Heavy-duty Automotive Aftermarket Worth USD 155.8 Billion By 2025
The global heavy-duty automotive aftermarket size is anticipated to reach USD 155.8 billion by 2025, according to a new report by Grand View Research, exhibiting a 4.5% CAGR during the forecast period. Increasing presence of older, more outdated trucks is leading to rise in demand for replacement parts, which in turn, drives the heavy-duty automotive aftermarket. Other factors expected to drive the market include greater wear and tear of vehicles due to frequent use, growth in number of vehicles, and durability of components.
Connected trucks are embedded with IoT sensors that enable fleet management companies to obtain real-time data on the condition of replacement parts in trucks. Thus, digitalization and IoT have helped drivers gain insights on the health of the vehicle and to schedule preventive maintenance checks. Subsequently, with more real-time data made available about the vehicles, automotive parts can be replaced periodically. This, in turn, is expected to boost demand for heavy-duty automotive aftermarket components over the forecast period.
The Asia Pacific region accounted for the largest market share in 2017, followed by Europe. Increasing number of old trucks in regions such as North America and Europe is expected to fuel demand for replacement parts on account of increased wear and tear of these vehicles.
South America is poised to expand at the highest CAGR over the forecast period, owing to rising sale of trucks in developing countries such as Brazil. The heavy-duty automotive aftermarket is expected to grow at a higher rate in nations such as South Africa and Brazil owing to poor road infrastructure, which triggers the need for frequent maintenance of transportation fleets.
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Further key findings from the report suggest:
- Demand for heavy-duty aftermarket components is expected to grow owing to rising penetration of e-commerce in distribution and sale of automotive components
- The DIY segment is expected to exhibit the highest CAGR of 9.0% over the forecast period
- Rising awareness about emission standards and stringent laws laid down by various governments to limit emissions by heavy-duty vehicles is expected to positively impact the market
- 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 the heavy-duty automotive aftermarket.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.