North America Used Truck Market By Tonnage Capacity (3.5 Tons to 7.5 Tons, 7.5 Tons to 16 Tons, 16 Tons to 30 Tons and Above 30 Tons), By Fuel Type (Diesel, Petrol/Gasoline, CNG & Electric & hybrid), By Application Type, By Country, Competition, Forecast & Opportunities, 2014 – 2024
North America Used Truck Market Overview
North America used truck market is forecast to grow from $ 13.7 billion in 2018 to $ 20.5 billion by 2024, exhibiting a CAGR of 6.8% during the forecast period, owing to their low cost when compared with new trucks. Increasing preference for advanced technologies such as automation transmission is resulting in consumer focus towards new trucks, as a result, used truck sellers are keeping the prices of these trucks low in order to attract customers. Fleet owners are demanding more trucks to handle rising freight demand, owing to increasing construction activities and growing e-commerce industry across the region. Moreover, North America Free Trade Agreement allows easy movement of goods in the region. Thus, several companies have set up their automotive manufacturing plants in Canada for producing and selling vehicles in the United States.
North America Used Truck Market Segments
Based on the tonnage capacity, North America used truck market can be segmented into 3.5 tons to 7.5 tons, 7.5 tons to 16 tons, 16 tons to 30 tons and above 30 tons. Above 30 tons segment registered the highest sales in the last few years and the trend is likely to continue during the forecast period, on account of high mileage offered by the truck segment. In terms of fuel type, used truck market in the region can be categorized into diesel, petrol/gasoline, electric & hybrid and CNG. Diesel trucks are the preferred choice in the region and the segment is expected to witness high growth through 2024, owing to high fuel economy and high torque. Trucks are used for a variety of applications including logistics, construction and mining. Mining and logistics are the major segments in North America used truck market, backed by increasing population and high demand for moving goods from one place to other. Logistics application segment is anticipated to register strong growth in the market in coming years, accounting for a one-third share in the market.
North America Used Truck Market Regional Insights
In terms of regional analysis, the market for used trucks has been segmented into the United States, Mexico and Canada. United States is expected to dominate North America used truck market during forecast period, owing to high demand for transferring goods.
North America Used Truck Market Competitive Landscape
Major companies operating in North America used truck market recorded high sales volume in the 2018 and the trend is likely to continue during the forecast period. List of major market players include Ford Motor Company, Freightliner Limited, AB Volvo, Navistar International Corporation, Isuzu Motors Ltd, etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
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