Report Ocean released a thorough intelligence report named “North America Used Truck Market“ Report, Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2030. This research offers a thorough examination at the micro-level, concentrating on insurers, significant market sectors, products, and distribution methods within the industry.
The report’s competitive segment provides a summary of competitors, their financial conditions, recent developments, competitive analysis, and market advancements. This study helps market participants find relevant prospects more effectively by looking at the strengths and weaknesses of key competitors.
Insights into the Market During the Forecast Period (from 2023 to 28), the North America Used Truck Market is anticipated to expand at a CAGR of approximately 6.5 percent.
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Definition of the Market In the age of modern automobiles and skyrocketing vehicle prices, including truck prices, used trucks are rapidly gaining popularity across North American nations. The popularity of these vehicles is increasing due to the advantages of low prices, easy availability, and delivery of the same service as a new truck.
Additionally, in a region where the availability of new trucks is becoming more difficult, the demand for used trucks is expected to peak in the coming years thanks to a robust freight market and expanding cross-border trade.
Numerous new entrants are taking advantage of the opportunities to deliver used trucks because these and a great number of other aspects are demonstrating that the industry is profitable. As a result, the overall industry for used trucks indicates significant potential in the future due to the popularity of these trucks and the presence of numerous players.
The majority of the market’s growth would be driven by the rapidly expanding number of construction and development projects in various countries in the region, supported by significant government investments and support. In turn, it’s increasing demand for used trucks, which are easy to find and cheap to buy. Contractors are becoming more aware of these trucks, which is driving rapid growth in the North American market as a whole. The same factor also provides lucrative opportunities for players to expand their service offerings and meet the growing demand for used trucks in the region. In addition, trends like “Pay as Use” and renting used trucks are increasing demand for these vehicles and contributing to the overall market’s expansion.
Key driver: Market Dynamics The transportation industry in North America is expanding significantly and demonstrating a peaking demand for used trucks, supported by the improvement in road connectivity and trade across the region’s countries. Consequently, major players are taking advantage of these opportunities and broadening their offerings, resulting in substantial revenue and contributing to the region’s overall market growth trajectory.
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Restraint on Growth: Restrictions and limitations on the use of older or used vehicles, including trucks, are experiencing a decline in demand as emission levels are increasingly drawing the attention of governments to take stringent actions. Concerns over Greenhouse Gas Emissions from Old Vehicles In fact, the market for used trucks in North America is being challenged by the development of new vehicle models that include, among other things, technologies like driveline traction control, automation transmission, anti-lock braking systems, air bags, and driver control monitoring.
Application-Based Market Segmentation:
Construction Mining Logistics Construction is expected to make the most significant contribution to the North American Used Trucks Market expansion between 2023 and 2028. This rise can be attributed to the rising number of construction and development projects taking place in various countries in the region, which has increased demand for used trucks. Plus, the accessibility and modest costs of these trucks close by patterns like rental utilization of these vehicles is likewise extending a thriving notoriety of these vehicles for various development exercises. In addition, the construction of facilities like hotels, airports, shopping malls, highways, residential complexes, and more is increasing in tandem with the region’s rapid population growth and heavy influx of tourists and migrants. This, in turn, is increasing the demand for used trucks across North America.
During the forecast period, logistics, on the other hand, will also have a positive impact on the North America Used Trucks Market’s overall growth rate. The demand for used trucks is rapidly rising, particularly for the transportation of goods, supported by the region’s growing cross-border trade and improved road connectivity. In addition, the fundamentals underlying the flourishing growth trajectory of the Used Trucks Market in North America are also being cured by rising consumer awareness of these trucks’ affordability and availability.
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Based on the Kind of Car:
Heavy-Duty Vehicles Here, Heavy Duty Vehicles are anticipated to acquire the largest share in the North America Used Trucks Market during the forecast period. Light Vehicles Medium Duty Vehicles Heavy-Duty Vehicles This dominance is primarily due to the extensive transportation and logistics sector in the region, which is influenced by the rising number of cross-border transactions that are increasing the demand for used trucks.
In addition, the construction industry is being pushed to build facilities to meet the needs of the growing population in the area. In view of the great number of development projects across various nations in the area, the interest for uncompromising trucks is upscaling and driving the general development of the pre-owned trucks market through 2028.
Projection by Country The North American Used Truck Market spans the following regions:
Mexico is emerging as a country with substantial opportunities for players to expand their offerings and drive the Used Trucks Market over the forecast period, out of all of the countries. This is due to the country’s high dependence on cross-border trade and the rapidly expanding transportation and logistics sector. It is anticipated to increase the demand for used trucks for cross-border transportation of goods and services.
In addition, this is the reason that a number of prominent companies and new players are making significant investments in the Used Trucks sector in Mexico, thereby contributing to the development of new revenue streams in the nation. Thus, the market is projected to notice an extensive development pace across Mexico during the estimate time frame, i.e., 2023-28.
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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