Ivor Searle has reported its most successful 12-month trading performance since the company was founded in 1946, as demand for its remanufactured engines surged by 35% over the last year.

The company is currently putting out around 150 engines per week, its highest level ever. More petrol and diesel engines are set to join the range as demand continues to climb.

According to Ivor Searle’s Commercial Director David Eszenyi, the increasing popularity of reman engines is a consequence of higher van usage during the pandemic and the ongoing global semiconductor supply shortage: “During the first lockdown in 2020, our orders started to climb significantly as van fleets were worked around the clock, placing severe stress on older vehicles. Coupled with this has been the impact of the semiconductor crisis, that’s forcing car owners, online delivery firms, tradespeople and van fleets to run vehicles longer, due to lengthening new build lead times, as well as increased pricing and supply chain issues for other components.”

He added: “This trend has generated further momentum for Ivor Searle over the past year and we expect demand to increase further, particularly in Europe, which is fast becoming a major growth market for our remanufactured products.”

Europe’s reman market is valued at around €10 billion and expected to reach €20 billion by late 2024. Persistence Market Research, in its report, Automotive Parts Remanufacturing Market: Europe Industry Analysis and Forecast 2016-2024, expects the market to grow by 10% each year. By the end of 2024, the report predicts the number of remanufactured products will surpass 56 million per year.