Africa Used Truck Market to Surpass $ 3.1 Billion by 2024

High prices of new trucks coupled with growing construction and logistics sectors to drive Africa used truck market through 2024

According to TechSci Research report, “Africa Used Truck Market By Application, By Tonnage Capacity, By Fuel Type, By Country, Competition Forecast & Opportunities, 2014 – 2024”, Africa used truck market is projected to cross $ 3.1 billion by 2024. Absence of major truck OEMs manufacturing facility across the region along with the growing consumer preference towards used trucks are few of the key factors which are generating demand for used trucks across the region. Additionally, inflation in several African countries is surging the prices of new trucks, which in turn, is pushing demand for used trucks across Africa. Growing acceptance of used trucks among consumers from different industry segments as well as close monitoring on quality of used import trucks, is further expected to compliment the overall used truck market across Africa over the next five years.

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With an expanding volume share of over 59%, used trucks above 16 tons dominated Africa used truck market, followed by the 7.5-16 ton and 3.5-7.5 ton segments, as of 2018. On account of growing requirement for used trucks by various logistics companies for logistics purposes, the requirement for used trucks above 16 tons is estimated to surge at a brisk pace during forecast period as well. Used truck market was witnessed to be largely concentrated in South Africa, followed by Nigeria and Tanzania owing to the countries’ extensive automobile sales.

Rising presence of various companies such as Scania, Volvo, MAN, Toyota, etc., and their growing dealer and distribution network to introduce more technologically advanced as well as efficient trucks in the African continent is anticipated to intensify competition in used truck market across the region over the course of next five years. On account of expanding research and development projects of various key companies and their continuously rising penetration in Africa used truck industry coupled with the increasing demand for used trucks across the region, the revenue generation from the used truck market is anticipated to grow at a rapid pace during forecast period.

“With booming e-commerce industry, demand for used trucks is also likely to increase across Africa. Furthermore, rising demand for efficient supply chain to transport goods across the region is boosting demand for used trucks. In addition, government regulation on used truck import, keeping in view the rising pollution levels, would positively influence Africa used truck market in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Africa Used Truck Market By Application, By Tonnage Capacity, By Fuel Type, By Country, Competition Forecast & Opportunities, 2014 – 2024” has analyzed the potential of used truck market across the African continent, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Africa used truck market.

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