SOUTHFIELD, Mich. (Nov. 12, 2004) — By 2008 the percentage of light trucks will grow to 45.3 percent of all light vehicles on the road, according to research firm R.L. Polk & Co.
In 2003, passenger cars made up 60 percent of vehicles in operation, with light trucks trailing at 40 percent. That gap is expected to close to 54.7 percent vs. 45.3 percent by 2008, Polk said. The company said the number of light vehicles in the U.S. will grow to 234.4 million units by July 2008.
The report looked at total vehicles-in-operation (VIO), which is defined as previously registered vehicles plus new registrations, less any vehicles scrapped during the year.
“During the next five years, we expect light truck VIO to grow by over 13 percent and passenger VIO to fall by nearly 9 percent,” said Marty Miller, product manager with Polk's product strategy team. “This development will certainly have implications for automotive part product lifecycles and the aftermarket.”
The firm predicted passenger VIO will decrease in part as older cars are scrapped and replaced with light trucks.