Total aftermarket product sales will record a strong rebound from Covid-19, though this rising tide will not salvage position of domestic nameplate aftermarket product sales, Lang Marketing reports
Fort Wayne, Ind.—Despite the recovery of 2021 aftermarket products from Covid-19, domestic nameplates will continue to decline as a percentage of total aftermarket product sales. As a result, domestic nameplate 2021 aftermarket product volume will be lower than 15 years earlier, according to the 2021 Lang Aftermarket Annual report.
Below are some of the study’s findings:
Domestic Nameplate VIO
Domestic nameplates have diminished in their share of light vehicles in operation (VIO). They averaged more than two-thirds of the VIO between 2000 and 2010. However, their VIO share has steadily declined since then. By 2018, domestic nameplates had fallen below 52 percent of vehicles on U.S. roads, and they will represent a minority of the light vehicle VIO during 2021.
Inconsistent Domestic Nameplate Product Sales
Domestic nameplates will have increased their annual aftermarket product sales only six times between 2006 and the projected 2021 volume.
Aftermarket 2021 Product Sales Rebound
During 2021, total aftermarket product sales will record a strong rebound from Covid-19. However, this rising aftermarket tide will not salvage the sinking sales position of domestic nameplates.
Domestic Nameplate Products Peak in 2015
Domestic nameplate products topped $60 billion during 2015 at user-price, besting their 2006 performance by several billion dollars. However, their product volume and share declined after 2015, with annual sales falling by more than $3 billion by 2021 at user-price.
Sinking Aftermarket Product Share
Domestic nameplates fell from 66 percent of car and light truck product sales in 2006 to 61 percent by 2012. They continued to slip in light vehicle product share, declining to 55 percent of 2016 light vehicle products and less than 50 percent of the 2021 market.
Domestic Cars Suffer the Entire Decline
- Cars will shoulder all of the reduction in domestic nameplate aftermarket product volume and share between 2006 and 2021.
- Domestic car aftermarket products will suffer nearly a 7.0% average annual drop in sales at user-price over this 15-year span.
- At the same time, domestic light trucks will record a 1.7% average annual product sales gain.