Top Growth Predictions for the Global Medium/Heavy Commercial Vehicle Aftermarket
Average miles driven and spend per vehicle to rise sharply, resulting in transformational growth
The COVID-19 pandemic has affected industries worldwide, but few felt it as directly as the global commercial vehicles aftermarket. The collapse of economic activity in many regions reduced the number of trucks on the road and average miles driven. It also has caused a skilled labor shortage of truck drivers, repair technicians, and other workers needed to keep the aftermarket industry thriving. The aim of this study is to identify the size of the global medium/heavy commercial vehicle aftermarket, and its growth opportunities in 2021, given the unique challenges posed by the pandemic recovery. Commercial vehicles include medium- and heavy-duty on-road trucks. Revenue includes parts only and excludes service. Revenue is measured at the manufacturer level and is expressed in US dollars. This research is the culmination of the work of Frost & Sullivan’s analysts located all over the world. Frost & Sullivan’s analysts have used multiple sources and statistical analysis in markets where information is missing to increase the confidence level of the research findings. Revenue is presented at the manufacturer, distributor, and end-user levels. The markets covered are the United States, Canada, Mexico, Brazil, Argentina, the United Kingdom, Germany, France, Italy, Spain, Russia, Turkey, Saudi Arabia, South Africa, India, Japan, Thailand, Australia, Taiwan, and China. The research covers the impact of connected trucks on vehicle maintenance. This includes the penetration of truck telematics by region as well as an analysis of services offered. Growth opportunities and companies to action are covered as well. The research includes a global economic outlook with top trends for 2020 and predictions for 2021, as well as analysis of the COVID-19 pandemic on each region. It identifies the main factors that will influence the size of the global commercial vehicle aftermarket, as well as how the industry outlook varies from region to region. The findings cover developments in the global commercial vehicle aftermarket in 2020 that will have an impact on the market in 2021. Data sources include primary and secondary research, existing Frost & Sullivan studies, statistical modeling, and analysis. Other exhibits include spend per vehicle and market attractiveness analyses. To determine market attractiveness, Frost & Sullivan has analyzed each of the 20 countries for their growth outlook, barriers to entry, and economic competitiveness. The research ends with key conclusions and the outlook for 2021.
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