The latest report by IMARC Group, titled “Heavy-Duty Automotive Aftermarket Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global heavy-duty automotive aftermarket market is expected to grow at a CAGR of 3.5% during 2023-2028. A heavy-duty automotive aftermarket is a secondary market that primarily deals with after-sales of heavy-duty vehicle components. It includes companies involved in the manufacturing, distributing, redistributing, remanufacturing, reselling, and installation activities of all vehicle parts and accessories, including tires, lubricants, exhaust components, and appearance products. These automotive products ensure optimal performance, reduce carbon emission, and enhance vehicle life while minimizing overall expenses. Owing to these properties, the heavy-duty automotive aftermarket has witnessed positive growth in recent years.
Global Heavy-Duty Automotive Aftermarket Market Trends:
The market is primarily driven by the rising integration of Internet-of-Things (IoT) sensors in heavy-duty vehicles. These sensors allow several fleet management companies to get real-time information about the condition of replacement parts. Besides this, the implementation of stringent regulations by governments of numerous countries to limit carbon emissions is also catalyzing the demand for heavy-duty automotive aftermarket components. In addition, with the easy availability of heavy-duty automotive parts across various e-commerce platforms, individuals are purchasing genuine and original quality parts from reputed sellers at reasonable prices. This, coupled with the growing consumer awareness about regular servicing and maintenance of their vehicles, is positively influencing the market growth. Moreover, the increasing sales of heavy-duty vehicles across developing nations, the development and commercialization of autonomous trucks, and the advent of telematics and mobility services are some of the other factors creating a favorable market outlook across the globe.
- Based on the replacement parts, the market has been segregated into tires, batteries, brake parts, filters, body parts, lighting and electronic components, wheels, exhaust components, turbochargers, and others.
- On the basis of the vehicle type, the market has been bifurcated into class 4 to class 6, and class 7 and class 8.
- Based on the service channel, the market has been segmented into DIY, OE seller, and DIFM.
- On the geographical front, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being 3M Company, Atc Drivetrain LLC, Continental Aktiengesellschaft, DENSO CORPORATION, Detroit Diesel Corporation, Dorian Drake International Inc., Dorman Products, Inc., Federal-Mogul Products US LLC, Instrument Sales and Service, Inc. and UCI International, LLC.
|Base Year of the Analysis
||Replacement Parts, Vehicle Type, Service Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||3M Company, Atc Drivetrain, LLC, Continental Aktiengesellschaft, DENSO CORPORATION, Detroit Diesel Corporation, Dorian Drake International Inc., Dorman Products, Inc., Federal-Mogul Products US LLC, Instrument Sales and Service, Inc. and UCI International, LLC
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