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Aftermarket Parts Replacement Revenue is Expected to Reach $28.98 Billion by 2025
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The goals of the study are to analyze the North American medium and heavy duty (Class 4–8) commercial vehicles (CV) aftermarket and to project this market’s future outlook and the opportunities it offers to different participants in the value chain.The study discusses the impact of various factors based on economic, legislative, operational, technological, and aftersales trends on the CV aftermarket industry. It also examines how these factors influence the below elements.• Aftermarket dynamics, such as freight demand and new revenue stream opportunities • Aftermarket related factors, such as new vehicle sales, average age of vehicle, and vehicle miles traveled • Consumer behavior, such as preference towards value label and remanufactured partsThe impact of the above elements on each other and on various stakeholders of the aftermarket such as OES players, IAM suppliers, distribution channel participants, fleet operators, garages, and third-party service providers are also discussed.This study also covers major disruptions in this market and discusses the implications on the aftermarket participants, which are as listed below. • OES (Original Equipment Supplier) participants are targeting to eat into the market share of the IAM (Independent Aftermarket) channel, through their private label parts for all make and model vehicles • Connected ecosystem – stakeholders across the value chain are partnering with TSP (Telematics Service Providers) • Electric and Autonomous vehicles – All major OEMs have vehicles under trials and are expected to account for a significant share of sales by the end of forecast period • Right to repair – Enables IAM players to have access to technical details and repair procedures, which were earlier restricted to the respective OEMs (Original Equipment Manufacturers)The study additionally discusses what drives the connected ecosystem and digitization related trends such as prognostics, in-vehicle sales and service scheduling, adoption of technology by service chains, and telematics solutions.
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Author: Vasanth Raj
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