Dublin, Aug. 04, 2023 (GLOBE NEWSWIRE) -- The "Truck Repair in the US" report has been added to ResearchAndMarkets.com's offering.
The US truck repair industry is experiencing a promising resurgence, fueled by the rebound in trucking activity after the challenges posed by the COVID-19 pandemic. With the economy regaining momentum, companies are once again prioritizing truck maintenance, leading to an increase in demand for repair services.
The outbreak of COVID-19 had significantly impacted the truck repair shops, causing a sharp decline in demand as businesses scaled back operations and postponed spending on repairs. During this period, reduced business activity resulted in less wear and tear on existing truck fleets. However, as the pandemic-related restrictions eased and the freight transportation services index steadily climbed, the need for truck maintenance grew substantially.
While the industry faced losses during the height of the pandemic, the resurgence of trucking activity has helped stabilize the market. Overall, revenue has been falling at a CAGR of 2.1% to $13.7 billion over the past five years, stabilizing with 0.1% growth in 2023 alone.
Despite this stabilization, truck repair shops are grappling with increasing competition from external players, such as truck dealers, that have expanded their service offerings. Additionally, warranties offered by truck dealerships are tying truck owners to return to those specific dealerships for repairs, impacting the market share of independent repair shops.
The US truck repair industry, which provides aftermarket repair services for medium-size and heavy-duty trucks, encompasses maintenance, repair, parts, accessories, chemicals, and fluids for trucks after their initial sale. It is crucial to differentiate this sector from repair and maintenance services offered by truck dealers and gas stations, which are not included in this analysis.
The report presents a comprehensive overview of the US truck repair market, covering the scope, size, disposition, and growth of the industry. The report also highlights key drivers and factors influencing the industry's performance. Moreover, it offers invaluable insights into the competitive landscape, market share concentration, and key success factors that will shape the industry's trajectory in the coming years.
The report includes a thorough analysis of the supply chain, products, services, and major markets driving demand for truck repair services. Furthermore, it examines international trade and business locations to provide a holistic view of the industry's dynamics.
With the truck repair industry showing signs of revival, companies operating in this sector must remain adaptable and innovative to stay ahead in the fiercely competitive landscape. As the demand for truck maintenance grows, opportunities are emerging for industry players to leverage technology and strategic partnerships to enhance efficiency and improve customer experience.
For more information about this report visit https://www.researchandmarkets.com/r/v1pggz
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