Used Truck Market Analysis

Used Truck Market Analysis

The medium-duty trucks segment held 45% of the used truck market share in 2022. Medium-duty trucks are highly versatile and can be used for a wide range of applications including parcel delivery services, construction, utilities, and towing. This versatility increases the demand for used medium-duty trucks as businesses & individuals seek affordable options for specific transportation needs, thereby driving market growth. The global market for heavy-duty trucks is likely to cross USD 400 billion by 2032.

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The independent dealer sales channels captured around 55% of the industry share in 2022 and is expected to grow at a lucrative pace through 2032. The independent dealers plays a vital role in fueling the used truck business statistics by offering a wide range of inventory, market access, convenience, vehicle inspection & quality assurance, expertise & guidance, financing options, and after-sales support. Their presence and services offered simplify the buying process, build buyer confidence, and expand the market by attracting a diverse range of buyers looking for reliable & affordable used trucks.
 

The electric fuel type is poised to witness 14% growth between 2023 and 2032. While the electric truck is still in its infancy, factors including increased availability, cost savings, environmental benefits, technological advancements, government support, infrastructure development, and market education are gradually contributing to its growth. This sector is expected to play an increasingly important role in the used truck market as it matures.

Asia Pacific used truck market dominated 70% of the global share in 2022. China, India, and Southeast Asian countries are among the world's fastest-growing economies in the Asia Pacific region. As these economies grow, there is a high demand for transportation & logistics services, which augments the demand for trucks. Used trucks provide cost-effective solutions for businesses & individuals in these countries to meet their transportation needs. Used trucks are less expensive than new trucks, making them an appealing option for businesses, particularly Small- & Medium-sized Enterprises (SMEs) and individuals. Lower purchase costs, reduced depreciation, and potentially lower insurance premiums contribute to cost savings, which is especially important in the price-sensitive markets of the region.