Used Semi Truck Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024-2030)

Used Semi-Truck Market Trends & Drivers

Increasing Need for Reliable and Inexpensive Solutions

• The insurance options for used semi-trucks that are no longer under warranty, which helps businessmen purchase these trucks. These policies provide a sense of satisfaction to the owner by covering repair costs, access to genuine OEM parts, and services through the manufacturer's dealership service network.
• Used trucks are cheaper than new ones, which makes them more affordable and allows businessmen to complete their work on a low budget.
• This approach provides a beneficial cost-to-value ratio, due to which it is a beneficial choice for businesses seeking reliable and affordable solutions for their goods transportation needs.

Adaptability and Versatile Nature of Used Semi-Truck

• Semi-trucks are utilized in many sectors and industries because of their adaptability and capacity to move heavy loads across vast distances. They are often utilized for the transportation of materials and supplies, product delivery of items from distribution centers to retail locations, and transfer of agricultural equipment, animals, crops, and fertilizers. These goods carriers are utilized since they guarantee that goods are delivered efficiently, to satisfy consumer demand.
• These trucks are a perfect option for companies wanting to grow their transportation fleet because of their versatility. These vehicles may be modified to fulfill the needs of the consumer and are capable of transporting both light and heavy loads.
• Transparency advantages in this sector contribute to a rise in the sales of second-hand semi-trucks. This aspect benefits owners because it gives them access to reliable and understandable information on the history, condition, and maintenance records of their vehicles. This helps reduce the risks with purchasing a new vehicle and increases the trust and confidence of the owner.

Development in Technology Is Key Challenge

• Due to technological advancements, there is less need for old systems and equipment, which creates problems for this industry. As there is improvement in technology, older models are not able to compete with the newer ones, due to which the demand for these models decreases.
• When a new technology comes, it offers new and innovative solutions that perform the same tasks more efficiently, due to which the demand for older ones decreases.
• Advancements in technology result in a number of benefits, such as increased fuel efficiency, reduced emission of harmful gasses, improved safety, more comfort, and better control on the truck of drivers.
• On the other side, older semi-trucks do not have these new facilities. due to which the demand for them decreases, which tends to limit the growth potential of this market.

Used Semi-Truck Industry Outlook

Class Analysis

• Class 8 held the largest market share, of around 50%, in 2023. This is mainly due to the high performance of this class in any situation and heavy-duty capabilities. These trucks are well-known for their ability to handle heavy weight efficiently.
• A Class 8 tractor-trailer or semi-truck has a gross vehicle weight (GVW) of more than 33,001 pounds. This shows that they are able to transport heavy loads and large volumes of goods in a single trip, which makes them a better choice for transportation purposes. 
• They are available in four options, each of which is used for a different purpose. A straight truck day cab is a Class 8 vehicle type with no sleeping compartment for the driver. Straight truck sleeper cabs come with sleeping areas as they are used for long journeys, including those that require overnight stops.
• Additionally, class 6 and class 7 trucks are used for light- and medium-duty applications, respectively. They are majorly used for the local distribution of packages, food, building materials, and other goods to clients within a small geographical area.

Below are the types of classes that were studied in this report

• Class 6
• Class 7
• Class 8 (Largest and Fastest-Growing Category)

Sales Channels Insights

• Independent dealers held the largest market share, of around 55%, in 2023. These entities are not connected with any other manufacturing company, and they run their own dealership. They offer attractive prices to clients on used trucks, which allows fleet owners to purchase vehicles that are in a good condition at a lower cost compared to purchasing a new one. 
• They also provide personalized attention and support to each consumer. This can include spending time with the consumer to understand their need and requirements, providing information and suggestions, and answering any questions, helping build trust and loyalty.
• Peer-to-peer (P2P) sale refers to a deal where individuals directly buy or sell trucks without involving intermediaries, such as dealerships or brokers. In this model, the seller and purchaser connect through online platforms that are specially designed for these types of transactions. This model offers advantages such as high flexibility, lower costs, and more-effective communication between the customer and seller. 

Below are the sales channels that were studied in this report

• Franchised Dealers
• Independent Dealers (Largest and Fastest-Growing Category)
• Peer-to-Peer

Propulsion Analysis

• The ICE category held the larger market share, of around 75%, in 2023. This is mainly due to the durability, strength, and consistent performance of conventional diesel semi-trucks over the years. Moreover, they over higher versatility and reliability over electric trucks for heavy-duty transportation applications.
• These trucks come in various sizes, motor power, and structures, which enables them to satisfy various purposes. They normally travel greater distances compared to electric trucks, which is imperative for longer-distance transportation.
• The network of fueling and repair facilities for ICE trucks is rather large, because it has grown over many years to meet the demands for growing diesel truck fleet owners. These stations are located across all regions, due to which users do not face any difficulty in refueling and repairing.
• Moreover, since electric trucks are just about making their way into cargo fleets, not many of them have been discarded.

Below are the types of propulsion that were studied in this report

• ICE (Larger Category)
• Electric (Faster-Growing Category)

Geographical Analysis

• Geographically, North America held the largest market share in the used semi-truck market in 2023 because regional businesses focus on low-cost value when they expand their fleet. As consumer demand for all kinds of products rises, the need for transportation also increases; so, businesses start looking for affordable options, such as used semi-trucks, because they are more affordable than new ones. 
• North America has a vast road network, due to which the demand for commercial vehicles, particularly semi-trucks, is high. This is because these trucks are a good choice for transporting goods efficiently and cost-effectively across long distances.
• APAC is expected to be the fastest-growing market, with a CAGR of 6.0%, during 2024–2030. This is due to the continuously increasing demand for affordable commercial vehicles. As international trade activities increase in this region, the need for transportation will also rise, thus driving the sale of used semi-trucks in an era characterized by high inflation rates.

The regions and countries analyzed for this report include:

• North America (Largest Regional Market)
  • U.S. (Faster and Larger Country Market)
  • Canada
• Europe
  • Germany (Largest Country Market)
  • U.K. (Fastest-Growing Country Market)
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific (APAC) (Fastest-Growing Regional Market)
  • China (Largest Country Market)
  • Japan
  • India (Fastest-Growing Country Market)
  • South Korea
  • Australia
  • Rest of APAC
• Latin America (LATAM)
  • Brazil (Largest and Fastest-Growing Country Market)
  • Mexico
  • Rest of LATAM
• Middle East and Africa (MEA)
  • Saudi Arabia
  • South Africa (Fastest-Growing Country Market)
  • U.A.E. (Largest Country Market)
  • Rest of MEA

Market Nature - Fragmented

• AB Volvo and Daimler Truck AG are the big players in this market. The companies perform various checks and fixes before reselling these trucks, to ensure that consumers do not face any problems. This step helps companies increase their market value and build trust.
• For instance, under the SelecTrucks program, Daimler Truck sells used commercial vehicles.

Used Semi-Truck Companies News

• Ryder System Inc. launched a used truck sales shop in Boston South in June 2023. It includes a wide range of selections for second-hand vehicles, including vans, trailers, and semi-trucks.
• In June 2023, BharatBenz declared that it had entered the used commercial vehicle sector with the introduction of its 'BharatBenz Certified' initiative or used trucks.