Used Truck Market Size
Market Outlook:
Base Year Value (2023)
USD 45.66 Billion
CAGR (2024-2032)
9.4%
Forecast Year Value (2032)
USD 102.49 Billion
Historical Data Period
2019-2023
Largest Region
Asia Pacific
Forecast Period
2024-2032
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Market Dynamics:
Growth Drivers & Opportunity:The used truck market is expected to witness significant growth in the coming years due to the increasing demand for affordable transportation solutions, especially in developing countries. The rising freight volumes and expanding logistics sector are also driving the growth of the used truck market. Additionally, the growing trend of e-commerce and the need for efficient last-mile delivery services are boosting the demand for used trucks.
Industry
Report Scope
| Report Coverage | Details |
|---|---|
| Segments Covered | Vehicle, Sales Channel, End-user |
| Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
| Company Profiled | AB Volvo, KENWORTH, Freightliner Northwest, Scania, Daimler Truck AG., RENAULT TRUCKS, Mascus, MAN, ASHOK LEYLAND, Gordon Truck Centers, |
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There are certain restraints that could hinder the growth of the used truck market. A substantial impediment is the increasing stringency of emission norms and regulations, which are pushing fleet owners to invest in newer, more fuel-efficient vehicles. This could slow down the demand for used trucks in the market. Another restraint is the limited availability of financing options for purchasing used trucks, which could pose a challenge for buyers looking to invest in the secondary market.
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