Used Semi Truck Market

Global Used Semi Truck Market Research Report: By Sales Channel (Franchised Dealer, Independent Dealer, Peer-to-Peer), By Propulsion Type (ICE, Electric), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2024-2032.

Automobile & Transportation | December 2023 | Report ID: EMR00359 | Pages: 301

The global used semi truck market was valued at USD 13.60 billion in 2023 and is estimated to reach approximately USD 22.62 billion by 2032, at a CAGR of 5.8% from 2024 to 2032.

 

Due in large part to the strong need for affordable transportation options and ongoing improvements in vehicle endurance, the secondhand semi-truck industry has experienced a notable upswing in recent years. There has been a significant growth in the market for used commercial trucks as more companies look for affordable ways to supplement their fleets. Since these trucks are now more widely available, companies may purchase dependable cars for less money, which helps bigger companies grow by removing the barrier to entry for new businesses.

 

 

 

These trucks are a good option for businesses looking to maximize their logistics without having to pay for whole new cars because of things like higher manufacturing standards and technology advancements that have greatly increased the trucks' lifespan. Furthermore, the availability of used vehicles supports sustainability objectives as environmental concerns grow, enabling businesses to invest in more fuel-efficient models or investigate alternative fuel choices. All things considered, the emergence and growth of the used semi-truck market provide a crucial means by which companies can obtain high-quality transportation options while managing financial restraints and environmental concerns.

 

USED SEMI TRUCK MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2023)

13.60 Bn

Projected Market Value (2032)

22.62 Bn

Base Year

2023

Forecast Years

2024 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Sales Channel, By Propulsion Type, & Region

Segments Covered

By Sales Channel, By Propulsion Type, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Used Semi Truck Market Dynamics

The transportation business is cyclical, meaning that factors like freight demand, economic conditions, and regulatory changes have a direct impact on used truck purchasing and selling patterns, which in turn affects market trends. Older but still dependable vehicles are frequently released into the secondary market in response to the introduction of newer models in the primary market. In addition, the price and demand for these vehicles are greatly influenced by variables such as age, mileage, maintenance history, and technical features. Customer preferences are also quite important; companies look for used trucks that combine cost and dependability, with a growing focus on eco-friendliness and fuel economy.

The fluctuations in supply and demand can be attributed to several factors such as industry-specific requirements, infrastructure development, and local economic conditions. Government rules governing emissions limits and technical developments also continuously influence the market, since older models can be subject to limitations or see a decline in demand because of compliance problems. The dynamics of the used semi-truck market are complex and constantly changing due to a combination of economic, technological, and regulatory factors that shape the business.

 

Global Used Semi Truck Market Drivers

  • Technological Advancements

Newer truck models with improved technology, such as improvements in safety features, connection, fuel efficiency, and autonomous capabilities, hit the main market as innovation soars. Older models start to come off the production line as a result of this influx, which increases the supply of used trucks on the secondary market. Purchasing slightly older but technologically sound automobiles might be a good alternative for budget-conscious buyers, especially if the features are in line with modern industry standards. Furthermore, as technology develops, standards for effectiveness, efficiency, and regulatory compliance are constantly raised. Because of this, both buyers and sellers are encouraged to interact with the market, whether it is by purchasing old vehicles with updated technology that meet their operational requirements or by disposing of out-of-date models. This cycle of innovation creates a dynamic ecosystem that not only responds to and capitalizes on the most recent technology breakthroughs in the used semi-truck market, but also raises the general quality of trucks that are available for purchase.

  • Increasing Emphasis on Sustainability and Eco-Friendly Options

As environmental conservation gains global attention, corporations are gravitating more and more toward lowering their carbon footprint. Their mobility choices are also affected by this mental shift, which is driving up demand for more fuel-efficient, low-emission cars. Used vehicles with green characteristics, including increased fuel economy, the ability to run on alternative fuels (such electric or hybrid models), or lower emissions, are a great fit with these environmental objectives. As such, purchasers who are attempting to comply with strict environmental laws or corporate sustainability pledges find benefit in purchasing pre-owned trucks that support their green endeavors.

The availability of such environmentally friendly solutions satisfies social expectations as well as legal obligations, improving the reputation of companies that practice environmental stewardship. The increasing emphasis on sustainability serves as a stimulant for the used semi-truck industry, encouraging the purchase and sale of more ecologically friendly automobiles and pressuring producers to develop and adapt their older models to these changing environmental requirements.

 

Restraints:

  • High Repair and Maintenance Costs

Trucks require more repairs and maintenance as they get older, which frequently results in rising costs that affect the overall cost of ownership. Older models can be more expensive to buy new because of wear and tear and the need for regular repairs and replacements of parts like engines, transmissions, and brake systems. However, they may be less expensive initially. Additionally, there may be a shortage of specialty components for older trucks, which would drive up prices and increase repair downtime. Considering long-term operating costs, consumers are discouraged from purchasing older secondhand trucks because of this financial hardship.

