Global Medium- and Heavy-duty Commercial Vehicle Aftermarket Outlook, 2022

Global Medium- and Heavy-duty Commercial Vehicle Aftermarket Outlook, 2022

In 2021, the aftermarket rebounded strongly from the COVID-19 pandemic of 2020, as vehicles in operation (VIO), average miles driven, and spend per vehicle increased. However, parts shortages remain a year after the global economy has reopened, and the skilled labor shortage of truck drivers and service technicians is approaching critical levels. The aim of this study is to identify the size of the global medium- and heavy-duty commercial vehicle aftermarket and its growth opportunities in 2022. Commercial vehicles include medium- and heavy-duty on-road trucks. Revenue includes parts only and excludes service, unless otherwise noted. 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 not available to increase the confidence level of the research findings. 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 major technology trends and their impact on vehicle maintenance. This includes aftermarket truck telematics penetration, record growth for online parts sellers, and increased adoption of predictive maintenance. Growth opportunities and companies to action are also covered. The study includes a global economic outlook with top trends for 2021 and predictions for 2022. It identifies the main factors that will influence the size of the global commercial vehicle aftermarket and how the industry outlook varies by region. The findings cover developments in the global commercial vehicle aftermarket in 2021 that will have an impact on the market in 2022. Data sources include primary and secondary research, existing Frost & Sullivan studies, statistical modeling, and analysis. Rising diesel costs, potential supply chain disruptions, the Russo-Ukrainian war, and general economic inflation are among the main factors affecting market growth in 2022. The research ends with key conclusions and the outlook for 2022.