Covid pandemic helps remanufacturer to best growth in 76 years
- Credit: Ivor Searle
An engine remanufacturer which reported its most successful 12-month performance in its 76-year history says it expects demand for its products to soar even more.
Ivor Searle, based in Soham, achieved a 35 per cent growth in the last year and has expanded its operations in response to demand from UK and EU customers.
Up to 150 engines are being produced per week at the company on Regal Lane, its highest figure recorded since launching in 1946.
“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,” David Eszenyi, commercial director at Ivor Searle, said.
“Coupled with this has been the impact of the semiconductor crisis.
“That is 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.”
Demand for remanufactured parts has risen due to the decline in new car sales because of a lack of availability, as well as a hike in insurance costs.
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Ivor Searle employs over 100 staff and specialises in the likes remanufactured engines, cylinder heads, gearboxes and turbochargers.
According to a report from research group Persistence Market Research (PMR), the number of remanufactured products will exceed 56 million per year by the end of 2024.
Ivor Searle says the automotive parts remanufacturing market is expected to reach €20 billion by the end of 2024, which could work well for the company.
Mr Eszenyi said: “This trend has generated further momentum for Ivor Searle over the past year.
“We expect demand to increase further, particularly in Europe, which is fast becoming a major growth market for our products.”
Ivor Searle says it can save garages up to 40pc across its services, including remanufactured engines.
As well as its high engine production, it expects to increase this figure during the year with the introduction of additional units to its petrol and diesel powerplants.
On their company website, it says “we closely monitor both original equipment, alternative products and pricing levels available in the UK automotive aftermarket”.