Used Truck Market Size, Share & Industry Analysis, By Truck Type (Light-duty truck, Medium-duty truck, and Heavy-duty truck), By Propulsion (ICE and Electric) By Sales Channel (Franchised dealer, Independent dealer, and Peer-to-peer), and Regional Forecast, 2025-2032

The global used truck market size was valued at USD 55.14 billion in 2024. The market is projected to grow from USD 58.16 billion in 2025 to USD 84.17 billion by 2032, exhibiting a CAGR of 5.4% during the forecast period.

The global used truck market is experiencing growth driven by a robust demand from various sectors, including logistics, construction, and agriculture. The affordability of used trucks compared to new models makes them an attractive option for businesses, particularly small and medium enterprises. The market is influenced by factors such as fleet renewal cycles, the expansion of e-commerce, and increasing operational efficiency, which collectively contribute to the growth of this sector.

The COVID-19 pandemic significantly impacted the global market, initially causing a downturn due to lockdowns and reduced economic activity. However, as industries adapted to new operational challenges, demand for used trucks surged particularly in the logistics and e-commerce sectors. The market reflects a dynamic landscape shaped by the pandemic's influence. Initially marked by price declines and reduced demand during lockdowns, the sector has rebounded with increased interest in cost-effective transportation solutions. The rise of e-commerce has further intensified this demand, leading to a greater reliance on used trucks for logistics operations. Despite enduring challenges such as supply chain constraints and fluctuating market conditions, the resilience of the market underscores its essential role in supporting transportation infrastructure amid changing economic landscapes.

Used Truck Market Trends

Growing Shift Toward the Adoption of Certified Pre-Owned (CPO) Programs by Manufacturers and Dealers

One major trend currently shaping the global market trend is the increased adoption of certified pre-owned (CPO) programs by manufacturers and dealers. Companies like Volvo Trucks and Penske Truck are enhancing their offerings by providing refurbished vehicles that undergo rigorous inspection and reconditioning processes. For instance, Volvo's Certified Program includes a comprehensive 150-point inspection and offers warranties similar to those for new trucks, ensuring buyers receive high-quality vehicles. This strategy boosts consumer confidence and addresses the growing demand for reliable, cost-effective transportation solutions amidst rising operational costs. Furthermore, as environmental concerns grow, many fleet operators are trading in older models for more fuel-efficient used trucks, thereby increasing the supply of quality pre-owned vehicles in the market.

Technological advancements are significantly influencing trends and are boosting the used truck market growth. The incorporation of telematics and advanced diagnostic systems in used trucks facilitates improved maintenance tracking and performance monitoring, thereby enhancing their resale value. Original Equipment Manufacturers (OEMs) are increasingly focusing on sustainability by promoting electric trucks within their used vehicle inventories, aligning with global emissions regulations. For instance, manufacturers are investing in charging infrastructure to support the transition to Electric Vehicles (EVs), which is anticipated to gain traction in the coming years. Consequently, the market is shifting toward more environmentally friendly options, with companies actively marketing their Certified Pre-Owned (CPO) programs as sustainable choices for businesses aiming to decrease their carbon footprints while maintaining operational proficiency. This evolving landscape reflects a robust response from both sellers and buyers adapting to changing market dynamics driven by economic pressures and shifting consumer preferences.

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Market Drivers

Increasing Prevalence of Small and Medium-Sized Businesses (SMBs) to Drive Market Progress

Businesses, especially SMBs, often operate within constrained budgets, making used trucks a cost-effective alternative to new vehicles. According to a report from Daimler Trucks, SMBs frequently utilize pre-owned vehicles for logistics, last-mile delivery, and local transportation, allowing them to manage costs efficiently while meeting operational demands. The growth of e-commerce has further intensified this trend as businesses seek affordable solutions to meet rising delivery expectations. In 2023, approximately 3.5 million used trucks were transacted globally, with medium-duty trucks leading the market due to their versatility and efficiency in urban settings. This trends reflects strong demand for used trucks, particularly in the logistics and construction sectors, which rely heavily on these vehicles for their operations.

