The demand for used trucks is expected to grow at a considerable pace in short term and is anticipated to rise in long term during 2020-25. The United States is the largest market of used trucks owing to the mounting construction activity in the country. The US used trucks market is projected to grow at a significant rate and a strong growth is expected in the forthcoming years.
According to the MarkNtel Advisors’ research report, “North America Used Trucks Market Analysis, 2020”, the CAGR of North America used trucks market is estimated to be around 6.5% during 2020-25.
In the tonnage capacity, above 30 tons’ segment grabbed the highest market share in 2019 and is anticipated to grow during 2020-25. Diesel trucks are more preferred by the used trucks owners and is estimated to grow at steady rate in the forthcoming years. However, the electric and hybrid segment is anticipated to show a positive impact on the used truck market in coming years. The demand for 3 to 5 years old trucks is surging, with the increasing mileage and lower prices.
The growing demand for new trucks comprising with high engine capacity and advanced features such as navigation system, driver controlling system, ABS would curb the demand for used trucks in North America. This acts as a challenge for the used truck dealers, thus reduction in the used trucks prices has been observed in past few years, revealed by MarkNtel Advisors’ research report, “North America Used Trucks Market Analysis, 2020”.
Rented Heavy Duty Trucks and “Pay as Use Model”
The major demand for the second hand trucks is generated by construction and mining sector. The dealers in North America rent heavy duty vehicles and opt for “pay as use” model to augment the use of the second hand trucks. Many construction equipment users are opting for the “pay as use” model that proved to be beneficial for the sales of second hand trucks. With the advent of new trucks with high horse power and advanced features, the sales for the new trucks fueled, curbing the demand for used trucks. Thus, the dealers opted for this model especially for short term projects.
According to the MarkNtel Advisors’ major leading players in the market are Scania AB, Isuzu Motors, Kenworth, Peterbilt, Freightliner Used Trucks, Cummins, Paccar, International, Isuzu and Dodge among others.
“North America Used Trucks Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and opportunities and challenges available for automotive ventilation seats providers across the globe. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.
1. By Application (Logistics, Mining and Construction)
2. By Vehicle Type (Light, Medium-duty and Heavy-duty Truck)
3. By Tonnage Capacity (3.5 tons to 7.5 tons, 7.5 to 16 tons and above 16 tons)
4. By Fuel Type (Diesel, Gasoline/CNG, Petrol and Electric and Hybrid)
5. By Countries (United States, Canada, Mexico)
6. By Competitors (Renault, Scania AB, Isuzu Motors, Tata Motors Limited, Ashok Leyland Limited, Daimler AG, Man Truck and Bus, AB Volvo, Mercedes Benz and Hyundai)
Key questions answered in the study:
1. What are the current and future trends of the North America used truck market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the region?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the North America used trucks market?
6. What are the customer orientation, purchase behavior, and expectations from North America used trucks suppliers across various regions?