Technavio analysts forecast the global used trucks market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report.
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Technavio has released a new market research report on the global used trucks market for the period 2018-2022. (Graphic: Business Wire)
Touchpoint management systems integrated with artificial intelligence is one of the major trends being witnessed in the global used trucks market 2018-2022. Touchpoint management techniques have been leveraged in various industries to bridge the gap between buyer and seller. Shopping has been redefined to provide a positive and rewarding experience for the customer. Unique touchpoint management techniques are being used by online retail stores and electronic stores to understand customer needs. Automotive dealers are also employing improved touchpoint management systems to enhance customer satisfaction.
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According to Technavio analysts, one of the key factors contributing to the growth of the global used trucks market is the value proposition of used trucks:
Global used trucks market: Value proposition of used trucks
Buying a used truck involves significantly lower investments than purchasing a new vehicle. Adherence to stringent manufacturing regulations and quality standards has ensured enhanced build quality in trucks. The influx of 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. Reduced prices of used trucks and their increased operational quality are expected to boost demand from various customer segments during the forecast period.
According to a senior analyst at Technavio for research on automotive manufacturing, "Truck buyers take a keen interest on the scope of the resale value of their vehicles. This prompts them to install various aftermarket fitments to raise the intrinsic value of vehicles. For example, owners are known to retrofit their vehicles with air deflectors and side extensions to ramp up resale values."
Global used trucks market: Segmentation analysis
The global used trucks market research report provides market segmentation by vehicle type (pick-up trucks and others) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas led the market in 2017 with a market share of over 50%. This region is expected to dominate the market through 2022, with over 4% increase in its market share.
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- Market ecosystem
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- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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