NATIONAL NEWS
www.langmarketing.com Replacement Parts Share Shrink Increases Aftermarket Volatility Replacement Parts climbed more than $8 billion in aftermarket volume at user-price between 2010 and 2020, but they have been outpaced in annual growth rate by two of the four major product groups. Major Takeaways: • Light vehicle aftermarket products can be categorized into four major groups: Replacement Parts, Accessories, Chemicals, and Tools & Equipment. See the all-new 2022 Lang Aftermarket Annual for complete analysis of the annual sales performance of all major product groups. • Replacement Parts have fallen in light vehicle product share over the past 10 years, from over 64 percent to less than 63 percent. • Chemicals, representing a mix of discretionary and non-discretionary products, suffered a loss in aftermarket product share from nearly 15.5 percent to approximately 14.2 percent over the past 10 years. • Accessories (which are non-discretionary products) recorded the second largest increase in car and light truck product share, climbing from less than 11.3 percent to approximately 12.4 percent between 2010 and 2020.
• Tools & Equipment achieved a share gain of approximately 160 basis points between 2010 and 2020 and recorded second largest increase in product volume. • Replacement Parts’ shrinking product share means that an expanding portion of product volume is represented by discretionary products, which adds to the overall volatility of aftermarket product sales – i.e., increased sensitivity to economic changes and variations in consumer income and purchase activity. • The greater share of aftermarket volume represented by Accessories and Tools & Equipment means that shifts in product volume will occur among distribution channels. 2021 Domestic Nameplate Parts Sales Below 2010 Domestic nameplate aftermarket product volume peaked during 2015 and has steadily declined since then. Six Major Takeaways: • Despite product growth across the car and light truck aftermarket, domestic nameplates failed in 2019 to match their product sales recorded nine years earlier in 2010, at user-price. This trend has continued during the impact of COVID-19, with Lang Marketing projecting that 2021 domestic nameplate product volume will fail to match 2010 volume. • The total aftermarket climbed nearly $11 billion in product sales between 2015 and 2019, but domestic names suffered a $0.7 billion product reduction.
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8 | January 2022
AASP-MN News