Moreover, manufacturers such as Volvo have recognized this trend and have implemented certified pre-owned programs to enhance the reliability and quality of used trucks. For instance, the Volvo Certified Program offers a factory-backed warranty for pre-owned trucks after undergoing a rigorous 150-point inspection, ensuring that they meet high standards of performance and safety. Such initiatives boost consumer confidence and make used trucks more appealing to SMBs looking for reliable transportation solutions without the high costs associated with new purchases. Additionally, as reported by PACCAR Inc., the anticipated interest rate cuts in 2025 are expected to create a more favorable operating environment for SMBs, further driving demand for used trucks. This combination of affordability, reliability through certification programs, and supportive economic conditions positions the used truck market for sustained growth in the coming years.

Market Restraints

Rising Cost of New Trucks, with Electric And Alternative-Fuel Models, Poses a Significant Challenge 

As manufacturers invest heavily in developing advanced technologies, the upfront costs for these vehicles have soared. For instance, battery-electric trucks can range from approximately USD 200,000 to USD 800,000, with electric propulsion systems comprising about 85% of total costs. This high initial investment makes it difficult for businesses to justify purchasing new models, leading many to opt for used trucks.

OEMs are projecting substantial cost reductions in the upcoming years, however, these reductions have not yet materialized in the current market. For example, as per the IEA report, battery-electric truck costs are expected to decrease by 23% to 40% between 2025 and 2030. Despite this, the upfront financial burden still deters many potential buyers from transitioning to new models. Consequently, this creates a dual effect: while new truck prices remain high, the demand for used trucks continues to rise as companies seek more economical solutions.

Additionally, manufacturers such as Tesla and Lion Electric have highlighted the disparity in pricing between diesel and electric trucks. Reports indicate that electric semi-trucks could cost two to three times more than their diesel counterparts before incentives. This price gap makes used trucks financially viable option for many businesses facing budget constraints. As businesses navigate these financial challenges, they increasingly turn to used vehicles to meet their transportation needs without incurring excessive expenses.

Segmentation Analysis

By Truck Type

Light-duty Segment Dominate the Market due to Rising Trend of E-commerce

By used truck, the market is segmented into light-duty, medium-duty, and heavy-duty trucks, with light-duty trucks currently dominating the market. This segment includes vehicles such as pickup trucks, mini trucks, and utility trucks, which are favored for their versatility and affordability and are driven by their widespread application in urban logistics and personal transportation. The growing trend of e-commerce has further fueled this segment's growth as businesses increasingly rely on light-duty vehicles for last-mile delivery solutions.

Heavy-duty trucks, including tractor-trailers and dump trucks, are crucial for long-haul transportation and construction activities. While they hold a smaller market share compared to light-duty trucks, they are vital for specific industries. The heavy-duty segment is experiencing the fastest growth due to ongoing infrastructure projects worldwide.

Medium-duty trucks, which encompass box trucks, flatbed trucks, and delivery trucks, represent a significant portion of the market as well. They are essential for businesses requiring more cargo capacity than light-duty options can provide. Increased demand from sectors such as construction and logistics is another factor boosting the segment’s growth.

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By Propulsion Type

Affordability and Familiarity of ICE Trucks Among Operators Boosts ICE Segment Growth

By propulsion type, the market is bifurcated into ICE and electric.

The ICE segment currently dominates due to their established infrastructure and lower initial costs compared to electric alternatives. ICE trucks are widely available in various configurations, making them a practical choice for many businesses. Their affordability and familiarity among operators contribute significantly to their continued popularity.

Electric trucks are emerging as a fast-growing segment of the market. Although they account for a smaller share of the market, the demand for electric vehicles is rapidly increasing due to environmental regulations and sustainability goals set by governments globally. OEMs predict that electric truck sales will rise significantly in the next few years as battery technology improves and charging infrastructure expands.

