Truck Repair in the US - Industry Market Research Report

Truck Repair in the US - Industry Market Research Report

Truck Repair in the US

Truck repair shops have endured difficult times in recent years. With the outbreak of COVID-19 came a sharp drop in demand for repair shops, as the economy screeched to a halt and companies could put off spending on repairs. This effect lasted for a while since the break in business activity drastically reduced wear on the current fleet of trucks. The freight transportation services index has been on a steady incline since the end of pandemic-related restrictions, bringing along the need for truck maintenance. While not enough to offset the losses endured during the height of the pandemic, renewed trucking activity did stabilize the industry. In recent years, external competition with repair shops has intensified, pressuring profit as costs hold steady while the industry lost customers. In particular, truck dealers have expanded their service offerings. Warranties also lock truck owners into coming back to that same dealership, eating into repair shops' market share. Overall, revenue has been falling at a CAGR of 2.1% to $13.7 billion over the past five years, stabilizing with 0.1% growth in 2023 alone.

This industry provides aftermarket repair services and products for medium-size and heavy-duty trucks. Aftermarket refers to maintenance, repair, parts, accessories, chemicals and fluids for trucks after their initial sale. This industry excludes repair and maintenance services provided by truck dealers and gas stations.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.