The following article from Aftermarket Business World highlights a growing trend that is good for business here at Autopartstomorrow.com . Cars are getting older while still traveling our roads. More and more people are realizing the benefits of not having a car payment by repairing their beloved older vehicle instead of trading it in. Helping them to do this is our main reason for being in business. Keep it up America!!
Average age of light vehicles continues to rise
Aging fleet creates new challenges for aftermarket
August 9th, 2013
The U.S. vehicle fleet population is changing, a shift that gives way
to significant opportunities for certain automotive aftermarket
segments, according to Polk, the global automotive market intelligence
firm
recently acquired by IHS.
As
part of its analysis, Polk reports the average age of all light
vehicles on the road now stands at a record high of 11.4 years, based on
review of over 247-million U.S. car and light truck registrations
earlier this year. For passenger cars, average age also met a record
high at 11.4 years, while the average age of light trucks also
increased, to a record 11.3 years. Polk expects this trend to continue,
while a shift in the fleet of vehicles in operation (VIO) is underway.
Aging fleet volumes shifting
As part of its most recent analysis, and the growth of vehicle
registrations in the past few years, Polk found that the volume of 6-11
year old vehicles also is declining, while the group of vehicles older
than 12 years is on the rise. This trend supports the increase in
average age and creates a potential strategic shift in the aftermarket
as business owners consider options for growth and opportunity.
"These are interesting times for the automotive aftermarket," said
Mark Seng, vice president of Polk's aftermarket practice. "Customers
from independent and chain repair shops should be paying close attention
to their business plans and making concerted efforts to retain business
among the do-it- for-me (DIFM) audience, while retailers have a unique
and growing opportunity with potential consumers wrenching on their own
vehicles."
New forecast outlines 2018 expectations
Polk recently developed a new forecast for vehicles in operation
(VIO) through 2018, the first of its kind in the industry. With the
rebound in new vehicle registrations, Polk is forecasting the total VIO
to grow five percent to more than 260 million vehicles by 2018.
During the past five years, with the significant decline in new
vehicle registrations, the market has seen both segments of the
aftermarket enjoy strong growth potential. During that time period, the
6-11 year old segment grew marginally, and vehicles more than 12 years
old increased by more than 20 percent. However, Polk expects the 6-11
year old vehicle segment to shrink by more than 20 percent and the 12+
year old segment to grow at a rate almost half of the prior five-year
period.
Armed with this new data and unique analysis, Polk is helping
aftermarket providers better understand market conditions, identify
growth opportunities and target business plans for the future,
recognizing the changing fleet mix will provide new opportunities for
all segments of the aftermarket, including components suppliers,
retailers, dealers and independent repair shops.
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http://www.searchautoparts.com/aftermarket-business/research/polk-average-age-light-vehicles-continues-rise?cid=95879
