The average age of cars on US roads is 12.2 years
The average age of US drivers continues to increase due to barriers to new car buy keeps drivers in their existing vehicles longer, S&P . Global Mobility Report. Cars take the lead with an average age of 13.1 years, while light truck 11.6 years behind. Battery-electric vehicle (BEV) adoption is also starting to influence ownership trends, with electricity now accumulating almost more miles per year than internal combustion models.
“This is the fifth year in a row that the median age of vehicles in the United States has increased. This year’s median age marks an all-time high for the median age even as fleets recover, increased by 3.5 million units in the past year,” the report said. “Interestingly, the fleet has increased significantly despite the soft price new vehicle sales as units leave the fleet during the return of the pandemic and the existing fleet maintains better than expected. “
“Ultimately, many of the vehicles that have been taken out of circulation during the pandemic return to the fleet, and the increased residual value means increased business potential for the company. after-sales segment,” it continued.
Four-door models are pulling the average high, which makes sense as they are harder to replace with similar models in a market that has become heavily truck-heavy over the past two decades. Between this and ongoing logistics and supply issues, S&P Global Mobility expects increased pressure on vehicle age to continue at least for the foreseeable future. However, the rise of BEVs is primarily driven by demand for electric SUVs.
This brings the total number of BEVs in operation to 1.44 million units (0.51% of total VIOs), an increase of nearly 40% year-over-year. “Average age of tram in the US is 3.8 years old this year, down from 3.9 last year and ranging between 3 and 4.1 years from 2016. As the number of BEVs increases, that means the average age of they will start to increase, leading to increase fix opportunities for BEVs over time,” it said.