{"id":127133,"date":"2024-05-30T12:58:01","date_gmt":"2024-05-30T11:58:01","guid":{"rendered":"http:\/\/www.spglobal.com\/mobility\/en\/research-analysis\/fuel-for-thought-average-age-vehicles-2024.html"},"modified":"2024-05-30T12:58:01","modified_gmt":"2024-05-30T11:58:01","slug":"fuel-for-thought-average-age-of-vehicles-in-the-us-hits-new-record","status":"publish","type":"post","link":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/2024\/05\/30\/fuel-for-thought-average-age-of-vehicles-in-the-us-hits-new-record\/","title":{"rendered":"Fuel for Thought: Average age of vehicles in the US hits new record"},"content":{"rendered":"

Listen to this Fuel for Thought
\npodcast<\/a><\/p>\n

Vehicles on the road are getting even older, according to new
\nS&amp;P Global Mobility data released last week. The average age of
\ncars and light trucks in the US has risen again to a new record of
\n12.6 years in 2024, up by two months over 2023. The increase in
\naverage age is showing signs of slowing as new registrations
\nnormalize.<\/p>\n

\n

This continues to improve business opportunities for companies
\nin the aftermarket and vehicle service sector in the US, as repair
\nopportunities are expected to grow alongside vehicle age.<\/p>\n

\n

\"US<\/p>\n

Why is the average age of vehicles
\ngrowing?<\/strong><\/h2>\n

New vehicle prices remain prohibitively high for many consumers
\nin the US, with average transaction price reported at US $47,218 in
\nMarch 2024, according to S&amp;P Global Mobility. Additionally,
\ninflation is proving more persistent than expected and there is
\ntrepidation around the shift to electric vehicles. A combination of
\nthese factors has resulted in consumers keeping their vehicles on
\nthe road longer, driving average age upward.<\/p>\n

Growth of the repair business sweet spot<\/strong><\/h2>\n

As vehicles are retained longer, the aging fleet is expected to
\nprovide additional vehicles to the aftermarket for repairs and
\nmaintenance. The 6-to-14-year-old cohort is expected to be 12%
\nhigher in 2028 compared to 2020, according to S&amp;P Global
\nMobility estimates. These vehicles may be on their second or third
\nowner and are likely to already be a prime aftermarket customer.
\nVehicles older than 15 years are seen growing at a similar pace
\nover the same timeframe.<\/p>\n

\n

“With average age growth, more vehicles are entering the prime
\nrange for aftermarket service, typically from 6-to-14 years of
\nage,” said Todd Campau, aftermarket practice lead at S&amp;P Global
\nMobility. “With more than 110 million vehicles in that sweet spot
\n\u2014 reflecting nearly 38% of the fleet on the road \u2014 we
\nexpect continued growth in the volume of vehicles in that age range
\nto rise to an estimated 40% through 2028.”<\/p>\n

\n

Meanwhile, the aftersales business, which typically depends on
\nthe 0-to-3-year-old vehicles, is seeing a decline in addressable
\ncar parc. From accounting for close to 17% of the on-road fleet in
\n2020, the vehicles in the younger age category declined to nearly
\n15% of the fleet as of January 2024. Notwithstanding a slight
\nrevival in the near term, volumes in this cohort will continue to
\nremain lower than the pre-pandemic levels (47 million in 2028 vs
\nnearly 50 million in 2019).<\/p>\n

\n

The aftersales segment witnessed a slight decline in the volume
\nof repair orders last year. New-vehicle dealerships in the US wrote
\n264.3 million repair orders in 2023, down slightly from 265.8
\nmillion repair orders written in 2022, according to the 2023 National Automobile Dealers Association (NADA)
\nData full-year report<\/a>. Meanwhile, total service parts and sales
\nrevenue for new vehicle dealerships touched $142.62 billion in
\n2023, up 3.73% year-on-year, the report added. Even as revenue has
\nclimbed consistently since 2020, the pace of growth seems to have
\nmoderated with last year's growth being the slowest in three
\nyears.<\/p>\n

\"Annual<\/p>\n

Two passenger cars scrapped for every new passenger car
\nregistration<\/strong><\/h2>\n

Vehicle scrappage rates \u2014 the measure of vehicles exiting
\nthe active population \u2014 continue to hold steady. As of January
\n2024, the scrappage rate was 4.6%, largely unchanged from 4.5% in
\nJanuary 2023.<\/p>\n

