Used Trucks Market | Growth Projections and Highlights
Technavio has been monitoring the used trucks market and it is expected to grow by 6.47 mn units, accelerating at a CAGR of almost 4% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking
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Used Trucks Market: North America to lead market growth during the forecast period
- 51% of the market growth will originate from North America during the forecast period. The US and Canada are the key markets for used trucks in North America. Market growth in this region will be faster than the growth of the market in Europe, MEA, and South America.
- The used trucks market share growth by the pickup trucks segment will be significant during the forecast period. Used pickup trucks are perceived as highly reliable in terms of engine performance and load-carrying capacity in the passenger car segment. This makes pickup trucks popular over other used vehicle types in the passenger car segment.
- The increasing penetration of online websites for buying and selling used trucks drives the growth of used trucks market over the forecast period.
- The comprehensive quality checking systems deployed by used truck dealers will fuel the growth of the used trucks market size.
Used Trucks Market: Key Competitors
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. AB Volvo, CNH Industrial NV, Daimler AG, MAN SE, Navistar International Corp., PACCAR Inc., Penske Automotive Group Inc., Renault SA, Scania AB, and TrueCar Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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Used Trucks Market: Key Highlights of the Report for 2021-2025
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive used trucks market growth during the next five years
- Precise estimation of the used trucks market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the used trucks market industry across North America, Europe, APAC, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of used trucks market vendors
Browse through some of other related market research reports for more insights:
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