When purchasers factor in possible future expenses, high maintenance costs can also negatively impact resale values, making these vehicles less appealing on the secondary market. It becomes imperative for stakeholders to address these cost-related issues, which calls for creative solutions like warranties, maintenance record incentives, or affordable aftermarket solutions to lessen the constraint imposed by excessive repair and maintenance costs in the used semi-truck market.

  • Regulatory Compliance Challenges

Newer trucks find it more difficult to comply with the ever-changing environmental, safety, and technical requirements of the rules. Older models may find it difficult to comply with new environmental and safety standards as rules tighten, which would lower their market value and limit their usefulness. This limitation is more pronounced in areas where rigorous laws are implemented, since older trucks may not be allowed to operate in particular zones or may be fined for not complying, which would lessen the appeal of the vehicle to prospective purchasers. Furthermore, it can be very expensive to retrofit older models to comply with these changing criteria, which makes it unfeasible for some consumers. As a result, these legal obstacles reduce the ability for used trucks to be resold, which affects their market value and demand.  In order to overcome this constraint and make older models more appealing to buyers of used semi-trucks, stakeholders should think about creative solutions like retrofitting technology, offering incentives for compliance upgrades, or supporting fleet modernization.

 

Opportunities:

  • Emerging Markets and Expansion

A growing need for transportation solutions is brought about by growing economies, especially in areas that are becoming more industrialized or developing their infrastructure. Used trucks are a desirable solution for companies wishing to grow or optimize their fleets without having to make the large initial investment in new cars because these markets frequently look for less expensive options. Additionally, there is a significant chance to profit from the sale of used trucks in areas where economic conditions or legal requirements encourage the usage of older models. Sellers can diversify their geographic reach, reach new consumer populations, and create a presence in areas with growing transportation demands by strategically expanding into these rising markets.

Moreover, venturing into emerging markets presents the opportunity to adjust to regional needs, customize products to meet particular needs, and even establish enduring collaborations, all of which can support continued expansion and market share in these developing nations. To fully take advantage of these prospects, one must have a sophisticated awareness of local dynamics, consumer preferences, and how to modify company plans to fit the particular requirements of these developing markets.

  • Technological Upgrades and Retrofits

Technology is changing quickly, so updating outdated trucks with new features and improvements in safety, communication, and fuel economy can revitalize them and bring them closer to current standards. This is a chance for buyers and sellers to take advantage of aftermarket solutions, which provide an affordable way to raise the usability and worth of used trucks. Retrofitting offers an opportunity to close the performance and efficiency gap between older models and modern needs, attracting a wider variety of consumers who would otherwise have to invest in completely new fleets. Additionally, the availability of retrofitting options encourages innovation and specialization in the aftermarket sector, giving companies the chance to offer specialized maintenance services, customized upgrades, and tailored solutions, thereby carving out a niche market segment within the used semi-truck industry. By increasing fuel efficiency and lowering emissions, adopting technical retrofits and improvements not only revitalizes older trucks but also solves sustainability concerns, presenting these vehicles positively in a market that is environmentally concerned.

 

Segment Overview

By Sales Channel

Based on sales channel, the global used semi truck market is divided into franchised dealer, independent dealer, peer-to-peer. The independent dealer category dominates the market with the largest revenue share in 2023. These dealerships are not associated with any one manufacturer; they run on their own. They give customers more options by offering a wide variety of used trucks from different brands. Independent dealers might provide individualized customer care, flexible financing options, and competitive pricing. While some independent dealers just concentrate on selling secondhand trucks, others may also offer maintenance, warranty extensions, or aftermarket improvements. Peer-to-peer sales are those in which buyers and sellers engage directly with one another without the use of a dealership as a middleman.

These transactions are made possible by online markets and platforms, which let people post their old trucks for sale and make connections with possible purchasers. Because there are no dealership overheads, peer-to-peer sales can occasionally offer competitive pricing and a more varied selection of truck models. Franchised dealerships have ties to particular brands or manufacturers of trucks. In addition to sales of both new and used trucks, they usually provide financing options, warranties, and certified pre-owned programs. A better degree of certainty about the truck's quality, maintenance history, and possible warranty coverage is frequently offered by franchised dealers.

 

By Propulsion Type

Based on the propulsion type, the global used semi truck market is categorized into ICE, electric. The ICE category leads the global used semi truck market with the largest revenue share in 2023. Conventional combustion engines, usually fuelled by gasoline or diesel, power these trucks. ICE trucks make up a sizable amount of the available inventory in the used market. They are available in a range of sizes, configurations, and power outputs, and they have been the industry standard for decades. ICE trucks are a tried-and-true vehicle type that provide comfort and a strong fuel and maintenance system. In the used market, buyers may typically find a large selection of vehicles, ranging from older models to more recent models with enhanced fuel efficiency and technological advancements.

In the used semi-truck market, electric trucks are becoming more popular as a relatively new and quickly developing niche. These vehicles use hydrogen fuel cells or rechargeable batteries as alternate fuel sources in addition to electric motors. Even though there aren't as many used electric trucks available as there are ICE vehicles, this market sector is expanding as more electric models hit the primary market and eventually make their way into the secondary market. Reduced emissions, cheaper operating costs, and potential incentives for customers who care about the environment are some advantages of used electric trucks.

