Executive Summary
The global used truck market reached RMB 283.4 billion in 2023 and is projected to grow at a 6.6 % CAGR through 2029. In China, 1.50 million used trucks changed hands in 2023-a 15.5 % year-on-year rise-and 1.28 million between January and October 2024 (+3.5 %). Driven by digital trading platforms, supportive policies, and carbon-neutral targets, the sector is moving toward greater standardization, scale, and sustainability.
Market Overview
Global Scale
In 2023, the worldwide used-truck market was valued at RMB 283.4 billion and is forecast to reach RMB 416.0 billion by 2029 (6.6 % CAGR).
China Highlights
– 2023 transactions: 1.497 million units (+15.5 %).
– Jan–Oct 2024: 1.282 million units (+3.5 %).
Commercial vehicles comprise roughly 6.5 % of China's total used-vehicle trades, which totaled 19.61 million units in 2024.
Key Trends
Digital Platforms
Specialized Marketplaces
Sites like Snail Used Trucks offer online listings, financing, and transfer services for rapid, transparent deals.
Integrated Ecosystems
Truck Home leverages its user community and data to provide listings, loans, maintenance, and more.
Green Transformation
Stricter Emissions Rules
National "14th Five-Year Plan" policies push for cleaner engines and fleet renewals.
Manufacturer Initiatives
Brands such as CNH Industrial, Volvo, and Scania are piloting electric conversions and carbon-footprint management on used units.
Policy Support
Streamlined Transfers
Nationwide interprovincial processing cuts time and cost.
Tax Incentives
Pilot programs offer VAT and vehicle-tax reductions.
Subsidies
Interest subsidies and rebates for vehicles meeting higher emission standards.
Leading Players
Snail Used Trucks
Focuses exclusively on commercial vehicles-trailers, tractors, dump trucks, and tankers-with turnkey transaction services.
Truck Home
Extends from information and community forums into financing, maintenance, and used-truck sales.
OEM Certified Programs
CNH Industrial, Volvo, and Scania provide factory-backed used-truck certifications and warranties.
Challenges & Outlook
Quality & Trust
Inconsistent vehicle inspections necessitate robust certification and credit systems.
After-Sales Service
Platforms must strengthen maintenance networks and parts supply.
Tech Integration
Deeper use of big data, blockchain, and AI in trading, logistics, and risk management will be crucial.
As the market matures through clearer standards, tech upgrades, and green mandates, China's used-truck industry is set for sustainable, high-quality growth.
