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.
- IHS Markit monthly payment data explain EV challenges and hybrid popularity
- Major revision for global light vehicle production forecast – what it means for OEMs’ technology deployment
- Luxury SUV growth out-paces mainstream
- Chips still squeezing: YTD 7.4mn units and -10% growth impact
- Increasing impact of semiconductor shortage on Medium and Heavy Commercial Vehicle OEMs in Europe
- Major revision for global light vehicle forecast, production impacted well into 2022
- Medium Heavy Commercial Vehicles: The other face of the pandemic in Brazil
- Fuel for Thought: A Rocky Recovery in the Second Year of the Pandemic