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SOUTHFIELD, Mich., October 27, 2021--(BUSINESS WIRE)--The average age of light vehicles in operation in the U.S. reached a record of 12.1 years earlier this year, as more than 279 million vehicles were recorded in the U.S. fleet, according to research from IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions. The increase in average age will further drive vehicle maintenance opportunities from an increasingly aged vehicle fleet, as the influence of new technology continues to impact the repair community.
Decreased new vehicle sales due to COVID-19 and subsequent inventory challenges due to the global microchip shortage, as well as high scrappage rates in 2020, contributed to the average age growth last year, though 2021 scrappage rates are normalizing somewhat given increased used vehicle demand in 2021, and vehicles in operation are climbing. Older vehicles in the fleet continue to provide a robust business pipeline for aftermarket companies – from parts manufacturers, distributors and retailers to service and repair facilities – and dealerships are working to increase service lane traffic while inventory levels are low.
According to IHS Markit research, average vehicle miles traveled (VMT) for light vehicles in 2021 is expected to reach 12,355 miles for passenger cars and light trucks, after a significant drop in VMT during the pandemic in 2020. The return of miles traveled toward normal volumes further underscores the robustness of the opportunity for repair and maintenance.
IHS Markit will highlight these and other key industry trends impacting the global automotive aftermarket and the expected role new technology will play during two presentations next week at the Automotive Aftermarket Products Expo (AAPEX) and SEMA Show in Las Vegas.
"We look forward to reconnecting and sharing our latest insights with industry leaders and clients during AAPEX and SEMA," said Todd Campau, associate director, aftermarket solutions at IHS Markit. "Our aftermarket solutions help customers solve critical business challenges, and provide a comprehensive analytical view of the global market – in more than 100 countries around the world – as the fleet continues to grow and evolve," he said. "The expertise and insight we provide is critical to the industry as we move forward in this new environment."
Details of IHS Markit presentations at AAPEX and SEMA follow:
AAPEXEdu -- Five Trends in Five Minutes: Global Aftermarket Trends and Impacts, Wed., Nov. 3, 11:00 a.m.-12:00 p.m., The Venetian, Marco Polo 701. Campau will share an annual overview of key industry trends and new insight affecting the global aftermarket. From COVID-19 recovery to the ever-changing new vehicle market and aging of the fleet, the automotive aftermarket continues to evolve. Electrification, autonomy, technology and other new vehicle trends are impacting aftermarket repair opportunities faster than ever before.
SEMA – Industry Insiders Dish on the Future of the Specialty Equipment Industry, Thurs., Nov. 4, 10:15-11:15 a.m., Room N257, North Hall, Las Vegas Convention Center Scott Huston, director – retail, aftermarket and commercial group, IHS Markit, will provide insights into the latest aftermarket trends and consumer behavior influencing business in the current environment, followed by a panel discussion.
Interviews with IHS Markit experts are available before and during the event. Please contact Michelle Culver, 248.728.7496 or via email at email@example.com to arrange.
IHS Markit Exhibit Details
IHS Markit will demonstrate its solutions suite for the global passenger and commercial vehicle aftermarket at its AAPEX exhibit, Booth #4620 at the Sands Expo Center. Experts will be on hand for product demonstrations and discussions on several products, including the latest enhancements to its recently released AftermarketInsights, which provides detail and analytics to help those doing business in the global aftermarket make critical business decisions.
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
Automotive offerings and expertise at IHS Markit span every major market and the entire automotive value chain—from product planning to marketing, sales and the aftermarket. For additional information, please visit www.ihsmarkit.com/automotive or email firstname.lastname@example.org.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2021 IHS Markit Ltd. All rights reserved.
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