Double digit replacement growth for commercial vehicle parts aftermarket

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The story throughout the pandemic all tied back to material
shortages in numerous industries including the commercial vehicle
market. Those shortages led to higher costs in inputs, labor, and
logistics because inventory was exhausted. New vehicle production
shortages had a domino effect on current vehicles in operation.
Class 5 vehicles on the road rose 8% from 2019-21 and class 8
vehicles rose 3% during that same period. Overall, we saw a 5%
increase for all vehicles on the road from 2019-21 resulting in
almost 16.5 million class 3-8 vehicles on the road at the end of
2021. Since fleets were unable to replace older vehicles, we saw an
increase in the average age by 5% for both class 7 and class 8
vehicles.

Increased VIO and the average age of commercial vehicles have
led to large increases in replacement parts revenue for the
commercial vehicle industry over the past few years. S&P Global
Mobility (formerly IHS Markit | Automotive) tracks aftermarket
parts replacement for over 95 parts common to the commercial
vehicle industry. We are seeing double digit volume increases for
exhaust, steering, filters, and braking from 2019 to 2021. Across
all 95 parts that S&P Global Mobility tracks there was $12.6
billion in replacement revenue and $5.7 billion in remanufactured
revenue for 2021.

As we continue to deal with vehicle shortages we will continue
to see older vehicles on the road which will lead to above average
demand for replacement parts.

S&P Global Mobility track’s replacement for more than 95
parts common to the commercial vehicle industry.

Download the top-5 replacements
parts for each class of commercial vehicles

Learn more about our Commercial
Vehicle Aftermarket Parts Solution.

For a deeper dive into all 95 replacement parts and attributes
(quantity, revenue, geography, vocation, GVW, fleet names) contact
us [email protected]




Posted 24 May 2022 by Mark Hazel, Associate Director, Product Management – Commercial Vehicle Reporting IHS Markit


This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.

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