Global Heavy-duty Automotive Aftermarket Market Overview:
The term heavy-duty automotive aftermarket refers to the secondary market, which can provide replacement parts, accessories, and services for large and robust vehicles such as trucks, buses, trailers, and other heavy-duty vehicles. This aftermarket industry caters to the maintenance, repair, enhancement, and customization needs of heavy-duty vehicles that are already in use. These workhorses of the transportation industry are vital for various sectors, including construction, logistics, agriculture, and emergency services. There are a wide range of advantages, including the fact that the heavy-duty automotive aftermarket has a vast variety of brands and products and has the potential for cost savings. Growing logistics and transportation industries lead to an expansion of commercial vehicle fleets.
As per latest study released by AMA Research, the Global Heavy-duty Automotive Aftermarket market is expected to see growth rate of 4.0% and may see market size of USD105380.0 Million by 2028.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Growing demand for electric and alternative fuel vehicles
Market Growth Drivers:
The growing demand for replacement parts and maintenance services. and The rise of online platforms has facilitated easier access to a vast array of aftermarket products.
Challenges:
Fluctuation in fuel prices. and growing need for skilled technicians due to an aging workforce and lack of training programs.
Restraints:
Changing consumer preferences and behaviours can affect the aftermarket such as, shift towards electric vehicles.
Opportunities:
The growing adoption of electric and hydrogen-powered heavy-duty vehicles presents exciting opportunities for the aftermarket.
Competitive Landscape:
Competition among existing players is due to the stiff market share occupied by leading players. The companies are implementing strategic activities such as acquisition and mergers along with collaboration with companies in other industries to help them in improving sustenance and maintaining their competitive advantages.
Some of the key players profiled in the report are 3M (United States), Advance Auto Parts (United States), Robert Bosch GmbH (Germany), Canadian tire (Canada), Detroit Diesel Corporation (United States), Continental AG (Germany), Denso Corporation (Japan), Dorian Drake International Inc. (United States), Magna International Inc. (Canada), Valeo SA (France), China Automotive Systems Inc (China) and Aisin corporation (Japan). Additionally, following companies can also be profiled that are part of our coverage like AutoZone (Mexico), Robert Bosch GmbH (Brazil), Magneti Marelli S.p.A. (Italy), Hella GmbH & Co. KGaA (Mexico) and ZF Friedrichshafen AG (Germany). Considering Market by Distribution Channel, the sub-segment i.e. Retailers will boost the Heavy-duty Automotive Aftermarket market. Considering Market by Vehicle Type, the sub-segment i.e. Trucks will boost the Heavy-duty Automotive Aftermarket market. Considering Market by Component, the sub-segment i.e. Engine (Filters, Belts, Hoses, and Gaskets.) will boost the Heavy-duty Automotive Aftermarket market.
Latest Market Insights:
In February 2022, MidOcean Partners acquires Cloyes., this acquisition involved a private equity firm purchasing a manufacturer of timing chains and components for heavy-duty engines. and In August 3, 2022, Hidden harbor a leading engine products and drive systems supplier for the automotive and aftermarket industries capital partners to acquire Dayco, LLC. The acquisition will enable Dayco to have greater flexibility to deliver for our customers, supply chain partners, and employees and move forward together toward a successful future.
In July 24, 2023, Robert Bosch, LLC has launched 102 automotive aftermarket parts to its portfolio in the second quarter of 2023, covering nearly 24 million vehicles in operation across North America. The new Bosch products, which cover domestic, European and Asian passenger and commercial vehicles and are designed to support the whole shop, include 22 braking parts, 42 fuel and water pumps, 25 rotating machines, one ignition coil and 12 sensors.
What Can be Explored with the Heavy-duty Automotive Aftermarket Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Heavy-duty Automotive Aftermarket Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Heavy-duty Automotive Aftermarket
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Heavy-duty Automotive Aftermarket market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Heavy-duty Automotive Aftermarket market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Supplier, Manufacturer, Research organization, Government Regulatory, End-User Industry and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.