Market Size of North America Used Truck Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Used Trucks Market Analysis
The North America used truck market was valued at USD 13 billion in 2020, and it is anticipated to reach USD 17 billion by 2026, at a CAGR of more than 4% during the forecast period (2021 - 2026).
With COVID-19 stopping every transport worldwide, the impact on the market was high in the first few months of the pandemic. As soon restrictions were eased, companies in the region witnessed a huge influx of customers looking for affordable used trucks. As auto plants were shut and consumers were more cautious about spending on new trucks, in the last few months, companies recorded more sales of used trucks.
The North America used truck market is expected to witness healthy growth during the forecast period, with the implementation of Green House Gas's phase 2.
The growth in construction activities and increasing demand for e-commerce in the region have increased the demand for trucks, both old and new, in the past few years. Further, the North America Free Trade Agreement has given the necessary impetus for the easy movement of goods in the region, thereby helping the growth of the market.
Newer trucks are now being equipped with advanced features like automatic transmission with more cabin comfort, which is driving the users to go for new trucks instead of purchasing old trucks without these features. This is hindering the market growth currently.
North America Used Trucks Industry Segmentation
A used truck, a pre-owned truck, or a secondhand truck is a vehicle that has previously had one or more owners. The North America used truck market is segmented by vehicle type (light-duty truck, medium-duty truck, and heavy-duty truck) and geography (United States, Canada, and Rest of North America). The report offers the market size and forecasts in value (USD billion) for all the above segments.
| By Vehicle Type | |
| Light-duty Truck | |
| Medium-duty Truck | |
| Heavy-duty Truck |
| Geography | |
| United States | |
| Canada | |
| Rest of North America |
North America Used Truck Market Size Summary
The North America used truck market is poised for robust growth, driven by several key factors. The market experienced a significant impact due to the COVID-19 pandemic, which initially disrupted transport activities and led to a decline in new truck sales. However, as restrictions eased, there was a surge in demand for used trucks as companies sought cost-effective alternatives amidst cautious consumer spending and shutdowns of auto plants. The implementation of environmental regulations, such as the Green House Gas's phase 2, along with increased construction activities and the booming e-commerce sector, has further fueled the demand for trucks in the region. The North America Free Trade Agreement has also facilitated the movement of goods, supporting market expansion. Despite the appeal of newer trucks with advanced features, the preference for used trucks remains strong, particularly in the construction industry, where leasing models and the 'pay-as-use' approach are becoming increasingly popular.
The United States stands as the largest market within North America, with the trucking industry expected to grow steadily, supported by a stable economy and the dominance of trucks in freight transportation. The decline in new truck sales during the pandemic led to a heightened demand for used trucks, prompting dealers to expand their fleets. The rise of online retailers and digital logistics has further driven the acquisition of used trucks, as companies seek to optimize profit margins. The market is characterized by a strong presence of retail dealerships, which offer superior sales and service support. Truck manufacturers are focusing on enhancing fuel efficiency and extending the lifecycle of trucks, which is expected to maintain the inventory of used trucks in good mechanical condition. This, coupled with strategic acquisitions and leasing programs, is likely to sustain the growth trajectory of the used truck market in North America.
North America Used Truck Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Porter's Five Forces Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 By Vehicle Type
-
2.1.1 Light-duty Truck
-
2.1.2 Medium-duty Truck
-
2.1.3 Heavy-duty Truck
-
-
2.2 Geography
-
2.2.1 United States
-
2.2.2 Canada
-
2.2.3 Rest of North America
-
-
North America Used Truck Market Size FAQs
What is the current North America Used Truck Market size?
The North America Used Truck Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in North America Used Truck Market?
Paccar Inc, Gordon Truck Centers, Inc, Volvo AB Class B, Ford Motor Company and General Motors Company are the major companies operating in the North America Used Truck Market.
