The Used Trucks Market is expected to grow at a CAGR of 5.38% to reach USD 13.37 billion by 2028. In the used trucks market, touchpoint management techniques have become essential for bridging the gap between buyers and sellers. By redefining the shopping experience, automotive dealers are employing unique strategies to understand and address customer needs. Online platforms for used vehicles collect valuable feedback from customers through artificial intelligence-driven support systems. These systems enable dealers to provide timely assistance, facilitate product discovery, and offer price comparisons, ultimately enhancing customer satisfaction. By leveraging advanced technology, dealers are able to create a positive and rewarding experience for their clients, setting a new standard in the used trucks market.
North America dominates the regional market because of The North American automotive market is currently experiencing a plateaued growth phase, primarily due to decreased demand for new vehicles and the saturation of personal vehicle ownership. The used truck sector, a significant segment within this market, is predominantly driven by light commercial vehicles and full-sized pickup trucks, which weigh between five and seven tons. Manufacturers are addressing the market's needs by enhancing pickup trucks' body and structural strength to ensure extended durability. The stringent manufacturing and quality standards in North America contribute to the long operational life of pickup trucks and commercial vehicles.
There are various factors that drive the Used Trucks Market market which are as following: In the used trucks market, businesses and individuals can reap substantial cost savings compared to buying new vehicles. Strict regulatory adherence and enhanced build quality in trucks have resulted in a higher standard of operational efficiency. The continuous introduction of new models and advanced automotive technologies stimulate the replacement cycle, thereby increasing the availability of pre-owned trucks. This trend, coupled with the attractive resale value proposition, is projected to attract various customer segments, driving demand for used trucks throughout the forecast period.
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Used Trucks Market Segmentation
The market witnesses several challenges, which are as follows In the used trucks market, the resale value of vehicles manufactured between 2012 and 2015 is experiencing a downward trend due to the obsolescence of their technology. Newer truck models boast advanced features, such as driver-assist systems and improved aerodynamics, which offer significant operational ease and comfort. When making purchasing decisions, truck buyers and freight transportation companies meticulously evaluate the cost-benefit analysis of acquiring used trucks versus new ones. Given the rapid advancements in truck technology, investing in a new truck with modern features is often seen as a more prudent choice over buying a used one.
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Some of the key companies that have been profiled in the report include:
The used trucks market is a segment of the larger global automotive market, according to Technavio's market classification. This market encompasses businesses involved in the production and sale of pre-owned commercial vehicles and all-terrain trucks. Notably, it excludes manufacturers of motorcycles, scooters, e-bikes, trikes, and three-wheelers. Technavio calculates the size of the global automotive market by aggregating the revenues generated by the manufacturers of automobiles, including passenger cars, commercial vehicles, and all-terrain vehicles. Key growth drivers for the global automotive market include the adoption of advanced technological features, such as increasing electronic components, secured safety systems, autonomous capabilities, emission standardization, enhanced fuel efficiency through electronic fuel control, and customizable vehicle options, which are increasingly appealing to consumers. - The Used Trucks Market is experiencing significant growth, fueled by the Expanded value proposition of used trucks. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
The Used Truck Market is a significant segment of the material transportation industry, catering to the needs of various sectors such as agriculture, construction, logistics, and supply chain management. With advancements in technology, used trucks are no longer just workhorses but are becoming smarter and more efficient. Accident Prevention Technologies like Smart Navigation Systems, AI, and IoT are increasingly being adopted to ensure safety on the roads. These technologies help prevent accidents by providing real-time traffic updates, predictive maintenance alerts, and driver assistance features. The dominance of commercial vehicles in the transportation sector is driving the demand for used trucks in the secondary market. E-commerce and material transportation are major contributors to this demand, with the need for efficient and affordable cargo transport solutions. The used truck market also caters to the transportation needs of other industries such as aircraft, trains, and ships. The transportation infrastructure, including roads and highways, plays a crucial role in the market's growth. Mileage, Semiconductor chips, CO2 emissions, and Greenhouse gas emissions are essential factors influencing the used truck market. Regulations regarding towing capability, cargo space, and affordability are also critical considerations for buyers in the market. Passenger vehicles may dominate the automotive industry, but the used truck market is a vital player in the transportation sector, offering cost-effective and efficient solutions for various industries.
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