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Used Truck Market Report 2024-2032 | Industry Growth, Demand, Top Key Players & Forecast Report – IMARC Group

The latest report by IMARC Group, titled “Used Truck Market Report by Vehicle Type (Light Trucks, Medium-Duty Trucks, Heavy-Duty Trucks), Sales Channel (Franchised Dealer, Independent Dealer, Peer-to-Peer), End User (Construction, Oil and Gas, and Others), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the used truck market report.

How big is the used truck market?

The global used truck market size reached US$ 44.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 59.9 Billion by 2032, exhibiting a growth rate (CAGR) of 3.29% during 2024-2032.

Factors Driving Growth in the Used Truck Industry:

  • Economic Considerations:

The significant cost disparity between used and new trucks makes purchasing a used truck a more financially feasible option. New vehicles experience substantial initial depreciation once they leave the dealership, making used trucks a cost-effective investment for businesses and individuals seeking to optimize their budget. Lower insurance premiums for used trucks further contribute to the overall reduced cost of ownership, presenting an appealing economic advantage, especially for small and medium-sized enterprises (SMEs) and independent contractors with limited budget flexibility.

  • Environmental Impact:

Growing emphasis on environmental sustainability is influencing the used truck market positively. Purchasing used trucks extends the lifespan of vehicles and diminishes the necessity for new truck production, leading to reduced resource consumption and energy expenditure in manufacturing processes. This contributes to a lowered carbon footprint associated with vehicle production. Many used trucks also demonstrate fuel efficiency and compliance with emissions standards, aligning with the preferences of environmentally conscious buyers. The increasing adoption of sustainable practices across various industries is fueling the demand for used trucks as companies and individuals seek methods to reduce their environmental impact.

  • Technological Advancements and Reliability:

Modern trucks exhibit higher durability and longevity owing to technological advancements in vehicle manufacturing. This translates to the sustained reliability and functionality of used trucks over numerous years. Ongoing innovations in engine efficiency, safety features, and comfort make older models an attractive choice for buyers seeking access to advanced features at reduced costs. Detailed vehicle history reports and certification programs further instill confidence in the reliability and condition of used truck purchases, supporting buyers in making well-informed decisions.

For an in-depth analysis, you can request a sample copy of the report: https://www.imarcgroup.com/used-truck-market/requestsample

Top Companies in the Used Truck Industry:

  • AB Volvo
  • International Used Truck Centers
  • Mascus (Ritchie Bros. Auctioneers)
  • PACCAR Inc.
  • Renault Group
  • TrueCar Inc.
  • Volkswagen AG

Used Truck Market Report Segmentation:

By Vehicle Type:

  • Light Trucks
  • Medium-Duty Trucks
  • Heavy-Duty Trucks

Light trucks represent the largest segment as they are easy to drive and offer extensive space for carrying loads.

By Sales Channel:

  • Franchised Dealer
  • Independent Dealer
  • Peer-to-Peer

Based on the sales channel, the market has been divided into franchised dealer, independent dealer, and peer-to-peer.

By End User:

  • Construction
  • Oil and Gas
  • Others

On the basis of the end user, the market has been classified into construction, oil and gas, and others.

Regional Insights:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

North America’s dominance in the used truck market is attributed to the rising demand for used trucks in the logistics sector.

Global Used Truck Market Trends:

Favorable market outlook is influenced by evolving regulatory environments and emissions standards globally. Stricter emissions regulations imposed by governments are impacting the cost and availability of new trucks, compelling businesses and individuals to consider used trucks as a more affordable yet compliant option. In regions where older trucks are phased out or penalized for not meeting emissions standards, there is an increased supply of used trucks meeting regulatory requirements in other areas, creating opportunities for buyers to acquire high-quality used trucks at competitive prices. This global dynamic reflects the influence of regulatory shifts on the availability and affordability of used trucks, shaping market trends in response to changing environmental and regulatory landscapes.

Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=8102&flag=C

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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