Dublin, Jan. 05, 2024 (GLOBE NEWSWIRE) -- The "Global Used Truck Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The construction industry's expansion and the emergence of innovative online platforms for used truck transactions are driving the global used truck market's significant growth, according to the latest market research report now available for review. Industry data highlights a robust compound annual growth rate (CAGR) of 6.6% from 2022, with an expected market value surge from 42.59 billion to 45.39 billion in 2023. The forecast further projects the market's continued upward trajectory, reaching 58.12 billion in 2027 at a CAGR of 6.4%.
Key Market Drivers and Innovations
As construction industry activities increase, demand for used trucks for transport of materials at worksites similarly rises. This relationship underscores the construction sector's significant impact on used truck market growth. Instances from various global regions support this observation, noting substantial growth in building activities, such as the 10.2% increase in the US construction activities value between 2021 and 2022.
Innovative Online Solutions for Used Trucks
Introduction of new brands and online platforms specific to used truck sales constitutes a growing trend. These platforms not only facilitate vehicle procurement but also aim to promote sustainability through encouraging the efficient use of resources.
- Asia-Pacific Dominance: In 2022, Asia-Pacific emerged as the largest market share holder, maintaining a dominant presence within the global used truck landscape.
- Comprehensive Coverage: The extensive report covers regions that include Western Europe, Eastern Europe, North America, South America, along with the Middle East and Africa.
- Market Analysis Depth: The research report provides an all-encompassing review of market scenarios, trends and opportunities, as well as a thorough examination of used truck market segments.
Used Truck Types and Applications
The report segments the used truck market into classes such as light-duty, medium-duty, and heavy-duty trucks, with detailed analysis on each segment's performance in the context of current market dynamics. Focus is also given to the vehicles' fuel types and sales channels, along with their applications across various end-user industries such as construction, oil and gas, mining, and more.
Market Leaders in Used Trucks
The sector boasts an array of key players who are shaping market trends and driving innovations, from providing comprehensive after-sales services to designing state-of-the-art online platforms for a seamless purchasing experience. Strategic acquisitions and collaborations among industry stalwarts aim to enhance service offerings and boost market growth. The detailed insights provided by this newest report are valuable tools for stakeholders, business leaders, and decision-makers seeking to navigate the complexities of the used truck market. The findings and projections therein highlight opportunities for investment and potential areas of expansion, thus aiding in informed strategic planning.
For more information about this report visit https://www.researchandmarkets.com/r/e4h0pi
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