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Focus on the US Medium & Heavy Duty Truck Aftermarket
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US demand to grow 3.8% annually through 2013
The US aftermarket for medium- and heavy-duty truck parts and components will increase 3.8 percent annually to $17.1 billion in 2013. The rising complexity of many medium- and heavy-duty trucks tends to support aftermarket demand, since these vehicles often require more expensive parts to repair and maintain. Rising emission control and safety standards are also expected to support demand, as older trucks are retrofitted to meet the new standards. In addition, the aging of the US truck fleet, rising number of trucks in use and the expected increase in miles driven per truck as the economy recovers will drive gains. Further valve growth will be restrained by falling prices for a number of raw materials from elevated 2008 levels, which will impact several major product categories -- most notably tires. Product improvements made by original equipment manufacturers will also limit aftermarket demand. The increased use of new, more durable materials and designs, coupled with the shift toward the use of advanced electronic sensing and control systems, continues to play a major role in reducing medium- and heavy-duty truck maintenance and repair costs.
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Tires, exterior/structural parts to stay top segment
The largest product category in the medium- and heavy-duty aftermarket will continue to be exterior and structural components, which primarily consists of tires (both new and retreaded). Tires are by far the most important aftermarket product, accounting for more than 40 percent of the total medium- and heavyduty truck aftermarket in 2008. In fact, tires typically represent the largest maintenance cost for a fleet and often trail only fuel, insurance and driver salaries among all operating costs. Other products in the exterior and structural component segment include fifth wheels, windows, mirrors, windshield wiper systems and a range of miscellaneous components such as trailer landing gear, bumpers, truck roof and side fairings, trailer body panels and trailer doors. The mechanical products segment, which includes engine hard parts and chassis, drivetrain and suspension parts and components, is also extremely important. However, except for wear parts like brake pads and filters, growth will be limited by the long service lives for many of these components. Electrical, electronic components to pace growth The smaller electrical and electronic components segment is expected to see the most rapid demand increases through 2013, supported by the ongoing rise in electronic content of the typical truck in combination with stronger emission control regulations. These regulations will benefit manufacturers of sensors and controls used to monitor and limit truck emissions, as well as providers of auxiliary power units.
Outsourced servicers to remain dominant
Outsourced service providers will continue to dominate the aftermarket for medium- and heavy-duty truck parts, led by tire dealers who are the critical sales channel for the large tire segment of the market. In addition, the increasing complexity of diagnosis and repair procedures on modern trucks is causing some outsourced service providers (i.e., franchised new truck dealers, branded component supplier service centers) to gain market share, since they typically have ready access to the latest diagnostic and repair data and special tools.
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For other stories or to put your two cents in on industry issues, check out our Trucking Blog.
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