 

Global Used Semi Truck Market Overview by Region

The global used semi truck market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. North America emerged as the leading region, capturing the largest market share in 2023. Due to the region's enormous highway network and powerful transportation and logistics industry, there is a considerable demand for commercial vehicles, especially secondhand semi-trucks. The significance of the used truck industry can be attributed to the ongoing demand for dependable and reasonably priced vehicles resulting from the necessity for effective freight transportation throughout the continent. North America also has a developed and well-established infrastructure that facilitates the distribution and selling of old trucks.

 

 

 

 

This includes an extensive network of pre-owned truck dealerships, auction houses, and online platforms that streamline transactions and offer purchasers a wide selection of vehicles from different manufacturers and configurations. The stable economy of the area, along with a robust trucking and logistics industry, has also made a steady market for used semi-trucks possible. The desire to refresh and upgrade fleets while preserving cost effectiveness has increased demand for high-quality used vehicles. In addition, North America's environmental consciousness and technological advancements have pushed for the primary and secondary markets to adopt newer, fuel-efficient models, which has made the region a leader in providing advanced used semi-trucks that meet sustainability objectives. North America is a major region in the booming used semi-truck industry because of its strong infrastructure, stable economy, logistical needs, technology improvements, and environmental consciousness.

 

Global Used Semi Truck Market Competitive Landscape

In the global used semi truck market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global used semi truck market include,

  • AB Volvo
  • Arrow Truck Sales, Inc.
  • INTERNATIONAL USED TRUCK CENTERS
  • IronPlanet, Inc.
  • IVECO S.p.A
  • MAN; PACCAR Financial Used Truck Center
  • Ryder System, Inc.
  • Sandhills Global (Truckpaper)
  • Scania
  • Tata Motors Limited, and various others.

 

Global Used Semi Truck Market Recent Developments

  • In December 2023, The largest used car reseller in the country, CarMax, Inc., has announced that its first all-electric semi-truck is currently in the San Joaquin Valley of California and is being employed as a vehicle mover. The truck can service CarMax's stores in the area effectively because it can carry up to seven cars at once and go an estimated 230 miles on a single charge. CarMax is putting the all-electric semi-truck through real-world testing, and its Stockton, California location will act as the area's center for quick charging of the car using a Level 3 charger.
  • In June 2023, In Boston South, Ryder System, Inc. established a used truck sales business. A large assortment of used trucks, including vans, trailers, and semi trucks, are available at the new location.
  • In October 2022, To become the first company to get its orders of the much-delayed electric vehicle, PepsiCo Inc. (PEP.O) declared that it will accept delivery of Semi trucks ordered from Tesla Inc. (TSLA.O). The trucks will be utilized at PepsiCo's beverage factory in Sacramento and its Frito-Lay plant in Modesto, California, according to a statement released by PepsiCo.
  • In May 2021, In Europe, AB Volvo introduced a new online marketplace for old truck sales. The website, known as Volvo Selected, serves as a one-stop shop where buyers can locate and buy old Volvo trucks. It provides a large selection of trucks, including construction and delivery trucks in addition to long-haul and regional tractors.

 

Scope of the Global Used Semi Truck Market Report

Used Semi Truck Market Report Segmentation

ATTRIBUTE

DETAILS

By Sales Channel

  • Franchised Dealer
  • Independent Dealer
  • Peer-to-Peer

By Propulsion Type

  • ICE
  • Electric

 

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Used Semi Truck Market Size and Forecast: To identify and estimate the market size for the global used semi truck market segmented by sales channel, by propulsion type, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of used semi truck between 2019 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for the global used semi truck market
  • Market Influencing Factors: To find out the factors which are affecting the sales of used semi truck among consumers
  • Impact of COVID-19: To identify and understand the various factors involved in the global used semi truck market affected by the pandemic
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Intended Audience

  • Industry Professionals
  • Business Owners and Operators
  • Retailers, Wholesalers, and Distributors
  • Governments, Associations, and Industrial Bodies
  • Investors and Trade Experts

 

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

The growth of the Used Semi Truck Market is driven by factors such as the increasing demand for cost-effective transportation solutions, a growing logistics and e-commerce sector, and the availability of a diverse range of used semi trucks with advanced features.
Market players differentiate their offerings by providing detailed vehicle histories, offering certified pre-owned programs, providing comprehensive inspections, and offering a variety of financing options. Establishing a reputation for reliability and transparency is crucial in attracting buyers in a competitive market.
Challenges in the Used Semi Truck Market include concerns about vehicle condition and history, potential repair costs, and addressing the competition with new truck sales. Building trust through transparent selling practices and offering comprehensive vehicle information helps overcome these challenges.
North America held the largest share in 2023.
The major players operating in the global used semi truck market include AB Volvo; Arrow Truck Sales, Inc.; INTERNATIONAL USED TRUCK CENTERS; IronPlanet, Inc.; IVECO S.p.A; MAN; PACCAR Financial Used Truck Center; Ryder System, Inc.; Sandhills Global (Truckpaper); Scania; and Tata Motors Limited ,and various others.