Looking at the mix of the fleet, since 2020, more than 27
\nmillion passenger cars have exited the US vehicle population, while
\njust over 13 million new passenger cars have been registered. At
\nthe same time, over 26 million light trucks (including utilities)
\nhave been scrapped and nearly 45 million registered.<\/p>\n

\n

“Consumers have continued to demonstrate a preference for
\nutility vehicles and manufacturers have adjusted their portfolio
\naccordingly, which continues to reshape the composition of the
\nfleet of vehicles in operation in the market,” said Campau.<\/p>\n

\n

A look at the scrappage trend for alternative fuel vehicles
\nindicates that hybrids are rapidly growing in the fleet with such
\nvehicles gaining popularity among consumers. According to S&amp;P
\nGlobal Mobility data, as of January 2024, only 18% of new hybrids
\nare replacing the old ones leaving the fleet, while 50% of the new
\ndiesels are replacing the old diesels being scrapped. One of the
\nfactors driving growth in hybrids is that they are a natural
\nstepping stone in the direction of EVs as well as the fact that
\nthey are an advanced propulsion technology that offers some
\nelectric driving capability.<\/p>\n

\n

The fact that the US is selling more hybrids than it is
\nscrapping is also indicative of the US consumer trend of taking a
\nhalf-step in choosing a hybrid instead of moving directly to an
\nelectric vehicle (EV) when migrating from their internal combustion
\nengine vehicles. Between January 2021 to January 2024, hybrid
\nvehicle registration in the US jumped 181% to 1.4 million,
\naccording to S&amp;P Global Mobility data.<\/p>\n

VIO grows to 286M, while EV VIO exceeds
\n3M<\/strong><\/h2>\n

The US vehicle fleet surged to 286 million vehicles in operation
\n(VIO) in January, up 2 million over 2023, but the distribution of
\nvehicles by age is changing. Vehicles under the age of six
\naccounted for 98 million vehicles in 2019, or about 35% of VIO.
\nToday they represent less than 90 million vehicles and are not
\nexpected to reach that threshold again until 2028 when they will
\nrepresent about 30% of VIO, according to S&amp;P Global Mobility
\nestimates. This is driven by the impact of COVID and subsequent
\nsupply chain shortages that disrupted vehicle supply and
\nregistrations \u2014 and following historically high volumes from
\n2015 to 2019.<\/p>\n

\n

As a result, the primary driver of VIO growth will be vehicles
\nin the aftermarket 'sweet spot' \u2014 vehicles 6-to-14 years of
\nage, and even older vehicles, that are expected to represent about
\n70% or more of VIO for the next five years. These vehicles will
\nserve as a tailwind to aftermarket service opportunities.<\/p>\n

EVs on the road also continued to increase, with 3.2 million EVs
\nin operation in January. 2023 EV registrations surpassed one
\nmillion units for the first time and increased about 52% compared
\nwith 2022. The rate of EV growth was slower than some automakers
\nhad anticipated, and there is potential for the average age of EVs
\nto rise in the short term as consumer adoption slows. The average
\nage of EVs in the US is 3.5 years and has been holding largely
\nsteady since 2019 with new registrations representing a large share
\nof overall EV VIO.<\/p>\n

\n

“We started to see headwinds in EV sales growth in late 2023,
\nand though there will be some challenges on the road to EV adoption
\nthat could drive EV average age up, we still expect significant
\ngrowth in share of electric vehicles in operation over the next
\ndecade,” said Campau.<\/p>\n

\n

Access more detailed VIO
\ninformation with AftermarketInsight.<\/a><\/p>\n\n

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SalesExecutive@ITSec.vip<\/p>","protected":false},"excerpt":{"rendered":"

