Frost & Sullivan has released a new report addressing what it has determined as the Top 10 trends in the North American medium- and heavy-duty commercial vehicle aftermarket.
Frost & Sullivan lists the top 10 trends as follows:
- Aging truck population
- Technician shortage outpacing demand
- Right to Repair – CSA creating opportunities
- Sustained remanufacturing growth
- Strong performance of OEM private labels
- TCO top of mind among fleets
- Opportunities in the aftertreatment products
- Truck parts e-commerce emerging
- Connected trucks improving maintenance
- Leveraging big data
In addition to its top trends, Frost & Sullivan also makes three big predictions for the future of the commercial vehicle aftermarket. They are:
- The truck parts aftermarket will cross the $30 billion mark (manufacturer level) in North America by 2020. (It currently sits at $22 billion.)
- Parts e-commerce will likely account for 4-5 percent of the truck aftermarket by 2020.
- The OES channel will gain a market share of 1-2 percent on the strength of its private labels and telematics penetration.
Writing about the report on LinkedIn, Frost & Sullivan Research Analyst Benson Augustine says, “The inter-dependencies of trends and their implications on the truck population ensure there will be a steady rise in revenues for the aftermarket. Taking the industry from $22 Billion in 2015 to $30 billion and beyond by 2022 catapulted mainly by aftertreatment and recurring replacement parts.”
For more from the report, and to purchase a copy, please CLICK HERE.