Used Truck Market Size, Share, Growth & Industry Analysis, By Vehicle Type (Light Duty Trucks, Medium Duty Trucks), By Fuel Type (Diesel, Gasoline, & Alternative Fuels), & By Sales Channel (Independent Dealers, Franchised Dealers, Online Marketplaces) & Regional Analysis, 2024-2031

Used Truck Market Size

Global Used Truck Market size was recorded at USD 44.24 billion in 2023, which is estimated to be at USD 46.32 billion in 2024 and projected to reach USD 66.28 billion by 2031, growing at a CAGR of 5.25% from 2024 to 2031. The growth of the market is propelled by technological advancements, environmental regulations, increasing demand for cost-effective transportation, and the rise of digital sales platforms. In the scope of work, the report includes products offered by companies such as AB Volvo, Daimler Truck AG, Enterprise Holdings, Inc., Mascus, Navistar, Inc., Scania, Tata Motors Limited., MAN, PACCAR Financial Used Truck Center, RENAULT TRUCKS, and others.  

The expansion of the used truck market is further fueled by economic conditions that greatly influence demand, with businesses seeking cost-effective alternatives to new vehicles during downturns. Technological advancements in truck durability and reliability have significantly extended their operational lifespan, making used models an attractive option to consumers. Additionally, the rise of the e-commerce sector has increased the need for logistics and transportation, thereby propelling market development. Environmental regulations significantly influence corporate decisions, as companies opt for newer used trucks that meet stricter emission standards, balancing cost savings with compliance.

The used truck market is dynamic, characterized by a diverse range of buyers, including individual operators, small and medium enterprises, and large corporations. Prices are influenced by several factors such as age, mileage, condition, and brand reputation. The development of the market is supported by a robust network of dealerships, online platforms, and auctions, ensuring accessibility and transparency. The plant-based meat market is currently led by the Asia-Pacific region. However, Europe shows strong potential for future growth and the market's resilience is evident as it adapts to economic fluctuations and technological advancements.

A used truck is a previously owned commercial vehicle sold through various channels such as dealerships, online platforms, and auctions. These trucks range from light-duty pickups to heavy-duty haulers and serve numerous industries such as construction, logistics, and agriculture. The market encompasses vehicles in varying conditions, ranging from nearly new to well-used, thereby offering a spectrum of options for buyers. Critical aspects influencing purchase decisions include vehicle history, maintenance records, and overall condition. Used trucks provide a cost-effective solution for businesses seeking reliable transportation without the significant investment required for acquiring new vehicles.

Analyst’s Review 

Leading manufacturers are focusing on enhancing the quality and reliability of used trucks through certified pre-owned programs, thus boosting buyer confidence. New products, such as electric and hybrid trucks, are entering the used market, reflecting the growing shift toward sustainable transportation. Manufacturers are further leveraging digital platforms to streamline sales and expand their market reach.

Businesses should invest in comprehensive maintenance and certification processes to improve resale value and market appeal. Emphasizing transparency through detailed vehicle histories and virtual inspections further helps attract cautious buyers. Adhering to environmental regulations and offering alternative fuel options are crucial for future growth, ensuring compliance while meeting evolving consumer preferences.

• In May 2024, Singapore based public waste collector, ALBA W&H Smart City Pte Ltd, enhanced its waste management in the Woodlands-Yishun sector bydeploying Scania electric trucks. These trucks operated efficiently and quietly, resulting in the reduction of noise and emissions in residential areas. Favorable driver feedback affirmed their effectiveness, and the trucks were charged daily at the depot. The Scania Fleet Management System improved route planning through data analysis.

Used Truck Market Growth Factors

The increasing cost of new trucks significantly impacted the used truck market. Businesses, particularly small and medium enterprises, often encounter escalating costs associated with acquiring new trucks due to the integration of advanced technology and the imposition of stricter emission standards. This makes used trucks an attractive alternative. Used trucks offer a cost-effective solution without compromising on essential functionalities.

Additionally, advancements in truck durability ensure that well-maintained used trucks continue to provide reliable service over extended periods. This economic advantage encourages businesses to consider used trucks, thereby stimulating market growth and expanding the customer base. The variability in vehicle condition pose a significant challenge that may deter prospective buyers. Some used trucks might have hidden issues or incomplete maintenance histories, which makes their purchase a risky investment due to additional costs associated with the maintenance and repair of faulty vehicles. 

To overcome this challenge, the implementation of thorough inspections and certification processes is essential. Certified pre-owned programs help assure buyers of the truck's quality and reliability. Leveraging technology, such as detailed online listings with comprehensive reports and virtual inspections, further increases transparency. Additionally, establishing trust through warranties and post-sale support mitigates concerns, thereby ensuring that customers feel confident in their purchase decisions.

• TATA OK provides a comprehensive solution for acquiring pre-owned vehicles, offering extensive services regardless of make, model, or year of manufacturing, thus ensuring customer satisfaction and facilitating efficient fleet expansion. With up to 120 quality checks, access to service history details, and engine warranty, TATA OK prioritizes reliability and value for customers in the commercial vehicle market.

