Used truck market is anticipated to grow at a considerable CAGR of 8.3% during the forecast period (2024-2031). One of the primary reasons for the increasing adoption of used trucks is the significant cost savings compared to purchasing new ones. Used trucks typically have a lower upfront cost, allowing businesses and individuals to acquire reliable vehicles without the higher price tag of new models. According to the Used Truck Association, four- to six-year-old trucks brought 3.9% less money than in October, and 40.2% less money than November 2022. In the first 11 months of 2023, late-model sleepers brought 41.6% less money than the same period of 2022. Monthly depreciation in 2023 is now down to 4.0%. Additionally, in 2024, International Used Truck Centers offered The Owner-Operator Independent Drivers Association (OOIDA) members a $1,000 Advantage® Card Credit* with the purchase of any used 2018 and newer International® LT™, LoneStar® or RH®st. Program Expires on December 31, 2024. Such incentive influences purchasing decisions and draw potential buyers towards the used truck market.
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Furthermore, with the increasing investment in digital platforms and improving accessibility, there is an increased opportunity for attracting more customers to the used truck market. In October 2020, Ryder System Inc. launched the mobile-friendly used vehicle sales website, ryder.com/used-trucks. With the launch of the new used vehicle sales website that includes an expanded inventory of vehicles through an additional 156 current Ryder rental and maintenance facilities. This move aimed to enhance the company’s digital retail presence and make used vehicles more accessible to customers.
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- Market Coverage
- Market number available for – 2024-2030
- Base year- 2023
- Forecast period- 2024-2030
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Used Truck Market Report Segment
By Fuel Type
- Gasoline
- Diesel
- Electric
By Vehicle Type
- Heavy-Duty Trucks
- Medium-Duty Trucks
- Light-Duty Trucks
By End-User
- Construction
- Logistics and Transportation
- Oil and Gas
- Other (Agriculture)
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global used truck market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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