Listen to this Fuel for Thought
\npodcastVehicles on the road are getting even older, according to new
\nS&amp;P Global Mobility data released last week. The average age of
\ncars and light trucks in the US has risen again to a new record of
\n12.6 years i…<\/p>\n","protected":false},"author":2139,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-container-style":"default","site-container-layout":"default","site-sidebar-layout":"default","disable-article-header":"default","disable-site-header":"default","disable-site-footer":"default","disable-content-area-spacing":"default","footnotes":""},"categories":[3267],"tags":[61,122,127,129,124,128,125,132,131,133,126,130,123,66,94,88,97,56,64,65,60,3344,3351,3357,3360,3335,3340,3362,112,3353,40,75,95,3350,3352,3356,3343,3359,3339,3345,3334,3341,104,3354,33,120,3358,3349,3337,3348,105,101,98,115,30,29,41,86,3342,3361,70,69,68,72,71,26,118,108,87,3355,46,55,48,52,54,51,50,83,3338,62,58,57,3336,109,35,3346,59,63,85,79,82,96,80,27,81,114,44,42,43,45,38,39,110,117,100,111,116,3300,73,89,90,92,91,93,84,78,37,102,34,36,77,67,74,99,113,3347,119,28,121,32,47,49,53,103,31,76],"class_list":["post-127133","post","type-post","status-publish","format-standard","hentry","category-car-or-automobile","tag-airpods","tag-anime","tag-anime-characters","tag-anime-cosplay","tag-anime-edits","tag-anime-merchandise","tag-anime-movies","tag-anime-news","tag-anime-recommendations","tag-anime-reviews","tag-anime-series","tag-anime-streaming","tag-animes","tag-app-store","tag-app-store-samsung","tag-appgallery","tag-appgallery-oneplus","tag-apple","tag-apple-music","tag-apple-tv","tag-apple-watch","tag-auto-financing-guide","tag-automobile-industry-news","tag-automobile-laws-and-regulations","tag-automobile-shows-and-expos","tag-automobile-specifications","tag-automobile-technology","tag-autonomous-vehicles","tag-bbc-sport","tag-best-cars-for-long-drives","tag-best-mobile-games","tag-bixby","tag-bixby-xiaomi","tag-car-accessories","tag-car-comparison","tag-car-customization-ideas","tag-car-insurance-advice","tag-car-interior-design-ideas","tag-car-maintenance-tips","tag-car-resale-value","tag-car-reviews","tag-car-safety-features","tag-champions-league","tag-city-cars","tag-cyberpunk","tag-cyberpunk-2077","tag-driving-tips-and-tricks","tag-eco-friendly-cars","tag-electric-vehicles","tag-family-cars","tag-fantasy-football","tag-fifa","tag-football","tag-formula-1","tag-fortnite","tag-free-fire","tag-free-mobile-games","tag-freebuds-pro","tag-fuel-efficiency-tips","tag-future-of-automobiles","tag-galaxy-a52","tag-galaxy-note-20","tag-galaxy-s21","tag-galaxy-watch-4","tag-galaxy-z-fold-3","tag-game","tag-games","tag-golf","tag-harmonyos","tag-highway-cars","tag-how-to-backup-iphone","tag-how-to-factory-reset-iphone","tag-how-to-reset-iphone","tag-how-to-restore-iphone","tag-how-to-unlock-iphone","tag-how-to-unlock-iphone-5","tag-how-to-unlock-iphone-6","tag-huawei","tag-hybrid-cars","tag-ios","tag-ipad","tag-iphone","tag-latest-car-models","tag-live-soccer","tag-lol","tag-luxury-cars","tag-macbook","tag-macos","tag-mate-40-pro","tag-mi-11-lite","tag-mi-home-security-camera-basic-1080p","tag-mi-home-security-camera-basic-1080p-huawei","tag-mi-smart-band-6","tag-minecraft","tag-miui","tag-mlb-scores","tag-mobile-game-design","tag-mobile-game-development","tag-mobile-game-marketing","tag-mobile-game-monetization","tag-mobile-games","tag-mobile-gaming","tag-nba-scores","tag-nba-standings","tag-nfl","tag-nfl-scores","tag-nhl-scores","tag-off-road-vehicles","tag-one-ui","tag-oneplus","tag-oneplus-9-pro","tag-oneplus-buds-pro","tag-oneplus-nord-ce-5g","tag-oxygenos","tag-p40-pro-plus","tag-poco-x3-pro","tag-pokemon","tag-premier-league","tag-pubg","tag-pubg-mobile","tag-redmi-note-10-pro","tag-samsung","tag-samsung-pay","tag-soccer","tag-sports","tag-sports-cars","tag-steam","tag-steeam","tag-top-10-anime","tag-valorant","tag-when-do-the-iphone-7-come-out","tag-when-does-the-iphone-7-come-out","tag-when-is-the-iphone-7-coming-out","tag-world-cup","tag-xbox-series-x","tag-xiaomi"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/posts\/127133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/users\/2139"}],"replies":[{"embeddable":true,"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/comments?post=127133"}],"version-history":[{"count":2,"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/posts\/127133\/revisions"}],"predecessor-version":[{"id":127134,"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/posts\/127133\/revisions\/127134"}],"wp:attachment":[{"href":"ht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