LONDON--(BUSINESS WIRE)--The used trucks market is expected to grow by 12.10 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The value proposition of used trucks is expected to propel the growth of the market during the forecast period. There has been a significant improvement in the build quality of trucks owing to stringent manufacturing regulations and quality standards. In addition, the newer models and automotive technology advancements are driving truck owners to sell existing vehicles and buy upgraded models. This buying cycle among consumers has led to a steady increase in the supply of used trucks. Buying a used truck involves a significantly lower investment than purchasing a new vehicle. This prompts customers to buy used trucks, which is expected to fuel market growth.
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As per Technavio, the increasing penetration of online used truck websites will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Used Trucks Market: Increasing Penetration Of Online Used Truck Websites
Online retail websites are widely chosen mediums for propagating demand for products over a large market. Thus, used truck dealers are increasingly leveraging the wider reach of online websites to effectively introduce consumers to their fleet of used trucks. Online platforms offer a broad range of choices to customers compared to brick-and-mortar stores. An online portal allows customers to research the availability of a vehicle model, compare prices of similar vehicles, read product reviews by other customers, and select a vehicle based on pricing, delivery, and aftersales services of the company. Online websites also offer auction services that could help a dealer in getting a good price for his vehicles. For instance, Autoline, owned by Linemedia FZC, floats advertisements of used trucks based on sale, rent, and auction. Thus, the increasing penetration of online used truck websites is expected to be a key trend during the forecast period.
“Other factors such as the growing demand for truck rental services, and the deployment of comprehensive quality checking systems by used trucks dealers will have a significant impact on the growth of the used trucks market value during the forecast period,” says a senior analyst at Technavio.
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Used Trucks Market: Segmentation Analysis
This market research report segments the used trucks market by type (pickup trucks and other trucks) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the used trucks market share in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the decreasing ownership of trucks, especially in the US.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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