The average age of vehicles on the road in the US has reached a record high of 12.6 years, according to S&P Global Mobility. This trend is driven by a combination of factors, including high prices of new vehicles, supply chain issues, and pandemic-related problems.
As a result, the aftermarket and vehicle service sectors are experiencing increased business opportunities, as repair needs grow alongside vehicle age.
The analysis shows that the average age of cars and light trucks has increased by two months compared to 2023, with over 110 million vehicles in the prime range for aftermarket service (6-14 years old). This represents nearly 38% of the fleet on the road, and is expected to grow to 40% by 2028.
The vehicle fleet in the US has surged to 286 million vehicles in operation, with electric vehicles (EVs) exceeding 3 million units. However, the growth rate of EVs has slowed, and the average age of EVs is expected to rise in the short term as consumer adoption slows.
The scrappage rate has held steady at 4.6%, with more than 27 million passenger cars exiting the market since 2020, while utility vehicles continue to gain popularity.
The composition of the fleet is shifting, with vehicles under six years old accounting for less than 90 million units, down from 98 million in 2019. The trend towards older vehicles on the road is expected to continue, driving growth in the aftermarket and vehicle service sectors.