Heavy-duty Automotive Aftermarket Size, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Heavy-duty Automotive Aftermarket Market


The global Heavy-duty Automotive Aftermarket market size is projected to reach US$ 162.73 billion by 2026, from US$ 124.96 billion in 2020, at a CAGR of 4.5% during 2021-2026. Rising technological advancements such as development of connected and autonomous trucks are expected to boost demand over the forecast period.

The market is increasingly witnessing strategic alliances and collaborations between automobile manufacturers and exhaust component OEMs. Most of these strategic alliances and collaborations are aimed at gaining a competitive edge and capturing a significant share in the industry.

Remanufacturing truck replacement components is on a steady rise, a trend that is expected to grow more popular over the forecast period. Moreover, rising use of e-commerce platforms for supply of automotive aftermarket heavy-duty products has particularly boosted their sale.

Digitalization of automotive component supply services is enabling OEMs to deliver products directly to customers from any part of the globe. This, coupled with evolving IoT technologies in tracking the life of components, is expected to have a significant impact on the market growth.

Market Segmentation, Outlook & Viewpoint: Global Heavy-duty Automotive Aftermarket Market

Replacement Parts Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

  
Tires
  
Batteries
  
Brake parts
  
Filters
  
Body parts
  
Lighting & electronic components
  
Wheels
  
Exhaust components
  
Turbochargers
  
Others

Vehicle Type Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

  
Class 4 to Class 6
  
Class 7 & Class 8

Service Channel Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

  
DIY
  
OE seller
  
DIFM

Key Players, Recent Developments & Regional Insights: Global Heavy-duty Automotive Aftermarket Market

Based on vehicle type, the heavy-duty automotive aftermarket has been segmented into medium-duty (Class 4 to Class 6) and heavy-duty (Class 7 & Class 8). The heavy-duty segment dominated the market with a share of 65.1% in 2017 and is expected to retain its dominance through 2025. There is higher demand for class 7 and 8 aftermarket products in nations such as South Africa and Brazil, where road infrastructure is in its developing stage and transportation fleets require frequent maintenance.

In developed nations such as U.S., U.K., and Canada, rising technological advancements in heavy-duty vehicles has resulted in several fleet management companies and heavy-duty vehicle manufacturers adopting telematics technology in their fleets. Moreover, use of this technology is anticipated to become a mandatory in future.

Service Channel Insights

On the basis of service channel, the market has been segmented into do it yourself (DIY), do it for me (DIFM), and original equipment (OE) seller. The DIFM segment dominated the market with a share of 73.9% in 2017 and is expected hold a majority share over the forecast period.

The e-commerce platform is becoming increasingly popular for sale of aftermarket truck components and parts owing to competitive pricing of these components online and increasing acceptance of digital platforms by consumers.

With the development of connected trucks, fleet management companies can obtain real-time data on the condition of the replacement parts in the trucks and schedule a preventive maintenance. Thus, the rising trend of digitization and IoT in trucks is expected to support the growth of the automotive aftermarket heavy-duty components.

Regional Insights

Asia Pacific emerged as the leading regional market in terms of revenue in 2017. Rise in number of trucks in developing nations such as China and India is expected to drive demand for aftermarket components over the forecast period. The DIFM segment is expected to dominate the regional market over the forecast period.
The South America market is expected to witness significant growth in revenue through 2025. This can be attributed to increasing demand for heavy-duty trucks and rising economic development of the transportation sector across the region. This, in turn, is expected to drive demand for aftermarket for heavy-duty components over the forecast period.

Favorable regulatory framework in the European Union is expected to play a crucial role in the growth of the Europe market. U.S. and U.K. are both expected to witness greater technological advancements in heavy-duty automotive components over duration of the forecast period.

Heavy-duty Automotive Aftermarket Share Insights

3M Company; ATC Technology Corp; Continental AG; Denso Corporation; Detroit Diesel Corporation; Dorian Drake International Inc.; Dorman Products; Federal-Mogul LLC; Instrument Sales & Service, Inc.; Remy International Inc.; and UCI International Inc. are some of the key players in this market.

Key industry participants promote their products and services using various outdoor promotional marketing strategies, such as events, road shows, and awareness campaigns. For instance, in January 2018, the 3M Transportation Safety Division initiated an organized road show in more than 50 cities across U.S. and Canada, which showcased innovations in road safety technologies developed by the company. Such promotional events help in increasing awareness among consumers and also assist in increasing adoption of such technologies.

Key Insights Covered: Global Heavy-duty Automotive Aftermarket Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Heavy-duty Automotive Aftermarket industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Heavy-duty Automotive Aftermarket industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Heavy-duty Automotive Aftermarket industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Heavy-duty Automotive Aftermarket industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Heavy-duty Automotive Aftermarket industry.

Research Methodology: Global Heavy-duty Automotive Aftermarket Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other