America on the road with 257 million vehicles
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5th August, 2015
Registrations for light vehicles in the U.S. has reached a record level of
257,900,000, according to IHS Automotive. That’s an increase of more than 5.3 million (2.1 per cent) since last year and
the highest annual increase the auto industry has seen in the U.S. since IHS Automotive (a global provider of critical
information and insight to the automotive industry and part of IHS Inc) began tracking vehicles in operation (VIO) growth.
New vehicle registrations also outpaced scrappage by more than 42 per cent – the highest rate seen since the statistic
has been tracked, according to the analysis. Scrappage is defined by a vehicle being taken out of the national fleet and
no longer in use.
The combined average age of all light vehicles on the road in the U.S. has climbed slightly to 11.5 years, based on a
snapshot of vehicles in operation (VIO) taken 1st January this year.
Average age for both passenger cars and light trucks increased just slightly in 2015, and both now stand at 11.5
years.
“As long as we have tracked average age, it has gradually risen over time due to the increasing quality of
automobiles,” said Mark Seng, global aftermarket practice leader at IHS Automotive. “For the five to six years
following the recession, however, average age increased about five times its traditional rate, which we attribute to the
nearly 40 per cent drop in new vehicle sales in 2008-2009. We’re now seeing average age begin to plateau and return to
its traditional rate of increase as consumers have recovered from the great recession and have begun buying new vehicles
again.”
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Helping age the fleet is the fact that consumers are holding on to their vehicles longer than ever before. As of Q1
2015, the average length of ownership for a new vehicle is 77.8 months, according to IHS analysis, an increase of nearly
26 months since Q1 2006. For used vehicles, it is 63 months, an increase of just over 25 months (since Q1 2006).
Looking ahead, IHS forecasts that average age is likely to hit 11.6 years in 2016 but not reach 11.7 until 2018. The
rate of growth is slowing as compared to 2008-2013 due to the recovery in new vehicle sales. IHS Automotive has expected
this and has been preparing customers and industry leaders in the aftermarket to respond to this slowdown in growth.
The number of vehicles scrapped in 2014 declined slightly from 2013, with just over 11 million light vehicles scrapped
during the 12-month timeframe analysed by IHS Automotive, or 4.4 per cent of the fleet. In comparison, a record high of
more than 14 million vehicles were scrapped in 2012.
When looking at six- to 11-year-old vehicles in 2015, the group includes just over 81 million cars and light trucks.
However, if you extend that range to include up to 13-year-old vehicles, the number is nearly 108 million and gets to
nearly 120 million for six to 14 years old.
Source:
IHS Automotive
E&OE.
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