The transition toward electric trucks is being driven by major truck manufacturers such as Tesla and Volvo, who are investing heavily in electric vehicle technology. For instance, Tesla's Semi has generated considerable interest despite its higher price point compared to traditional ICE trucks. As more companies seek greener alternatives amidst tightening emissions regulations, the adoption of electric trucks are expected to accelerate.

By Sales Channel

Franchised Dealers Lead due to their Established Networks

By sales channel, the market is segmented into franchised dealers, independent dealers, and peer-to-peer.

Among these, franchised dealers dominate the market. These dealerships are affiliated with specific manufacturers and often provide certified pre-owned vehicles, which come with warranties and quality assurances. This reliability fosters consumer confidence, making franchised dealers the preferred choice for many buyers. For instance, major manufacturers such as Volvo and Daimler have established extensive networks of franchised dealerships that enhance customer trust through rigorous vehicle inspections and certifications.

Independent dealers are the fastest-growing segment as they offer a diverse range of makes and models without manufacturer affiliation, often at competitive prices. This flexibility attracts budget-conscious consumers looking for a broader selection. Independent dealers typically cater to small businesses and individual operators who may prioritize cost over brand loyalty.

The peer-to-peer sales channel is gaining considerable traction in the market. Online platforms facilitate direct transactions between buyers and sellers, often resulting in lower prices due to the absence of dealer overheads. However, this channel faces challenges related to vehicle condition verification and buyer protection, which can deter some potential buyers from engaging in peer-to-peer transactions.

USED TRUCK MARKET REGIONAL OUTLOOK

By region, the global used truck market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.

North America

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North America currently dominates the market share due to its well-established logistics infrastructure and high demand for transportation solutions across various industries such as construction and retail. The region benefits from organized resale networks that include dealerships and auctions, facilitating efficient transactions. The expansion of e-commerce and rising freight transportation requirements further bolster the demand for used trucks, particularly medium and heavy-duty models. The U.S. used truck market is experiencing steady growth, driven by rising demand for cost-effective transportation solutions, fleet optimization, and the expansion of logistics and construction sectors. Used trucks offer an affordable alternative for businesses seeking to manage fleet costs while meeting operational needs across industries such as logistics, construction, and agriculture. The integration of advanced technology and the availability of certified pre-owned programs enhance reliability and buyer confidence.

Asia Pacific

Asia Pacific region is recognized as the fastest-growing region in the global market. The rapid urbanization and infrastructure development in China are driving demand for affordable transportation solutions, particularly in urban areas where e-commerce is booming. The government's emphasis on sustainable transportation also promotes the trade of used vehicles, enhancing resource efficiency.

Europe

Europe, while holding a substantial market share, faces challenges related to stringent emissions regulations that encourage fleet turnover toward newer models. However, countries such as Germany, France, and the U.K. continue to support a robust market through established supply chains.

Rest of the World

The Rest of the World includes emerging markets where growth potential exists but remains limited compared to others. Economic diversification initiatives in regions such as Latin America boost the demand for used vehicles.

COMPETITIVE LANDSCAPE

KEY INDUSTRY PLAYERS

Volvo Trucks’ Robust Network of Franchised Certified Pre-Owned Trucks Dealer with Extensive Product Portfolio Makes it a Leading Player

Volvo Trucks maintains a leading position in the market, largely due to its strong reputation for producing high-quality and reliable vehicles. The company offers an extensive product portfolio that caters to various market segments, ensuring a wide range of options for customers. With a well-established network of franchised dealers, Volvo provides certified pre-owned trucks that have undergone thorough inspections and refurbishments, guaranteeing quality and reliability for buyers. In August 2023, Volvo announced the expansion of its used truck offerings by introducing a new line of certified pre-owned trucks equipped with advanced safety features Volvo Trucks and fuel-efficient technologies. This initiative addresses the increasing demand for sustainable transportation solutions while offering cost-effective options for customers. Furthermore, Volvo's commitment to integrating Internet of Things (IoT) and Artificial Intelligence (AI) technologies into their vehicles enhances operational efficiency, making them attractive to businesses seeking modern logistics solutions.

