The average age of passenger vehicles and light trucks in the U.S. reached 12.5 years, increasing by three months, according to SP Global Mobility.
There are 284 million vehicles currently in circulation in the U.S.
- A combination of factors, including lower sales in 2021 due to the COVID-19 pandemic and subsequent shortage in semiconductors, is believed to have driven the average age upward.
- "The pressure was amplified in the back half of 2022 as interest rates and inflation began to take their toll," perTodd Campau, associate director of aftermarket solutions atS P Global Mobility.
- Retail and fleet sales of new light vehicles decreased by 8% YoY to 13.9 million units in 2022.
- The increase in the age of the vehicles is expected to increase the demand for repair work.