Selbyville, Delaware, May 21, 2024 (GLOBE NEWSWIRE) --
The used truck market valuation is anticipated to cross USD 98.4 billion by 2032, as reported in a research study by Global Market Insights Inc.
The growth of e-commerce is among the key factors driving market growth over 2023-2032. According to Hostiger, online shopping is on the rise worldwide, with 33 percent of people shopping online, up 5 percent from 2022. By 2028, that number is expected to rise to 63.2 percent, making 4.5 billion people e-commerce consumers over the next four years.
As the global e-commerce sector booms, there is a growing demand for efficient and reliable transportation solutions that facilitate the smooth movement of goods. Market meet this demand by providing e-commerce companies with cost-effective and flexible transportation options. In addition, the expansion of e-commerce platforms has increased the need for last-mile delivery solutions, further boosting the industry demand.
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The used truck market from the light truck segment is projected to grow appreciably through 2032. Used light trucks are suitable for a variety of applications, from local deliveries to small-scale construction projects, making them an invaluable asset for companies in various industries. As organizations strive to optimize operational efficiency and minimize transport costs, these trucks offer a compelling solution that combines versatility, reliability, and affordability. In addition, technological advances are improving the performance and fuel efficiency of light trucks, increasing their appeal among buyers.
The diesel segment will capture a notable used truck market share by 2032, as diesel trucks continue to be the backbone of the transportation industry due to their unmatched power, durability, and fuel efficiency. The wide availability of diesel infrastructure, combined with continuous improvements in engine technology, ensures that diesel trucks remain a viable option for companies looking for durable and reliable transportation solutions in the used truck industry. In addition, the relative affordability of diesel compared to alternative options will further increase the demand for diesel trucks among cost-conscious buyers.
Europe Used Truck market will amass sizeable gains through 2032, driven by a combination of economic factors and regulatory initiatives. As one of the largest commercial vehicle markets in the world, Europe has a solid infrastructure and well-established logistics networks that create a favorable environment for the market expansion. Additionally, stringent emission regulations and increasing emphasis on sustainable development are increasing the demand for fuel-efficient and eco-friendly trucks, fueling market growth in the region. Led by countries such as Germany, France and the UK, Europe is poised to maintain its position in the global used truck industry in the foreseeable future.
The major companies in the used truck market are Penske Used Trucks, Ryder System, Inc., PACCAR Inc., Daimler AG, Volvo Group, Scania AB, MAN SE, Navistar International Corp, Hino Motors, Ltd, and Isuzu Motors Limited.
The key growth strategies of these players are expanding their retail networks to reach a wider customer base, using digital platforms for online sales and marketing, and offering certified programs to ensure quality and reliability. In addition, companies focus on flexible financing options and comprehensive maintenance services to improve customer satisfaction. Strategic partnerships and collaborations that provide access to new technologies and markets are also common. In addition, sustainable development initiatives, such as the promotion of fuel-efficient and low-emission vehicles, are increasingly central as environmental aspects increase.
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Quoting an instance, in April 2022, Ashok Leyland partnered with Mahindra First Choice Wheels to launch a digital platform for the used commercial vehicle industry. This hybrid ecosystem simplifies the exchange, disposal, and purchase of old commercial vehicles.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources.
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Used Truck market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Type trends
2.5 Sales Channel trends
2.6 Fuel Type trends
Chapter 3 Used Truck Market Insights
3.1 Impact on COVID-19
3.2 Russia-Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Type & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Increasing demand for electric & hybrid heavy-duty trucks across the globe
3.10.1.2 Growing freight transportation activities across North America
3.10.1.3 The rising number of small and medium-sized businesses
3.10.1.4 Rising investments in infrastructure development activities in Asia Pacific
3.10.1.5 Cost effectiveness and affordability
3.10.2 Industry pitfalls & challenges
3.10.3 Economic downturns and low economic growth
3.10.4 Regulatory Compliance and Government Regulations
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.3.1 Volvo Trucks
4.3.2 Daimler AG
4.3.3 Ryder System, Inc.
4.3.4 TATA Motors
4.3.5 Ritchie Bros. Auctioneers
4.3.6 PACCAR
4.3.7 Schneider National
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
