Global HCV Aftermarket Parts and Components Market
Global HCV Aftermarket Parts and Components Market; By Parts: Radiators, Filters, Brakes, Bumpers, Drivetrain, Engine and fuel system; By Component: Crankshaft, Cylinder Liners, Water and Oil Pump, Oil Seal and Sealing Ring, Tie Rod End, Track Control Arm: Research, Analysis, Insights, Size, Growth and Forecast through 2016-2025
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HCV (Heavy Commercial Vehicle) is referred to vehicles having GVW (Gross Vehicle Weight) of 16 ton and above. To meet several government regulations in emission and fuel efficiency across the globe, the OEM’s are investing considerably in research and development activities for heavy commercial vehicles. Recently the increasing uses of telematics and cross industry partnerships have offered a change in product transportation.
HCV parts and components of any particular vehicle are the spare parts or repair parts or replacement parts which are manufactured to replace the Original Equipment (OE) parts when they are damaged. It comprises of mainly the brakes, shock absorber, gearbox parts, clutch and others. This parts and components on compiling together form a whole unit.
HCV aftermarket parts and components is a secondary market of the automotive industry. The automotive aftermarket mainly deals with the manufacturing, remanufacturing, distribution, and installation of all vehicle parts, equipment and accessories after the vehicle has been sold by the Original Equipment Manufacturer (OEM) to the consumer. Furthermore, aftermarket parts can be divided into two categories. One is the replacement part and the other one is accessories. Replacement parts are automotive parts which are remanufactured to replace the Original Equipment (OE) parts. Accessories are those parts that are built for comfort, convenience, performance and safety. These parts are re-designed for later add-on after the sale of the vehicle.
Notable industry movements:
In the last couple of years, HCV (Heavy Commercial Vehicles) such as trucks and trailers have shown a projected decline in sales. However, during the forecast period, the demand of heavy commercial vehicles is expected to surge, due to better economic development and low fuel price. Moreover, all the HCV’s sold earlier needs to be serviced yearly, which makes the aftermarkets more competitive.. Due to this reason HCV parts and components is projected to augment the aftermarket demand. Major manufacturers such as HEFEI DONGLING ASAHI METALS INDUSTRIES CO., LTD, ALP AUTOMOTIVE, ZHUJI DONGSAN AUTO PARTS FACTORY and others are doing good in the aftermarket sales of HCV’s parts and components. In addition to this, strong economic growth prospects along with disposable income are expected to increase the demand of HCV’s aftermarket parts and components during the forecast period.
· Engine and fuel system
· Cylinder Liners
· Water and Oil Pump
· Oil Seal and Sealing Ring
· Tie Rod End
· Track Control Arm
· North America
· Asia Pacific
· Rest of World
Geographical framework and growth trend:
By geography, HCV aftermarket parts and components market is segmented into North America, Europe, Asia Pacific and rest of the world. Majorly, Europe and Asia Pacific is expected to experience a higher market growth rate owing to the widespread adoption of Heavy Commercial Vehicles (HCV). The growth potential differs in both traditional and developing markets. Countries like Germany and the USA are being the mature markets and countries like Russia, Indonesia, Turkey, and Brazil being the emerging markets for the commercial vehicle. During the forecast period it is expected that India will be contributing the largest share in terms of sales.
HCV’s parts and components have experienced significant growth in aftermarket sales in countries such as Germany, China, Japan, France, and Italy to name a few owing to the increasing use of trucks and other heavy commercial vehicles in these economies.
On a global basis, key leaders operating this HCV aftermarket parts and components market are DANA, BHARAT FORGE LIMITED (BFL), BOSCH, The Amtek Group, Gabriel India Limited, JMT Auto Limited, Luman Automotive Systems Pvt. Ltd., among others.
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