Market Definition
In the era of modern vehicles and peaking high selling prices of different vehicles, including trucks, used trucks are gaining swift popularity across different countries in the North American region. With the benefits of cheap prices, easy availability, and delivery of the same service as a new truck, the popularity of these vehicles is gaining momentum.
Additionally, buckled with a healthy freight market, alongside a booming cross-border trade, the demand for used trucks are set to observe a peaking requirement in the coming years, especially in a region where the availability of new trucks is becoming tougher.
These aspects, alongside many others, are demonstrating the industry as lucrative, as a result of which, many new entrants are tapping the opportunities to deliver used trucks. Hence, with the popularity of these trucks and presence of numerous players, the overall industry for used trucks hints toward significant potential in the future.
Market Insights
The North America Used Truck Market is expected to grow at a CAGR of around 6.5% during the forecast period, i.e., 2023-28. Most of the market expansion would be propelled by the rapidly increasing number of construction and development projects across different countries in the region, backed by substantial government support and investments. It, in turn, is augmenting the demand for used trucks, which are easily available at affordable prices.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 6.5% |
| Country Covered | United States, Canada, Mexico |
| Key Companies Profiled | Scania AB, AB Volvo, Kenworth, Freightliner Used Trucks, Cummins, Paccar, Peterbilt, International, Isuzu, Dodge, |
| Unit Denominations | USD Million/Billion |
With the growing awareness among contractors about these trucks are elevating swiftly and stimulating the overall market growth across North America. The same aspect is also generating lucrative opportunities for the players to widen their service offering and cater to the accelerating demand for used trucks in the region. Furthermore, trends like “Pay as Use” and using used trucks on rental basis are also stimulating the demand & popularity of these vehicles and contributing to the overall market growth.
Market Dynamics
Key Driver: Expanding Transportation Industry throughout the Region
Backed with the improvement in the road connectivity and trade across different countries in the region, the transportation industry in North America is growing substantially and demonstrating a peaking demand for used trucks. As a result, key players are tapping these opportunities and widening their offerings, thereby generating substantial revenue and contributing to the overall growth trajectory of the market in the region.
Growth Restraint: Concerns over Greenhouse Gas Emissions with Old Vehicles
As emission levels are gaining more focus of the governments to take stringent actions, restrictions & limitations on the use of older or used vehicles, including trucks, are witnessing a downfall in demand. In fact, the development of new vehicle models equipped with technologies like driveline traction control, automation transmission, anti-lock braking systems, air bags, and driver control monitoring, among others, is challenging the market for used trucks in North America.
Market Segmentation
Based on Application:
Among all, the construction application is anticipated to make substantial contributions to the expansion of the North America Used Trucks Market during 2023-28. This growth attributes to the mounting number of construction & development activities happening across different countries in the region, propelling the demand for used trucks. Besides, the availability & cheap prices of these trucks alongside trends like rental use of these vehicles is also projecting a booming popularity of these vehicles for different construction activities. Moreover, as the population is growing exponentially in the region, alongside its heavy tourist & migrant influx, construction of facilities like hotels, airports, shopping malls, highways, residential complexes, and more, are increasing, thereby boosting the demand for used trucks across North America.
On the other hand, logistics shall also make a positive influence on the overall growth pace of the North America Used Trucks Market during the forecast period. Backed by the improving road connectivity and increasing cross-border trade in the region, the requirement for used trucks is increasing swiftly, particularly to transport goods. Besides, growing consumer awareness about the affordability & availability of these trucks is also curating the fundamentals underlying the flourishing growth trajectory of the Used Trucks Market in North America.
Based on Vehicle Type:
Here, Heavy Duty Vehicles are projected to acquire the largest share in the North America Used Trucks Market during the forecast period. This dominance is principally on the back of the massive transportation & logistics industry in the region, influenced by the growing number of cross-border trades, boosting the demand for used trucks.
Besides, the massive population influx in the region is also stirring the construction industry for the development of facilities to cater the needs of the people. Based on the high number of construction projects across different countries in the region, the demand for heavy duty trucks is upscaling and driving the overall growth of the used trucks market through 2028.
Country Projection
Geographically, the North America Used Trucks Market expands across:
Of all countries, Mexico is emerging as a country with substantial opportunities for the players to expand their offerings and drive the Used Trucks Market during the forecast period. This owes to the high dependence of the country on its cross border trade and swiftly growing transportation & logistics sector. It is anticipated to propel the demand for used trucks for trading goods & services, alongside delivering these vehicles cross borders.
Besides, it is also why several new players & prominent companies are investing substantially in the industry for Used Trucks in Mexico, thereby contributing to the generation of new revenue streams in the country. Hence, the market is projected to observe a considerable growth pace across Mexico during the forecast period, i.e., 2023-28.
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Frequently Asked Questions
A. The North America Used Truck Market is projected to grow at a CAGR of around 6.5% during 2023-28.
A. Improvement in the road connectivity and trade, resulting in a swift expansion in the transport & logistic sector in North America is demonstrating a peaking demand for used trucks, and is the prime factor driving the North America Used Truck Market during 2023-28.
A. Scania AB, Isuzu Motors, Kenworth, Peterbilt, Freightliner Used Trucks, Cummins, Paccar, International, Isuzu and Dodge are the key companies participating in the North America Used Truck Market.
A. Heavy Duty Trucks are projected to provide profitable opportunities for the leading players in the North America Used Truck Market during 2023-28.
A. Mexico would continue generating remunerative prospects for the Used Trucks Market during 2023-28.