Used Truck Market Trends

The increasing use of online platforms for buying and selling is an ongoing trend in the market. Digital marketplaces are providing buyers with easy access to a wide range of options, along with detailed vehicle histories, photos, and customer reviews. This convenience is making it simpler for buyers to compare prices and conditions without visiting multiple dealerships. Sellers are further benefiting from a broader audience reach and reduced overhead costs associated with maintaining physical lots. This shift toward digital transactions is enhancing transparency and efficiency in the market, leading to increased customer satisfaction and streamlining of the buying process.

The growing demand for environmentally friendly trucks is a trend prompting businesses to increasingly seeking used trucks that comply with the latest emission standards. This shift is fueled by rising environmental awareness and stricter regulations. This trend is compelling dealerships and sellers to stock more recent models that offer better fuel efficiency and lower emissions. Additionally, the emergence of alternative fuel vehicles, such as electric and hybrid trucks, is influencing the used truck market. The rising adoption of these new technologies are likely to reshap the market landscape, offering greener options for eco-conscious buyers.

Segmentation Analysis

The global used truck market is segmented based on vehicle type, fuel type, sales channel, and geography.

By Vehicle Type

Based on vehicle type, the market is categorized into light duty trucks, medium duty trucks, and heavy duty trucks. The light duty trucks segment led the market in 2023, reaching a valuation of USD 18.73 billion due to its versatility and cost-effectiveness. Businesses and individuals prefer light duty trucks for their fuel efficiency and lower operating costs compared to heavier trucks. These trucks are ideal for urban deliveries, small business operations, and personal use, offering flexibility without incurring the higher expenses associated with medium and heavy-duty trucks. The rise in e-commerce and last-mile delivery services is significantly boosting the demand for light duty trucks, thereby contributing to the growth of the segment.

By Fuel Type

Based on fuel type, the market is classified into diesel, gasoline, and alternative fuels. The alternate fuel segment is poised to witness significant growth, recording a CAGR of 6.33% through the forecast period (2024-2031). The segment is experiencing significant growth due to increasing environmental concerns and stringent emission regulations. Businesses are seeking greener alternatives to traditional diesel and gasoline vehicles. Advances in technology are making alternative fuel vehicles, such as electric and hybrid trucks, more viable and cost-effective. Government incentives and subsidies for adopting cleaner fuels are further supporting this shift, thereby boosting segment growth.

By Sales Channel

Based on sales channel, the market is segmented into independent dealers, franchised dealers, private sellers, and online marketplaces. The independent dealers segment secured the largest market share of 38.51% in 2023, majorly attributed to their flexibility and personalized service. Independent dealers often provide a diverse inventory and competitive pricing, attracting a wide range of customers. They frequently offer tailored financing options and more negotiation flexibility compared to franchised dealers. The trust and local reputation built by independent dealers play a crucial role in their dominance. Furthermore, the ability to quickly adapt to market changes and customer preferences helps them maintain a strong presence in the global marketplace.

Used Truck Market Regional Analysis

Based on region, the global used truck market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

The Asia-Pacific used truck market accounted for a significant share of 36.28% in 2023, with a valuation of USD 16.05 billion. The region is dominating the used truck market due to its rapidly growing economies and expanding industrial sectors. Countries such as China and India are experiencing increased demand for commercial vehicles driven by robust construction, manufacturing, and e-commerce activities. The cost advantage associated with used trucks is appealing to businesses looking to expand their fleets economically. Additionally, the large population and rapid urbanization in this region are prompting the need for efficient logistics and transportation solutions.

Europe is poised to experience significant growth, registering a CAGR of 5.38%  over the forecast period. It emerges as the fastest-growing region in the used truck market due to stringent environmental regulations and the shift toward sustainability. European businesses are increasingly replacing older trucks with newer, more efficient used models that meet the latest emission standards. The region's strong emphasis on reducing carbon footprints and enhancing fuel efficiency is accelerating the adoption of alternative fuel trucks. Additionally, the well-established infrastructure and high purchasing power in European countries facilitate this transition, thereby contributing to regional market growth.

Competitive Landscape

The global used truck market study will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Manufacturers are adopting a range of strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, to strengthen their market standing.

List of Key Companies in Used Truck Market

• AB Volvo
• Daimler Truck AG
• Enterprise Holdings, Inc.
• Mascus 
• Navistar, Inc.
• Scania 
• Tata Motors Limited.
• MAN 
• PACCAR Financial Used Truck Center
• RENAULT TRUCKS

The Global Used Truck Market is Segmented as:

By Vehicle Type

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

By Fuel Type

• Diesel
• Gasoline
• Alternative Fuels

By Sales Channel

• Independent Dealers
• Franchised Dealers
• Private Sellers
• Online Marketplaces

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • U.K.
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America