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Market trends in Heavy Duty Truck industry

The market analysis of the Heavy-duty Vehicle aftermarket spare parts and original spare parts indicates a considerable growth potential in the following years. As of now the global heavy duty truck market size was valued at 213.536 billion dollars in 2023 is expected to expand at 7.17% in 2024 reaching 323.611 billion dollars (+51.55%) by 2032.

This expansion is largely driven by the rising number of commercial vehicles on the road and increasing average age of commercial vehicles, leading to higher demand for spare parts.

In recent years, the growing popularity of e-commerce platforms for spare parts distribution adds convenience and competitive pricing by intensifying market competition and pushing traditional retailers to go online.

In addition to online competitiveness, also there is an increasing presence of Chinese brands in the low-cost and mid-market segments outside China. This will make Chinese brands a serious competitor in ASEAN or African regions but European and north American markets will still be dominated by local OEM’s.

The technological advancements on the other side have made spare parts more complex and expensive, boosting aftermarket revenue as vehicle owners seek cheaper alternatives to OEM parts.

Apart from the above trends, in regards to the spare parts price, the parts composed of precious metals along with electronic parts are more expensive. Costs for brake pads with a lot of metal rose while catalytic converter prices increased significantly, along with chips, circuit boards and wiring harnesses whereas fluids are high because of oil prices and smaller, simpler, high-volume parts like nuts, bolts and filters are the most likely to be competitive.

MarketingPRO: Empowering Truck Businesses:

In this challenging environment, MarketingPRO provides comprehensive consulting services to help heavy-duty truck businesses navigate the evolving aftersales landscape. Leveraging a deep understanding of industry dynamics, MarketingPRO assists OEMs in developing strategies to mitigate the impact of rising parts prices.

 

Pricing Strategy:

With expertise in pricing strategies, MarketingPRO assists heavy-duty truck businesses in establishing competitive yet profitable pricing models. This process involves analyzing market demand, competitor pricing, and customer preferences to achieve an optimal balance between affordability and profitability.

Customer Engagement and Retention:

MarketingPRO provides insights into improving customer engagement and retention strategies. By comprehending customer needs and expectations, businesses can concentrate on delivering value-added services like warranties, maintenance packages, and personalized aftersales experiences, which can help mitigate the higher costs of parts.

In conclusion, in an increasingly dynamic, changing, and complex market with great future growth prospects, MarketingPRO, thanks to its many years of experience and near-global presence, aims to provide the tools to clearly and timely interpret market signals, allowing its clients to make the most informed and profitable business decisions.

Mapping the price levels of both official and unofficial competitors, highlighting the differences between the "real" market and digital platforms, and analyzing individual product lines are just some of the processes that will make your business approach increasingly scientific.

To learn more about MarketingPRO's services and how we can help your heavy duty truck business navigate the changing landscape, visit the website at https://www.marketingpro.it/it/ or contact us by mail at [email protected].

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