles that have undergone thorough inspections and refurbishments. This program helps the company to increase its revenue share in the market.
Daimler Trucks operates the SelecTrucks program, offering a range of used commercial vehicles from brands like Freightliner and Western Star. The program includes a thorough inspection process and provides a warranty for added assurance. This helps the company to get a competitive advantage in the market.
Used Semi-Truck Market Companies
Major companies operating in the used semi-truck industry are:
Used Semi-Truck Industry News
The used semi-truck market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:
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Market, By Class
Market, By Sales Channel
Market, By Fuel
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
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Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
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