Average Age of Cars and Light Trucks in U.S. Rises Again in 2019 to 11.8 Years, IHS Markit Says
27 Junho 2019 - 8:01AM
Business Wire
The average age of light vehicles in operation (VIO) in the U.S.
has risen again this year to 11.8 years, according to new research
from business information provider IHS Markit (NASDAQ: INFO).
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20190627005234/en/
U.S. Average Age of Light Vehicles by
Region
This acceleration of average age can easily be seen when looking
across the last 17 years. From 2002-2007, the average age of light
vehicles in the U.S. increased by 3.5 percent. From 2008-2013,
however, the increase was 12.2 percent. Over the last five years,
the average age increase has returned to its more traditional rate
– aging by 4 percent over this time period.
“Better technology and overall vehicle quality improvements
continue to be key drivers of the rising average vehicle age over
time,” said Mark Seng, director, global automotive aftermarket
practice at IHS Markit. “The 40 percent drop in new vehicle sales
due to the recession created an acceleration in average age like
we’ve never seen before. In the last couple of years, however,
average age has returned to its more traditional rate of
increase.”
Overall light vehicle fleet continues to grow
Light vehicles in operation in the U.S. have now reached a
record level of more than 278 million according to the analysis --
an increase of more than 5.9 million (2.2 percent) since 2018. This
represents one of the highest annual increases the U.S. auto
industry has seen since IHS Markit began tracking VIO growth –
second only to the 2.3 percent growth in 2016.
“The increasing VIO fleet is providing a robust new business
pipeline for the aftermarket,” said Seng. “A larger fleet means
more service and repair opportunities in the future.”
Light vehicles are not aging consistently across geography or
segment
For the first time the analysis included a review of various
regions around the country. The oldest light vehicles are found in
the West at 12.4 years while the youngest are found in the
Northeast at 10.9 years. In addition, the light vehicle fleet is
not aging at the same rate across regions. In the West, light
vehicles increased 1.5 percent from 2018-2019 while in the Midwest
they aged by just 0.4 percent. The state of Montana has the oldest
average age with light vehicles averaging 16.6 years. The youngest
average age is in Vermont, where the average age of light vehicles
is 9.9 years.
Because of the growth in popularity of light trucks – including
CUVs/SUVs – vehicle age in the U.S. is also increasing at different
rates across vehicle segments. From 2018-2019, the average age of
passenger cars increased 2.2 percent while light trucks aged at a
rate of just 0.1 percent.
As fleet ages, VIO shifts create new opportunities
The average age growth of the vehicle fleet will bring new
opportunities for the automotive aftermarket, according to the
analysis. The shift among various age categories continues to be a
closely-monitored measure, as it is important to those who manage
inventories of required parts and plan for sales and service
activity accordingly.
According to IHS Markit, the shifting dynamic of the age of
vehicles in operation indicates the volumes of vehicles in the new
to five-year old category will grow 2 percent from 2018-2023, while
vehicles in the 6-11 year old range will grow 27 percent. This is a
very positive trend for the independent aftermarket as it points to
a growing repair “sweet spot” – or growth in the vehicles which
drive the most repair opportunities. In contrast, vehicles 12-15
years old will decline 27 percent over the same time period.
“While the decrease in light vehicles 12-15 years of age looks
alarming, it relates to the drop in sales due to the recession,”
said Seng. “There is simply a lack of 2008 and 2009 model year
vehicles due to the lower sales numbers during that timeframe. Even
the model years from early in the recovery are lower in number.
This disruption simply needs time to work its way through the
fleet.”
For the aftermarket repair industry, however, there is also a
positive trend with the oldest light vehicles on the road. These
older cars and light trucks are growing very fast – with vehicles
16 years and older expected to grow 22 percent from 2018-2023
reaching 84 million units in 2023. In contrast, there were less
than 35 million of 16+ year old vehicles on the road in 2002.
This aging fleet is a great trend for aftermarket companies
focused on repairing the vehicles on the road today and into the
future. However, the industry must understand how the trend will
impact those service opportunities. Rather than selling to the
first or second owner of the vehicle, it might be a third, fourth
or fifth owner. Branding and pricing strategies for good, better
and best products and services will become more important as the
consumers will decide how much they are willing to pay for a needed
repair based on the age of their vehicle.
About IHS Markit
(www.ihsmarkit.com)
IHS Markit (Nasdaq: INFO) is a world leader in critical
information, analytics and solutions for the major industries and
markets that drive economies worldwide. The company delivers
next-generation information, analytics and solutions to customers
in business, finance and government, improving their operational
efficiency and providing deep insights that lead to well-informed,
confident decisions. IHS Markit has more than 50,000 business and
government customers, including 80 percent of the Fortune Global
500 and the world’s leading financial institutions. Headquartered
in London, IHS Markit is committed to sustainable, profitable
growth.
Automotive offerings and expertise at IHS Markit span every
major market and the entire automotive value chain—from product
planning to marketing, sales and the aftermarket. For additional
information, please visit www.ihsmarkit.com/automotive or email
automotive@ihsmarkit.com.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or
its affiliates. All other company and product names may be
trademarks of their respective owners © 2019 IHS Markit Ltd. All
rights reserved.
Editor’s Note: Average age and vehicles in operation based on a
snapshot of vehicles in operation on Jan. 1, 2019, the most recent
analysis from IHS Markit.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190627005234/en/
Michelle Culver IHS Markit +1 248 728 7496
michelle.culver@ihsmarkit.com
Press Team +1 303 858 6417 press@ihsmarkit.com
IHS Markit Ltd. (NASDAQ:INFO)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
IHS Markit Ltd. (NASDAQ:INFO)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024