Used Truck Market Trends

Statistics for the 2023 & 2024 Used Truck market trends, created by Mordor Intelligence™ Industry Reports. Used Truck trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Single User License
Team License
Corporate License
Book before:

Single User License

OFF

Team License

OFF

Corporate License

OFF
Book before:

Market Trends of Used Truck Industry

This section covers the major market trends shaping the Used Truck Market according to our research experts:

The Rising Construction Industry is Driving the Demand for Heavy-duty Trucks

For any country, road transportation plays a crucial role in the transportation of goods. The high performance, along with improved features like driver comfort and safety (especially in Class 6 and Class 7 trucks), is one of the primary drivers of the high-performance truck market. High horsepower and high speed primarily characterize these vehicles.

The advanced use of technology like sensors, ABS, EBD, and other sophisticated safety features makes trucks one of the preferred choices for commercial and material handling in the construction and manufacturing sector.

With the thriving construction and real estate sector of countries such as India, South Korea, and China, heavy-duty trucks are expected to see a greater deployment rate in the next few years. By 2026, the Asia-Pacific heavy-duty trucks market share may gain substantially due to the numerous government investments and initiatives toward the promotion of construction activities in the region.

Moreover, the preference for advanced technologies, such as automatic transmission, is also increasing. The aforementioned factors are shifting the consumers' focus toward new trucks. As a result, the companies and manufacturers who sell used trucks are keeping their prices low in order to attract customers. There is a rise in the supply of trucks aged from 3 years to 5 years, with increased mileage, resulting in a fall in the prices of trucks in the market. Dealer lots are filled with trucks that are high on mileage, making the buyers lean toward the purchase of new trucks.

The market is majorly controlled by the retail dealership, with about 75% of the shares in the distribution channels. It offers better sales and service support, as compared to the other channels.

trend_1

Asia-Pacific is the Fastest Growing Market for Used Trucks

Compared to the other regions, the used truck market is expected to grow more in the Asia-Pacific region. By 2020, the 2013 and 2014 model year trucks were available in the used truck market, and this may keep the value of used trucks high, which is presently low.

The Asia-Pacific region is expected to be a major market, propelling the global construction industry, with rising construction activities in developing countries, such as India and the ASEAN countries (including Thailand, Singapore, Vietnam, and other countries).

For instance, in India, the construction sector is one of the booming industries. The country's construction sector is expected to grow twice as fast as China's, until 2030, with the rising population. The infrastructure sector is an important pillar for growth in the Indian economy. The Indian government is taking various initiatives to ensure the time-bound development of excellent infrastructure in the country.

Multiple price increases have rendered new trucks unaffordable, driving up the cost of used trucks by a factor of ten. Used truck costs have increased by anywhere between 18 and 20 percent, and in some categories by as much as 30 percent, according to bankers and retailers in this market. The introduction of BS6 increased prices by 12 percent - 20 percent across all segments, and now that steel prices have increased by more than 50 percent, OEMs have increased the price of new vehicles. As a result, the price of used vehicles is increasing across all segments, including LCV and HCV. Disbursements are up 20 percent so far in FY21, the second year in a row when used truck demand has remained strong.

Additionally, despite its volatile growth in the real estate sector, significant developments in rail and road infrastructure by the Chinese government (to withstand the demand stemming from the growing industrial and service sectors) have resulted in the tremendous growth of the Chinese construction industry in the recent years.

In the past few years, countries like Indonesia, Malaysia, and Singapore, have become the primary hosts for numerous national and international events, owing to their business potential.

As a result of the aforementioned developments, the demand for used trucks is expected to increase in the freight and logistics segment over the forecast period.

Used Truck Market - Growth Rate by Region, (2022 - 2027)

Used Truck Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)