April 12, 2018—The average age of light vehicles on U.S. roads has changed significantly in recent years and reached record levels, auto industry analyst Jim Lang noted in his recent Aftermarket iReport. And that fact could have serious future impact on the industry.
The average age of light vehicles in the U.S. increased nearly two full years between 2007-17, increasing to 12.1 years. And, the dramatic change in the average age of vehicles has serious implications for U.S. aftermarket product volume over the next five years or so, Lang feels.
Domestic nameplate vehicles were 3.6 years higher in average age than foreign nameplate vehicles in 2017. Lang reports that the growing difference in light vehicle age between domestic and foreign nameplates has largely been driven by the increasing share of new light truck sales captured by foreign nameplates.
The lower average age of foreign cars and light trucks will likely help to reduce the foreign vehicle share of scrappage and increase the amount of foreign vehicles in operation—an occurrence that figures to also increase foreign aftermarket product volume.