The global heavy-duty automotive aftermarket size is projected to value at USD 155.8 billion by 2025, according to a new report published by Million Insights, at a CAGR of 4.5% from 2018 to 2025. The growing penetration of outdated and older trucks has led to the increase in demand for replacement parts which further boosts the heavy-duty automotive aftermarket. The other factors like greater wear and tear of vehicles due to regular use, durability of components, and growth in the number of vehicles are expected to contribute to market growth.
Connected trucks have in-built IoT sensors that allow fleet management organizations to obtain timely data on the position of replacement parts in trucks. Therefore, IoT and digitalization have enabled the drivers to obtain information on the condition of the vehicle and appoint preventive maintenance. Eventually, automotive parts can be replaced with a higher volume of data regarding vehicles being available. This is further anticipated to surge the demand for these components in the near future.
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Asia Pacific was the leading market in 2017, succeeded by Europe. The rising number of outdated trucks in regions like Europe and North America is predicted to increase the demand for replacement parts due to higher fallout in the value of these vehicles.
South America is expected to account for the highest CAGR during the forecast period due to the increasing sale of trucks in emerging nations like Brazil. The industry is anticipated to grow at a higher rate in countries like Brazil and South Africa due to poor infrastructure of roads which stimulates the requirement for regular maintenance of transportation fleets.
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Further key findings from the report suggest:
• The demand for heavy-duty aftermarket components is predicted to rise due to the increasing penetration of e-commerce in the sales and distribution of automotive components.
• The DIY segment is anticipated to register the highest CAGR of 9.0% from 2018 to 2025.
• Increasing awareness relating to emission standards and strict laws initiated by governments to control emissions by heavy-duty vehicles is poised to have a positive impact on the heavy-duty automotive aftermarket.
• The key players include 3M Company; Continental AG; ATC Technology Corp; Denso Corporation; Dorian Drake International Inc.; Detroit Diesel Corporation; Dorman Products; Instrument Sales & Service, Inc.; Federal-Mogul LLC; UCI International Inc.; and Remy International Inc.
Million Insights has segmented the global heavy-duty automotive aftermarket based on replacement part, vehicle type, service channel, and region:
Heavy-Duty Automotive Aftermarket Replacement Parts Outlook (Revenue, USD Billion, 2014 – 2025)
• Brake parts
• Body parts
• Lighting & electronic components
• Exhaust components
Heavy-Duty Automotive Aftermarket Vehicle Type Outlook (Revenue, USD Billion, 2014 – 2025)
• Class 4 to Class 6
• Class 7 & Class 8
Heavy-Duty Automotive Aftermarket Service Channel Outlook (Revenue, USD Billion, 2014 – 2025)
• OE seller
Heavy-Duty Automotive Aftermarket Regional Outlook (Revenue, USD Billion, 2014 – 2025)
• North America
• Asia Pacific
• South America
• Middle East & Africa
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