LAS VEGAS (Nov. 5, 2015) — The average age of light vehicles on the road is expected to continue to increase, but at a slower pace than in recent years as consumers continue to hang on to their vehicles, according to IHS Automotive.
SEMA SHOW: Vehicle age still growing but pace slows
During his presentation at AAPEX, Mark Seng, IHS' global aftermarket practice leader, noted that while average age increase 15 percent from 2007-2014 to about 11.5 years, it will grow only about 3 percent by 2020.
He suggested the so called “sweet spot” for automotive aftermarket sales and service should be vehicles 12-plus years old — a parc that will increase 15 percent by 2020 — from the current sweet spot of 6-11 year-old vehicles, a segment that is forecast to shrink 11 percent by 2020.
IHS also predicts by 2020 there will be about 76 million vehicles in operation in the U.S. that are 16 years or older, up from 35 million in 2002.
Meanwhile, CUVs continue to be popular. U.S. light vehicle sales continue to be dominated by CUVs, mid-size sedans, compacts and full-size pickup trucks, together representing 58 percent of new vehicle registrations in 2014, according to IHS. Import vehicles also are accounting for a growing segment of new vehicle sales.
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