Aging Fleet Good for Automakers, Aftermarket

The U.S. vehicle fleet continues to age with an average now at a record high of 11.4 years based on review of more than 247-million U.S. car and light truck registrations on 1 January 2013.

For passenger cars, average is at a record high at 11.4 years, while the average age of light trucks also increased, to a record 11.3 years.  This trend is expected to continue, while a shift in the fleet of vehicles in operation is underway.

The data were released while Anthony Pratt, the director of Forecasting at Polk was speaking at the CAR Management Briefing Seminars in Traverse City, Michigan today. Polk recently developed a new forecast for vehicles in operation or VIO through 2018, the first of its kind in the industry. With the rebound in new vehicle registrations, Polk is forecasting total VIO to grow 5% to more than 260 million vehicles by 2018.

During the past five years, with the significant decline in new vehicle registrations, the market has seen both segments of the aftermarket enjoy strong growth potential. During that time period, the 6-11 year old segment grew marginally, and vehicles more than 12 years old increased by more than 20%. However, Polk expects the 6-11 year old vehicle segment to shrink by more than 20% and the 12+ year old segment to grow at a rate almost half of the prior five-year period.

Average Age of U.S. Fleet

Year Passenger Cars Light Trucks Total
2002

9.8

9.4

9.6

2003

9.9

9.5

9.7

2004

10.0

9.5

9.8

2005

10.1

9.5

9.8

2006

10.2

9.5

9.9

2007

10.3

9.6

10.0

2008

10.4

9.8

10.1

2009

10.5

10.1

10.3

2010

10.8

10.5

10.6

2011

11.1

10.8

10.9

2012

11.3

11.1

11.2

2013

11.4

11.3

11.4

Source: Polk in years

 

About Ken Zino

Ken Zino is an auto industry veteran with global experience in print, broadcast and electronic media. He has auto testing, marketing, public relations and communications expertise garnered while working in Asia, Europe and the U.S.
This entry was posted in aftermarket, transportation and tagged , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *