Used Truck Market Surges USD 118.64 Billion by 2034

Used Truck Market Trends, Growth, Innovation and Investment Insights

Market insights predict the global used truck industry will increase from USD 49.43 billion in 2024 to USD 118.64 billion by 2034, achieving a CAGR of 9.15%. Asia Pacific dominates the used truck market, driven by mining sector growth, while North America is set for strong CAGR due to rising residential construction. Medium-duty trucks lead, fueled by e-commerce and logistics, while construction holds the largest share amid global infrastructure expansion.

Last Updated: 03 April 2025 Category: Automotive Services Insight Code: 1688 Format: PDF / PPT / Excel

Senior Research Analyst

Dr. Arjun Patel

Reviewed By

Aditi Shivarkar

The used truck market is forecasted to expand from USD 53.95 billion in 2025 to USD 118.64 billion by 2034, growing at a CAGR of 9.15% from 2025 to 2034.

Used Truck Market Size 2023 - 2034

Introduction

The used truck market is a prominent branch of the automotive industry. This industry deals in the distribution of used trucks in different parts of the world. There are different types of vehicles sold by this sector consisting of medium duty truck, heavy duty truck, off-road truck and some others. These trucks are sold by a suitable sales channel comprising of independent dealer, franchise dealer, peer-to-peer dealer and others. The end-users of this sector consist of construction, logistics & transportation, mining, oil & gas and some others. The rising application of used trucks in mining sector is crucial for the market expansion. This market is expected to rise significantly with the growth of the construction sector in different parts of the globe.

North America Gold Mine Production in Tons (2023)

  • According to the World Gold Council, in 2023, the gold mine production in Canada was 191.9 tons followed by U.S. (166.7 tons) and Mexico (126.6 tons).

Highlights of the Used Truck Market

  • Asia Pacific held the largest share of the used truck market due to the rising development in the mining sector in this region.
  • North America is expected to grow with a significant CAGR due to the rise in number of residential constructions in this region.
  • The medium-duty truck segment led the industry due to its use in e-commerce and logistics sector.
  • The construction segment held the largest portion of the industry due to the rapid infrastructural developments in different parts of the world.

Key Metrics and Overview

Metric  Details
Market Size in 2024 USD 49.43 Billion
Projected Market Size in 2034 USD 118.64 Billion
CAGR (2025 - 2034) 9.15%
Leading Region Asia Pacific
Market Segmentation By Vehicle, By Sales Channel, By End-user and By Region
Top Key Players Volvo, Scania, Daimler, Mascus

Used Truck: Stats & Figures

  • According to the World Gold Council, around 378.2 tons gold was mined from China during 2023.
  • According to the Ghana Chamber of Mines, the North American gold mine production stood at 485.2 tons in 2023.
  • According to the American Construction Association, there were about 943,000 construction establishments in the U.S. during the 1st quarter of 2024.
  • According to the India Brand Equity Foundation, the India e-commerce industry is predicted to reach US$ 163 billion in 2026.

Industry Leader Announcement

In April 2023, Sanjeev Kumar, the President MHCV, Ashok Leyland made an announcement stating that, “The Used Vehicle business is a key focus area for us as it enables our customers to liquidate their vehicles with better resale value. We believe this e-marketplace will help in enhancing the overall customer experience in exchanging their old vehicles for brand new Ashok Leyland trucks and buses by bringing a level of ease, and transparency into the process and thereby building trust.”

Geographical Insights

Asia Pacific held the largest share of the used truck market. The growing demand for heavy duty trucks in mining and construction sector has boosted the market growth. Also, the rising development in the e-commerce sector coupled with rapid investment in logistics sector is crucial for the industrial expansion. Moreover, the presence of several market players such as Tata, Ashok Leyland, Eicher and some others is expected to drive the market growth in this region.

Competitive Landscape

Used Truck Market Companies

The used truck market is a highly competitive industry with the presence of several dominating players. Some of the prominent companies in this industry consists of Volvo, Scania, Daimler, Mascus, MAN and some others. These companies are constantly engaged in delivering used trucks to consumers and adopting numerous strategies to maintain their dominance in this industry.

Volvo Regional Revenue % (2024)

  • According to the annual report of Volvo, around 41% of the company’s revenue was generated from the European region followed by others.

Used Truck Market Segmentations

By Vehicle

  • Medium Duty Truck
  • Heavy Duty Truck
  • Off-road Truck

By Sales Channel

  • Independent Dealer
  • Franchise Dealer
  • Peer-to-peer Dealer

By End-user

  • Construction
  • Logistic & Transportation
  • Mining
  • Oil & Gas

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa
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About The Author

Dr. Arjun Patel is a distinguished expert in the automotive industry, holding advanced degrees in Automotive Engineering and Mechanical Engineering. His expertise spans automotive market dynamics, technological advancements, and sustainable practices. Dr. Patel excels in conducting in depth research and analysis on market trends, consumer preferences, and the economic implications within the automotive sector. He is renowned for his insightful publications on topics such as electric vehicles, autonomous driving technologies, and the evolution of sustainable transportation solutions. Dr. Patels research contributions have significantly advanced understanding in the field, earning him recognition as a leading authority in automotive research and analysis.

FAQ's

The used truck market was valued at USD 53.95 billion in 2025.

Asia Pacific dominated this industry.

The growing number of residential constructions along with rapid infrastructural development in different parts of the world has boosted the market growth.

Some of the prominent players of this industry consists of AB Volvo, KENWORTH (PACCAR Inc.), Freightliner Northwest, Scania, Daimler Truck AG., RENAULT TRUCKS, Mascus and some others.

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