12/29/2016 4:36:54 PM
Consumers are continuing the trend of holding onto their vehicles longer than ever, according to IHS Market. As of the end of 2015, the average length of ownership measured a record 79.3 months, more than 1.5 months longer than reported in the previous year. For used vehicles, it is nearly 66 months. Both are significantly longer lengths of ownership since the same measure a decade ago.
”Quality of new vehicles continues to be a key driver of the rising average vehicle age over time,” said Mark Seng, director, global automotive aftermarket practice at IHS Market. “The recession created an acceleration beyond its traditional rate due to the nearly 40-percent drop in new vehicle sales in 2008-2009. In the last couple of years, however, average age is returning to a more traditional rate of increase.”
The growing age of vehicles on the road should be a boost coup for the automotive aftermarket industry, According to IHS Market, the shifting dynamic of the age of vehicles in operation indicates the volumes of vehicles in the new to five years-old category will grow 16 percent by 2021, while vehicles in the six to 11 year-old range will grow just 5 percent, and vehicles that are 12-plus years old will grow 10 percent.
This growth should expand for all aspects of the auto aftermarket, including restyling, electronics, performance and service.