Commercial Vehicle Aftermarket Market Size, Share, Growth, and Industry Analysis, By Type (Wear and Tear Parts, Crash Relevant Parts, Maintenance Service, Tire Service & Others), By Application (LCV, MCV, HCV), and Regional Forecast to 2033

COMMERCIAL VEHICLE AFTERMARKET MARKET OVERVIEW

The Global commercial vehicle aftermarket market size was USD 326935.18 million in 2024 and the market is projected to touch USD 430052.19 million by 2033, exhibiting a CAGR of 2.7% during the forecast period.

The commercial vehicle aftermarket offers support for a wide range of products and services including spare parts, accessories and repair solutions. Common examples include engine parts, transmission, filters, light, tire and suspension parts. Services involve repairs, diagnostics, fleet management, and customization. These types of goods and services are essential for the best vehicles operations, vehicle safety, vehicle's mileage, vehicle's life cycle extension issues of commercial vehicles. There is a market for telematics and diagnostic equipment based on the timely assessment and preventive treatment, for that purpose of fleet management.

Considerable growth in the market is taking place because of increased vehicle age, growth in the number of commercial vehicles around the world, and movement towards low-cost maintenance. Fleet operators look to minimize downtime and vehicle life cycle, thus contributing to demand for replacement parts and services. Moreover, the increasing control of emissions, the requirement for fuel economy, and the evolution of telematics and diagnostics services are strong demands. The increasing of e-commerce also helps customers more easily obtain aftermarket products, which contributes to the market expansion.

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GLOBAL CRISES IMPACTING COMMERCIAL VEHICLE AFTERMARKET MARKET COVID-19 IMPACT

"Pandemic Disruptions in the Commercial Vehicle Aftermarket Market Due to Supply Chain Issues and Factory Closures"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Pandemic initially affected the Commercial Vehicle Aftermarket Market generating supply chain issues, factory closures and lower demand as a result of the transportation and logistics slowdown. However, as economies reopened, the market rebounded with increased demand for vehicle maintenance and parts replacement, driven by fleet operators focusing on vehicle longevity. The pandemic also boosted the use of digital platforms by the trade for obtaining parts and making service appointments, which revolutionized the market with increased online selection and user convenience.

RUSSIA-UKRAINE WAR IMPACT

"Fuel Price Fluctuations and Geopolitical Instability Impacting Fleet Operators' Costs"

The Russia-Ukraine war has significantly impacted the Commercial Vehicle Aftermarket Market by disrupting global supply chains, particularly for critical components like metals, tires, and electronic parts. Increased raw material and trade cost has increased the price of replacement parts. Additionally, the battle has resulted in more volatile fuel prices and, as a result, arose transport costs which, in turn, affected fleet operator cost. Geopolitical turmoil has also led to a further feeling of uncertainty, which has resulted in hesitant investments and postponed maintenance of vehicles in certain regions.

ISRAEL-HAMAS WAR IMPACT

"Rising Shipping Rates and Item Availability Issues Affecting Commercial Vehicle Aftermarket in the Middle East"

The Israel-Hamas conflict has had a relatively small, but significant, effect on the Commercial Vehicle Aftermarket Market. The fighting caused regional supply chains to be disrupted, especially in the Middle East, as it impacted item availability and shipping rates are on the rise. Additionally, heightened security concerns and instability in the region slowed economic activity and reduced demand for vehicle services and parts. At the same time, the global market has enabled several vendors to evolve using new suppliers and distribution footprints.

LATEST TREND

"Emerging Trend of 3D Printing Custom Parts Revolutionizing the Commercial Vehicle Aftermarket"

There is a currently emerging trend, in the commercial vehicle aftermarket, of 3D printing custom parts and fast prototyping. This technology enables manufacturers and repair facilities to create-on-demand, low-cost replacement components that decrease lead time and inventory space. It also enables the creation of customized components tailored to specific vehicle needs. Enhancing with the development of 3D printing, it provides unprecedented flexibility and efficiency of designing, fabricating and distributing parts to the aftermarket industry.

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COMMERCIAL VEHICLE AFTERMARKET MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Wear and Tear Parts, Crash Relevant Parts, Maintenance Service, Tire Service & Others.

