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Used Truck Market Trends

Report ID: GMI5905
Published Date: May 2023
Report Format: PDF

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Used Truck Market Trends

One of the main factors driving the truck market is the high performance of trucks along with their enhanced features such as driver comfort and safety (especially in Class 6 & 7 trucks). These vehicles are primarily characterized by high horsepower and high speed. Trucks are highly preferred for commercial & material handling in the manufacturing and construction industries due to the use of innovative technologies including automotive sensors, Anti-braking System (ABS), Electronic Brake Distribution (EBD), and other advanced safety features such as automatic gearboxes. These factors make new trucks more appealing to consumers.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of used truck exceeded USD 40 billion in 2022 and will witness 9% CAGR from 2023-2032 driven by the rapidly expanding construction, agricultural & e-commerce sectors worldwide.

Demand for used medium-duty trucks recorded over 45% of the overall industry share in 2022 owing to rising application in parcel delivery services, construction, utilities, and towing.

Asia Pacific dominated 70% of the used truck business share in 2022 owing to the high demand for transportation & logistics services in the region.

AmeriQuest Used Trucks, Volvo Trucks, Arrow Truck Sales, Daimler Trucks North America (DTNA), Enterprise Truck Rental, International Used Trucks, Ryder System, Inc., and Knight-Swift Transportation are some of the used truck companies.