Parts Spending to Increase in 2023 Led by Growth Opportunities in Asia-Pacific
The publisher’s research service assesses the size of the global medium- and heavy-duty (MD and HD) truck parts and services aftermarket and its growth opportunities from 2022 to 2027. This global study highlights major Class 4-8 truck aftermarket trends with specific regional analysis into North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. Market forecasts are derived from the miles driven, usage patterns, replacement rate, new truck sales, and total vehicles in operation (VIOs).
Each region covers a breakdown of the aftermarket by unit shipment, parts spend, revenue, and distribution channel. The analysis also looks at each region's competitive environment and market opportunities. 2023 is forecast to be another challenging year globally for the MD and HD truck aftermarket industry due to persistent inflation pressures, supply chain disruptions, and geopolitical issues. North America and Europe are expected to face slowing to negative GDP growth in 2023, likely dampening aftermarket spending compared to 2021 and 2022. China is projected to lead growth in the Asia-Pacific as its economy reopens from the pandemic-induced shutdown in 2022. Market participants such as OEMs and fleets are expected to invest in digital solutions that provide real-time data and transparency on operations to boost efficiency. Industry players will rely on these digital solutions to mitigate risks and lower overall costs.
