The global heavy-duty aftermarket is anticipated to grow significantly over the forecast period. Heavy-duty vehicles are used extensively and directly in capital intensive projects. Increasing requirements for new infrastructure has enhanced demand for such construction vehicles. Rising demand for heavy-duty vehicles is expected to boost aftermarket demand since these vehicles often require expensive parts for maintenance and repair. Global aftermarket demand is expected to be supported by aging vehicles. Market growth is directly related to infrastructural development activities. The need for heavy-duty replacement parts depends on several factors, most significantly vehicle population, component durability, vehicle utilization, and vehicle age.
The past decade has seen major consolidation throughout the heavy-duty market, thus creating mega-fleets, mega distributors, mega dealers, and an increasing number of trucks. Computerized management systems, offshore sourcing, and sales, as well as advancements in communication technology and increased durability, have also contributed to the heavy-duty aftermarket industry. Outsourced service providers are expected to continue dominating the aftermarket for heavy-duty vehicles. However, the increased complexity of repair procedures and diagnosis of new heavy-duty trucks is causing some outsourced service providers to gain market share. Industry consolidation has seen large automotive groups bringing together brands, in an effort to spread the R&D costs associated with new model development and gain economies of scale. This helps the producers to explore product development opportunities in order to increase profitability and become more efficient. The industry has witnessed the addition of an array of global products. However, differences in quality, technical specifications, and cost make it difficult to develop and design a vehicle that suits demand of the heavy-duty aftermarket industry. The alignment of manufacturing on a global scale is expected to help overcome technical barriers.
Vehicle design is expected to reflect many changes such as a focus on eco-friendly fuels, alternative drivetrains, change in goods transportation patterns, etc. Asian producers have emerged as strong players and are developing the technologies to compete on a global level. Key vendors dominating the heavy-duty aftermarket industry include China National Heavy Duty, Beiqi Foton Motor Co., Ltd., Daimler Trucks, and Navistar International.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.
"The quality of research they have done for us has been excellent."
The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.