Discover different consumers' preferences within the US market. S&P Global Mobility provides diversity data (ethnic… https://t.co/iO0h9eaodb
North American Heavy Duty Parts Outlook
As we close in on two years of a global pandemic and a supply chain shortage that has drastically cut commercial vehicle production, we are still seeing an increase of vehicles on the road and positive new registration trends in the commercial vehicle industry for GVW 3-8. Vehicles in operation (VIO) for GVW 3-8 has increased 9% since 2018 and new registrations for the same weight classes have increased 10% over the same period.
With the increasing trends of new registration and VIO we will continue to see an increase in demand for replacement parts. The chip shortage has caused the average age of a vehicles on the road to increase in parallel with replacement part demand. IHS Markit's Aftermarket Parts Demand takes VIO data from TIPNet accompanied with expert analysis to show the demand for 12 parts categories and 95 parts for GVW's 3-8.
Our latest Aftermarket Parts Demand update shows engine parts and oil demand have risen 5% from 2018. Exhaust and steering parts have seen double digit growth during that same time at 12%. Filter replacements have increased 10%, and brake demand has also grown at 16%. Understanding the parts market is crucial for suppliers and distributers alike to know how many parts need to be produced and ideal inventory levels.
- Fuel For Thought: The dynamics of EV charging and its impacts on the broader electrification of mobility
- Double digit replacement growth for commercial vehicle parts aftermarket
- Average Age of Vehicles in the US Increases to 12.2 years, according to S&P Global Mobility
- Automotive Insights – Canadian EV Information and Analysis Q1 2022
- May 2022 production forecast sees variations from region to region
- The Shift to Utility: Part I – May 2022
- A Tale of Three Industries: A review of registration and migration patterns in the US new vehicle industry
- Fuel For Thought - Pace of Change: Energy and mobility, climate and innovation
Throughout the pandemic material shortages spanned numerous industries including new commercial vehicles resulting… https://t.co/RfgGmwrPFJ
Average vehicle age in the US rises to 12.2 years up from a record 12.1 years in 2021; supply chain challenges cont… https://t.co/CEHd5EGQgB