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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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• Domestic nameplates fell from just under 63 percent of car and light truck product sales in 2010 to an estimated 48 percent of the 2021 market. • Domestic light trucks will climb more than $4.0 billion in aftermarket product volume from 2010 to 2021, however this gain will be offset by the plunge in domestic nameplate car product sales. • Domestic cars will account for all of the reduction in domestic nameplate product volume between 2010 and 2021, as domestic car product sales will fall more than $8 billion at user-price. • Foreign nameplates will generate all light vehicle aftermarket product growth between 2010 and 2021.

See the just-released 2022 Lang Aftermarket Annual for complete details of the changing product volume of domestic and foreign nameplates over the past 10 years.

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Since 1972

A fundraiser to support the AASP-MN Automotive Education Fund…

Enhancing opportunities in automotive education through scholarships, program support and partnerships.

Start your engines!

Organize your team today. (This event would make a great employee outing!) The competition will consist of up to 12 teams each night with five members each and a crew chief.

These ain’t your daddy’s go karts!

ProKart’s fleet of RiMO EVO6 Race Karts are run on power-boosting, low-emission, renewable methanol for consistency and performance.

All proceeds will benefit the AASP-MN Automotive Education Fund

When the final checkered flag waves and the adrenaline subsides, our goal is to raise up to $15,000 over the three nights. Most of that money is earmarked to fund scholarships for students enrolled in an ASE-accredited automotive programs (collision or mechanical) in the state of Minnesota. Scholarship awards are $1,500 per student. --------------------------------

The race is on! Registrations will be accepted on a first-come, first-served basis. The Race for Automotive Education is sure to be a sell-out event, so don’t delay – register today!

_____Team Sponsor - $500 (Includes admission for 6, including team captain and 5 racers)

Team Name:_______________________________ Contact:________________________________________________ Address:___________________________________________ City:______________________________ Zip:_________ Phone:___________________________________________ Email:___________________________________________

Preferred Race Night: _____Tuesday 2/22 _____Wednesday 2/23 _____Thursday 2/24

_____Race Sponsor- $250 Racing is not in my blood, but I would like to support automotive students/programs in MN (Includes admission for two spectators)

Sponsor Name:___________________________________________Contact:____________________________________ Address:____________________________________________City:_______________________________Zip:_________ Phone:____________________________________________Email:___________________________________________

Return with check payment by 2/15/2022 to: AASP-MN Automotive Education Fund 1970 Oakcrest Ave., Suite 102, Roseville, MN 55113

To pay by credit card, call the AASP-MN office at (612) 623-1110. NOTE: Credit cards accepted with 3% surcharge. This surcharge is not greater than our total cost of accepting credit cards. Surcharge does not apply to debit cards.

The AASP-MN Education Fund provides financial resources to support automotive students, enhance automotive programs and raise awareness of career opportunities in the independent automotive service industry.