PUBLISHER: IMARC | PRODUCT CODE: 1042826
PUBLISHER: IMARC | PRODUCT CODE: 1042826
The global heavy-duty automotive aftermarket market is expected to exhibit a CAGR of 3.69% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
The heavy-duty automotive aftermarket refers to the secondary market in the automotive sector that primarily deals with after-sales of heavy-duty vehicle components. The market engages in the manufacturing, retrofitting, replacement and distribution of automobile equipment, tires, lubricants, exhaust components, appearance products, and accessories, among several others. Various automotive aftermarket heavy-duty products provide the scope of remanufacturing or reinstallation of mechanical and electrical components, thereby minimizing expenses and enhancing vehicle life. Additionally, the retrofitting and refurbishment of old vehicles also help in reducing carbon emissions by their automotive parts. Owing to these benefits, automotive heavy-duty parts are widely employed across various service channels, including original equipment sellers, DIFMs, and DIYs, among others.
Rapid digitalization, coupled with the rising integration of Internet-of-Things (IoT) sensors with advanced tracking technologies in heavy-duty vehicles, has propelled the market growth globally. These IoT sensors installed in the heavy-duty automobiles allow several fleet managements companies to get real-time information regarding the condition of replacement parts, thereby minimizing various risks involved in the untimely breakdown of the vehicle. Furthermore, rising environmental concerns, along with the implementation of stringent laws by various governments to limit emissions by heavy-duty vehicles have also catalyzed the demand for heavy-duty aftermarket components. Moreover, the growing consumer awareness towards regular servicing and maintenance of their vehicles, further bolsters the market growth. The wide availability of heavy-duty automotive parts across various e-commerce platforms have enabled the customers to purchase genuine and original quality parts at reasonable prices, which is also fueling the growth of this market. In addition to this, various technological upgradations have led to the introduction of several innovative services, such as telematics and mobility services, that further drive the market for heavy-duty automotive afterparts. Moreover, across several emerging economies of the Middle East, Asia Pacific, and Latin America, the growth of heavy-duty automotive aftermarket can be attributed to the growing sales and ownerships of heavy-duty vehicles, which is also bolstering the demand for aftermarket products. On the other hand, various developed regions of North America and Europe are rapidly adopting various technological advancements for the development and commercialization of autonomous trucks that spur the sales of aftermarket truck components and parts. Additionally, several automotive manufacturers are entering into strategic collaborations and partnerships with various exhaust components OEMs, thereby positively influencing the demand for automotive aftermarket heavy-duty products. All of the abovementioned factors will continue to bolster the market growth in the coming years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global heavy-duty automotive aftermarket market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on replacement parts, vehicle type and service channel.
The competitive landscape of the industry has also been examined 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, etc.