• Wear and Tear Parts: Components, such as brake pads, filters, belts, and batteries that are exposed to normal wear and tear caused by driving, reside in this component. These parts require frequent replacement to maintain vehicle performance.

• Crash Relevant Parts: These are parts crucial for vehicle safety and integrity in the event of an accident, including bumpers, airbags, and structural components. They are designed for replacement after collisions to ensure vehicle safety compliance.

• Maintenance Service: In this part, the routine services of oil change and engine diagnosis, as well as fluid inspection, are conducted. Repair services aim to keep vehicles in good operational condition without requiring costly work and to extend the life of a vehicle.

• Tire Service: Includes tire replacement, repairs, balancing, and rotations. Tire services play a critical role for vehicle safety, fuel efficiency, and performance, and thus the demand for tire maintenance is driving among fleets and also personal vehicles.

• Others: This category includes a huge number of other aftermarket goods and services, including parts, lights, exhaust systems and aftermarket modifications, and vehicle owners are able to make improvements to vehicle performance, style and functionality via them.

By Application

Based on application, the global market can be categorized into LCV, MCV, HCV.

• LCV (Light Commercial Vehicles): In this section vehicles such as vans and small trucks are included for the purposes of goods transport and delivery. LCVs are typically used by small businesses and urban fleet operators, requiring frequent aftermarket services.

• MCV (Medium Commercial Vehicles): MCVs are vehicles including medium-sized trucks and buses for regional transport and delivery. They need to be equipped with more specialized components and services since of high load capacity and prolonged operating times.

• HCV (Heavy Commercial Vehicles): This section consists of semi trailers, semi trucks, and heavy duty construction equipment. HCVs play an important role in long-distance cargo transport and in high volume industrial activity, which necessitates strong aftermarket services for maintenance repair and replacement.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

Driving Factors

"Expanding Vehicle Fleet Driving Growth in the Commercial Vehicle Aftermarket Market"

A major driver of the expansion of the Commercial Vehicle Aftermarket Market growth is the expanding vehicle fleet, especially in the logistically and transport involved industries. With increasing growth of e-commerce and global trade, companies need to procure greater number of commercial vehicle fleets for distribution of goods. With more fleet numbers an increasing need for aftermarket products, services, and maintenance results. Fleet managers are striving for vehicle uptime and durability which drives demand for repair components, periodic service maintenance and tailor-made solutions to keep fleet performing to the best of its ability.

"Increasing Vehicle Safety and Regulatory Compliance Driving Demand in the Commercial Vehicle Aftermarket"

Vehicle safety and regulatory compliance are also further driving factor in the market for the commercial vehicle aftermarket. With tightening legislation on emissions, safety and performance, aftermarket solutions are seen by fleet operators as a means to comply with the new regulations. Vehicle checks in addition to the demand for safety-critical components and the introduction of sophisticated features such as telematics diagnostic device are driving the market demand for high-end aftermarket goods services as far as the safety of the vehicles is concerned and whether the vehicle can perform.

Restraining Factor

"Rising Cost of Raw Materials and Production Driving Up Prices in the Commercial Vehicle Aftermarket"

One of the major restrainers of the Commercial Vehicle Aftermarket Market is the price of replacement parts and services. Because the cost of raw materials, metals and plastics, gets higher, the production cost of aftermarket components also get higher and so the prices of consumers stay high. Furthermore, the presence of counterfeit or inferior parts in parts of the world can dissuade purchasers from purchasing aftermarket goods of the highest quality. This price sensitivity, particularly in emerging markets, constricts the penetration of premium products and restricts market expansion.

Opportunity

"Expanding Opportunity in the Commercial Vehicle Aftermarket for Electric Vehicle (EV) Parts and Services"

There is an expanding opportunity in the Commercial Vehicle Aftermarket Market for sales of electric vehicle (EV) parts and services. With the adoption of electric fleets by more and more companies to decrease emissions and fuel costs, there is a growing demand for niche EV parts like batteries, charging infrastructures or electric drivetrains. This transition also presents a great opportunity for growth for companies who sell aftermarket solutions specifically to electric commercial vehicles, such as maintenance, replacement of batteries, and electric vehicle-specific diagnostic tools, by increasing the area of the market.

