Among the three-volume leaders in the mainstream part of the new vehicle industry - Chevrolet, Ford, and Toyota, th… https://t.co/BBGUfdUjEM
Average age of US light trucks and cars approaches 12 years
New research from IHS Markit shows that the average age of light vehicles in operation (VIO) in the US has risen to 11.9 years this year, about one month older than in 2019. Though slight, the increase can generate new business opportunities for companies operating in the aftermarket and vehicle servicing sector in the United States.
Several factors have contributed to push US average vehicle age higher, according to the analysis. While vehicle scrappage rates have increased and would be expected to cause average age to drop, the growth in new vehicle sales has plateaued. Having fewer new vehicles added to the US vehicle population has offset the potential drop in average age.
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