New Research Shows Rise in Average U.S. Vehicle Age - BodyShop Business

New Research Shows Rise in Average U.S. Vehicle Age

IHS Markit has released new research that shows the average age of light vehicles in operation (VIO) in the U.S. has risen again this year to 11.8 years.

IHS Markithas released new research that shows the average age of light vehicles in operation (VIO) in the U.S. has risen again this year to 11.8 years.

IHS Markit states that 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.

http://sentpressrelease.com/pressrelease/image/75325/85311/SUhTIE1hcmtpdCBhdmVyYWdlIGFnZSBvZiBsaWdodCB2ZWhpY2xlcyBieSByZWdpb24gMDYuMjcuMTkuanBn

You May Also Like

Auto Glass Now Builds National Brand

All-Star Glass, Horizon Auto Glass, A1 Auto Glass, Auto Glass Fitters and Discount Auto Glass have been rebranded and remodeled to Auto Glass Now’s brand identity.

As the auto glass industry continues to evolve, Auto Glass Now is leading the way with its unique model rooted in the legacy of local experts delivering reliable and convenient service backed by a national network delivering operational resources, innovation, national warranty and consistent, engaging branding.

Auto Glass Now has been serving drivers for more than 30 years and joined the Driven Brands family in January 2022. It has since grown to more than 200 brick-and-mortar locations and more than 700 mobile units by way of acquisitions and a growing pipeline of brownfield openings. Today, it is one of the fastest growing glass repair and replacement companies.

NABC Donates Recycled Ride to Deserving Chicago Family

The NABC, Allstate and Gold Coast Auto Body recently donated a refurbished vehicle to a deserving Chicago resident.

Hunter Engineering to Exhibit HawkEye XL Aligner at TMC

New commercial alignment system offers speed, versatility and ease of use.

Crash Network Releases Results of 2024 Insurer Report Card

A record-high 19 companies, including six of the largest U.S. auto insurers, received a grade of C- or lower.

AirPro Named Approved Provider for BMW North America Certified Network

BMW North America has selected AirPro Diagnostics as an approved provider of its Integrated Services Technical Application (ISTA) software to the BMW Collision Repair Network.

Other Posts

CIF Announces LKQ Corp. as Repeat Annual Donor

LKQ Corp. committed again to the CIF Annual Donor Program, marking their third consecutive donation at the First Responder tier.

Car ADAS Adds Integrations and Support Manager

In his new role, Nate Thomsen will help open new calibration centers and support licensees to ensure their success.

Wren’s Collision Centers Opens 14th Location in Georgia

Wren’s Collision Centers announced the grand opening of its 14th location in the historic district of Roswell, Ga.

Classic Collision Adds Three New Locations in Southeast Florida

Classic Collision has acquired Empire Auto Body in Pompano Beach, Factory Certified Collision in Oakland Park and Southeast Collision Center in Boca Raton, Fla.