Volvo Trucks are influenced by the growing focus on sustainability and regulatory pressures to reduce emissions. The company’s proactive approach in developing eco-friendly technologies, such as hybrid and electric trucks, positions it favorably in an evolving market landscape. Additionally, the rise of e-commerce has increased demand for logistics solutions, further driving interest in used trucks that offer reliability and cost savings. Volvo's product portfolio includes various models designed for urban distribution, long-haul transport, and specialized applications, ensuring they meet diverse customer needs in the used truck segment.

Scania also holds a prominent position in the market, recognized for its premium trucks and strong commitment to sustainability. The company has developed a comprehensive product portfolio that includes various models suitable for both urban and long-haul operations. Scania’s innovative engine technologies focus on reducing emissions, resonating well with environmentally conscious consumers who prioritize sustainability in their purchasing decisions. The extensive dealer network established by Scania provides customers with access to high-quality used trucks that have been meticulously maintained and refurbished. This network enhances Scania's market position by ensuring that buyers can find reliable options tailored to their specific needs. Scania’s emphasis on quality and performance is evident in its offerings, which include models designed for fuel efficiency and low emissions. Market dynamics affecting Scania include increasing regulatory requirements aimed at reducing carbon footprints across the transportation sector. As governments implement stricter emissions standards, Scania’s focus on sustainable technologies positions it advantageously within the market. Additionally, the growing demand for logistics solutions driven by e-commerce trends has heightened interest in used trucks that offer both performance and cost-effectiveness. Scania’s product portfolio encompasses a range of vehicles designed for various applications, including distribution, construction, and heavy-duty transport, making it a versatile choice in the market.

LIST OF KEY USED TRUCK COMPANIES PROFILED

• Volvo Trucks (Sweden)


• Daimler AG (Germany)


• MAN SE (Germany)


• PACCAR Inc. (U.S.)


• Navistar International Corporation (U.S.)


• Ryder System, Inc. (U.S.)


• Ashok Leyland (India)


• Hino Motors, Ltd. (Japan)


• Isuzu Motors Ltd. (Japan)


• Scania AB (Sweden)

KEY INDUSTRY DEVELOPMENTS

• December 2024 - Scania is preparing to showcase its high horsepower V8 range at the Brisbane Truck Show, emphasizing tailored aftermarket solutions for customers in the used truck market.


• August 2024 - Penske Used Trucks launched its online auction platform for used vehicles. This new auction site is designed to streamline the commercial equipment-buying process, providing a seamless and intuitive interface that allows buyers to easily find and bid on a wide selection of quality equipment from Penske.


• March 2024 - Volvo used trucks extended its Volvo Approved Warranty offer. Customers purchasing a Volvo Approved grade vehicle can now extend the manufacturer’s driveline warranty from the standard 12 months to a maximum of 36 months at the point of purchase.


• April 2022 - Ashok Leyland, in collaboration with Mahindra First Choice Wheels, launched an exclusive hybrid ecosystem for its used commercial vehicle business. The digital platform facilitates the exchange, proper disposal, and purchase of old commercial vehicles. The company plans to modernize the used truck market by offering digital tools and technologies to ease the buying and selling of trucks in India’s highly unorganized pre-owned truck market.


• May 2021 - Volvo Trucks launched a new platform in Europe for buying used trucks online at www.VolvoSelected.com, with the option for worldwide delivery. Along with the trucks, the platform also provides driveline coverage, service contracts, and flexible financing options.

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading product applications. Moreover, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the market growth in recent years.

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Report Scope & Segmentation