Used Truck Market

Used truck or second-hand lorry is a motor vehicle designed to transport cargo. Trucks are great in size, power, and configuration. The decision to buy a used truck is sometimes referred to as a smart buy decision, due to the advantages and value for money it offers. Advent of trucks with high power and advanced features has increased its demand for material handling. The number of trucks is also increasing, which increases the number of miles traveled by the trucks. Trucks are majorly used in the manufacturing and construction sectors, which boost the used truck market growth over the forecast period.   

Market scope and structure analysis:

COVID-19 scenario analysis:    

• Significant fall in demand for transportation and restriction of cash due to COVID-19 have affected the used trucks market.
• COVID-19 has created panic among owners of used trucks for timely payment of EMIs.
• More construction and manufacturing results in more use of trucks. However, due to COVID-19, there is no demand for used trucks due to no transportation ban.
• COVID-19 pandemic has restricted travel from one city to other and is expected to restart only when the situation becomes stable.
• Lockdown and low disposable income of people have reduced the demand for used trucks.
• Maintenance issues should not be unnecessarily priced highly to ensure the steady growth of the used truck market over the forecast time frame.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

The significant factors that impact the growth of the used truck market are rise in construction industries and increase in e-commerce activities. However, discounts offered by truck manufacturers and less downtime of new trucks hamper the growth of the used truck market. Furthermore, infrastructural development and growth of construction industries are expected to fuel the used truck market growth.

Increase in construction industries

The growth in construction and e-commerce activities has increased the demand for material transportation, which has resulted in the increased sales of used trucks across the world. Therefore this leads to thegrowth of the used trucks market.

E-commerce activities

Significant development in the e-commerce industry has resulted in improvement in consumer experience. Changes in supply chain and distribution models have increased the speed of transportation. Trucks play an important role in e-commerce platform for transportation. Therefore, this leads to the growth of the used trucks market in near future. 

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the used truck market share.
• The current market is analyzed from 2020 to 2027 to highlight the used truck market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed used truck market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the used truck market research report:

• Which are the leading market players active in the market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Used Truck Market Report Highlights