Trucks are a huge investment for any growing business, so taking time to source high-quality parts that promise high performance is highly critical. When selecting components for your heavy-duty truck, it is essential to narrow your search to the parts that fit your truck and offer the highest value for every dollar spent to achieve better resource utilization. The choice between aftermarket and original equipment manufacturer (OEM) heavy-duty truck parts often comes to the fore when making this determination.
OEM parts are designed for specific functions and are generally more expensive than aftermarket parts. They are also not readily available at third-party chains or independent shops. Aftermarket heavy-duty parts, on their part, come in wide-ranging bits and pieces. Although aftermarket parts are readily available on most online auto part stores, buyers are strongly advised to order from a trusted provider who understands the truck or fleet owned by the business.
Vehicles of all ages, make, and model will require maintenance at one point to keep them in top shapes and achieve full potential. The vehicle’s age plays a crucial role in determining the specific repairs that will be needed for maintenance. From an industry perspective, trucks’ average age is much higher than that of other vehicles because of the utility factor.
Most people who buy trucks haul goods or use them to tow other vehicles, which helps the trucks retain their value for more extended periods. The sweet spot describes the age range where the trucks are most profitable for the aftermarket. The trucks in the six to twelve age bracket with exhausted manufacturer warranties are likely to be taken to aftermarket shops for maintenance. Here are reasons why aftermarket heavy duty truck parts are the future of the aftermarket sweet spot.
Reasons behind the rise of heavy-duty truck aftermarket
The after-sales automotive aftermarket engages many niche segments, including vehicle manufacturers, fabricators, and distributors of automobile equipment, lubricants, tires, and other products. Understanding the core factors driving truck maintenance helps read the aftermarket, making it possible to plan well for the upcoming repair or maintenance. Fleet managers can obtain a comprehensive aftermarket buyers guide for effective planning showcasing all the truck components and their maintenance. These include axles, braking system, driveline and transmission, electrical system, and much more.
Demand for aftermarket truck parts is on the verge of an upswing. Some of the reasons attributed to this rise are that trucks have basic design structures and reasonably easy components to work with. The layout of the engine and axles also makes it easy to source and replace parts and conduct major repairs and maintenance. Since the owners of trucks are involved in some form of trading, their experience in maintaining the fleet gives them crucial mechanical skills and knowledge to make sound decisions regarding parts acquisitions and other moves.
More truck parts will be required after 100,000 miles
Vehicles often require servicing after accumulating 100,000 miles. That means the more miles the truck puts up, the more attention it will require. Some of the components that may need to be replaced after attaining the servicing mileage include the alternator, fuel pump, fuel injections, U-joints, fuel injectors, brake calipers, ball joints, and much more. These factors present a huge opportunity for truck and other automotive aftermarket dealers to attract business. Truck owners can maintain their trucks and other high mileage vehicles by using high mileage oil, performing a compression test, replacing belts and hoses, and ensuring appropriate fluid changes. It is also essential to treat the high mileage truck with a lot of care.
Analyzing the recent growth projections compared to past spikes
Peaks in the aftermarket parts have been witnessed in the past, as was the case in 2008 and 2011 when slightly more than 100 million vehicles were on the road. Industry analysts expect the sweet spot to be obtained once more in the coming years after analyzing the number of trucks and other vehicles on the road. And those that will require repair and general maintenance. The steady rise in the aftermarket is good news for the shops as they will be kept busy. For owners of older trucks, the need for repairs will rise even as they spend less money because of the reduction in the value of the vehicles.
A report by Experian shows there were 281 million vehicles on the road in Q4 2020, a figure that was marginally higher compared to what was recorded in the same period in 2019. Even though all these vehicles will need service, those likely to fall within the aftermarket sweet spot are those in the six to twelve years bracket as they will need to be serviced more frequently in the following months and years. Most vehicles in the sweet spot include mid-range cars, CUVs, small cars, and SUVs. For heavy duty truck aftermarket businesses looking to tap into the market, it is highly critical to differentiate between the current prevailing market and the trends shaping the sweet spot niche.
The future of the truck aftermarket
The number of vehicles entering the sweet spot is slated to rise now and in the coming years, which is good news for heavy-duty truck dealers and other vehicle dealers searching for opportunities. Many vehicle models in the 2016 and 2019-year range will be entering the sweet spot for the truck dealers. The growth is also attributed to the many automotive aftermarket heavy-duty products that make it easy to remanufacture and reinstall electrical and mechanical components. The net effect of this is a reduction in the cost of parts and increased vehicle life. Heavy duty truck aftermarket dealers need to stay ahead of the game when navigating the new landscape to reap maximum rewards. One of the strategies is leveraging data to understand the customers’ needs and implement strategies that will drive business in the future.