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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.