Thursday, July 31, 2014

U.S. Vehicle Population Grows

According to a recent IHS Automotive study, the average vehicle age in the United States is 11.4 years, while vehicle scrap rates are down and new vehicle registrations are up. In fact, there are 3.7 million (1.5 percent) more vehicles on the road since July 2013, representing the largest increase since 2005, and new vehicle registrations surpassed the vehicle scrappage rate by 24 percent over the 12-month study.

“IHS Automotive forecasts that the volume of vehicles zero to five years old will increase by 32 percent over the next five years while vehicles in the 6- to 11-year-old category will decline by 21 percent,” said Mark Seng, IHS Automotive director of aftermarket solutions. “Because of improved quality and consumers holding their cars and light trucks longer, vehicles 12-plus years old continue to grow and will increase by 15 percent by 2019.”