Challenge

"Globalization of Supply Chains Creating Challenges in the Commercial Vehicle Aftermarket Market"

One of the most significant challenges facing the Commercial Vehicle Aftermarket Market is globalization of supply chains. Trade disruptions, natural events, or political conflicts may result in a delay of critical parts delivery and longer lead times. Further, variable quality and cost of parts purchased from other parts of the world can influence the market stability. These supply chain issues make inventory management more difficult and increase costs which can limit timely provision of customer service and reduce customer satisfaction, in turn influencing market expansion.

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COMMERCIAL VEHICLE AFTERMARKET MARKET REGIONAL INSIGHTS

North America

Commercial vehicle aftermarket is a driving market in North America due to a large commercial vehicle fleet and an advanced logistics system. In the context of economic biggest player of the region, U.S. is a driving force behind the market expansion because of its expansive, reinforced distribution and transportation system. The demand for aftermarket parts and services is fuelled by a growing need for fleet maintenance, regulatory compliance, and the increasing adoption of telematics technologies. The region also sees a shift towards electric vehicles and sustainable solutions.

Europe

The European market represents a key segment of the commercial vehicle aftermarket, and is sustained by a well-developed with transportation infrastructure, as well as by a steadily increasing focus on vehicle safety and environmental regulations. There is demand for aftermarket products and services which is created by the growing uptake of electric vehicles, and by the introduction of emission and safety regulation. Germany, the UK and France are among the leading contributors, with fleet operators looking to maintenance offerings to meet the changing landscape and further optimise operations for a wide range of sector needs.

Asia

Asia is an increasingly large Commercial Vehicle Aftermarket Market share which is driven by the continuous economic and transportation service growth. Automobiles are being added at an alarming rate in countries such as China, India, and Japan, which translates into an immense demand for replacement parts, repair service, and maintenance service. The move towards electric vehicles and tough emissions restrictions lead to an increased demand for niche aftermarket products. Furthermore, the evolution of e-commerce along with the advent of urbanization in the area drives the aftermarket market for the products and services.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

The Commercial Vehicle Aftermarket Market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in cloth wardrobes, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

Market players in commercial vehicle aftermarket, including Bosch, ZF Friedrichshafen and Continental, are currently paying increasing attention to the increase of product portfolios and the development of advanced technologies in order to maintain their market share. They are becoming more and more likely to provide electric vehicle-oriented parts, telematics and diagnostic solutions to meet demands within the industry that are changing. Further major strategies include strategic partnerships with fleet-operators, development of e-commerce based platforms to facilitate parts acquisition and improvement of customer service capabilities. All of these companies seek to expand their presence around the world, while also working on environmental sustainability and regulatory compliance.

List of Market Players Profiled

• Bridgestone (Japan)
• Michelin (France)
• Continental (Germany)
• Goodyear (U.S.)
• Bosch (Germany)
• Tenneco (U.S.)
• ZF (Germany)
• Denso (Japan)
• 3M Company (U.S.)

KEY INDUSTRY DEVELOPMENTS

April 2024: Bosch presented a new diagnostic platform for commercial vehicles based on advanced telematics and artificial intelligence allowing real-time vehicle surveillance and predictive preventive maintenance. This platform provides fleet operators the ability to diagnostically identify problems at a distance, minimize downtime, as well as manage fleets more effectively. Using data obtained from ""connected cars"", Bosch wants to increase the efficiency and safety of commercial fleets. This development is aligned with the trend in digitisation and automation in the commercial vehicle aftermarket.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

Market trends are examined and substantiated in the report, including a broad focus on the determinants, limitations, opportunities, and challenges to market growth of the global Commercial Vehicle Aftermarket Market. It delves into various product segments, such as wear and tear parts, crash-relevant parts, and maintenance services, along with their applications in light, medium, and heavy commercial vehicles. Specifically, the paper analyzes regional market structures, targeting North America, Europe, Asia, and other markets. Significant industry players, their responses, and some recent advances are also presented to give an in-depth market perspective.