Ivor Searle: 70% remanufactured engine export surge
Ivor Searle has reported record exports of its remanufactured engines for light commercial vehicles, with a 70% surge in demand from abroad, particularly from EU and Baltic states.
With a particular focus on the export of light commercial engines, such as the Ford Transit 2.2 diesel unit, Ivor Searle predicts that more than 20% of the company’s total turnover will come from overseas trading in 2023, equating to more than £3 million.
Ivor Searle’s Commercial Director David Eszenyi, aid:“Having established a reputation for quality and customer service in the UK, we have seen a significant uplift in demand from customers across the EU and Baltic states needing to source remanufactured engines quickly. This is due in part to the ongoing problems with new vehicle production, as a shortage of semiconductors and supply chain challenges persist, meaning that businesses keep hold of their vans for longer and residual values remain strong. As issues arise, a remanufactured unit is therefore the most cost-efficient and fastest option to getting the vehicle back on the road. Having invested in expanding our production, Ivor Searle is well positioned to export engines from stock. We expect next year to be even busier, as awareness of our service builds.”
The automotive parts remanufacturing market in Europe is expected to reach €20 billion by the end of 2024, as diesel vehicles constitute the highest proportion of cars and vans across Europe. According to its report, Automotive Parts Remanufacturing Market: Europe Industry Analysis and Forecast 2016-2024, Persistence Market Research projects that Europe’s vehicle parts remanufacturing market will continue to grow by up to 10 annually. By the end of 2024, the report predicts the number of remanufactured products will surpass 56 million per year.
Having achieved overall growth of 35% in remanufactured engine sales year-on-year, Ivor Searle has raised its production capacity to 130 engines per week, with the potential for further expansion in 2023.