S&P Global Mobility provides demographic data (ethnicity, gender, age and income) to the vehicle-model level for al… https://t.co/Th17FUrpsY
Average age of cars and light trucks in the US rises to 12.1 years, accelerated by COVID-19
New research from IHS Markit shows that the average age of light vehicles in operation (VIO) in the US has risen to 12.1 years this year, increasing by nearly 2 months during 2020 and elevated by the COVID-19 pandemic. The increase in average age will further drive vehicle maintenance opportunities from an increasingly aged vehicle fleet.
COVID-19 and its impact across the US caused a drastic reduction in new vehicle sales as well as a sudden increase in vehicle scrappage, which was a catalyst for increased velocity in the growth of the average age of light vehicles. The pandemic-induced rate of increase in average age is expected to be short-lived as 2021 will see a return of new vehicle registrations and increased activity in used registrations as we adapt to post-pandemic norms.
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