Global Used Trucks Market Analysis Highlights the Impact of COVID-19 2020-2024 | Value Proposition of Used Trucks to Boost Market Growth | Technavio

LONDON--()--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.

Request challenges and opportunities influenced by COVID-19 pandemic - Request a Free Sample Report on COVID-19 Impacts

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.

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR44478

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.

Register for a free trial today and gain instant access to 17,000+ market research reports

Technavio's SUBSCRIPTION platform

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.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report

Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Release Summary

The Global Used Trucks Market will grow by 12.10 mn units during 2020-2024

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/