Global Aftermarket Practice Leader
The combined average age of all light vehicles on the road in the U.S. has climbed slightly to 11.5 years, based on a snapshot of vehicles in operation (VIO) taken Jan. 1 of this year. Registrations for light VIO in the U.S. also reached a record level of 257,900,000 – an increase of more than 5.3 million (2.1%) since last year. It’s the highest annual increase since IHS began tracking VIO growth.
Vehicles 12-Plus Years Old Should Continue to Grow and Will Increase 15% by 2020:
Happening due to improved quality and consumers holding their vehicles longer.
Now Seeing Vehicle Age Plateau and Return to Traditional Rate of Increase:
New vehicle sales had dropped 40% in 2008-09 and had been increasing about five times its traditional rate.
New Vehicle Registrations Surpassed Scrappage by More than 42%:
Vehicles take out of fleet at highest rate since the statistic has been tracked.