Market Size of Used Truck Industry
|2019 - 2029
|Base Year For Estimation
|> 4.00 %
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Used Truck Market Analysis
The used truck market was valued at around USD 41 billion in 2021, and it is expected to reach a value of around USD 52 billion by 2027 while registering a CAGR of over 4% during the forecast period.
The market for used trucks has been impacted by COVID-19's restrictions on cash flow and the sharp decline in transportation demand. Owners of used trucks had experienced a panic over making their EMI payments on time due to COVID-19. By mid-2021, truck usage increased as manufacturing and construction activities increased. This has continued as the governments across the globe have opened international borders resulting in increased road freight activities.
Over the long term, owing to the low costs compared to the new trucks and rising freight demand across the construction and logistics industries, the demand for used trucks has been significant over the years. However, factors, such as the incentives and discounts offered by the truck manufacturers, new technologies, fuel efficiency (available at a low price), and less downtime of new trucks, are leading to the customers preferring new trucks over the used ones.
The rise in construction, agriculture, and e-commerce activities increased the demand for material transportation, which, in turn, has resulted in the increased sales of used trucks, across the world, over the past three years. The key factor contributing to the growth of the global used trucks market is the value proposition of used trucks. Reduced prices of used trucks and their increased operational quality are expected to boost demand from various customer segments during the forecast period.