SAN FRANCISCO, Feb. 20, 2019 /PRNewswire/ -- 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 Increasing presence of older, more outdated trucks is leading to rise in demand for replacement parts, which in turn, drives the heavy-duty automotive aftermarket.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.
Key suggestions from the report:
- 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.
Read 100 page research report with TOC on "Heavy-duty Automotive Aftermarket Analysis Report By Vehicle Type, By Replacement Part (Tires, Brake Parts, Turbochargers), By Service Channel (DIFM, DIY), By Region, And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/heavy-duty-automotive-aftermarket-industry
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.
Find more research reports on Automotive & Transportation Industry, by Grand View Research:
Grand View Research has segmented the global heavy-duty automotive aftermarket based on replacement part, vehicle type, service channel, and region:
- Heavy-Duty Automotive Aftermarket Replacement Parts Outlook (Revenue, USD Billion, 2014 - 2025)
- Brake parts
- Body parts
- Lighting & electronic components
- Exhaust components
- Heavy-Duty Automotive Aftermarket Vehicle Type Outlook (Revenue, USD Billion, 2014 - 2025)
- Class 4 to Class 6
- Class 7 & Class 8
- Heavy-Duty Automotive Aftermarket Service Channel Outlook (Revenue, USD Billion, 2014 - 2025)
- OE seller
- Heavy-Duty Automotive Aftermarket Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- Asia Pacific
- South America
- Middle East & Africa
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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