GRA
Well-known member
Via GCC: IHS:
http://www.greencarcongress.com/2015/07/20150729-ihs.htmlaverage age of light vehicles in US rises slightly in 2015 to 11.5 years; length of new vehicle ownership hits record high
The combined average age of all light vehicles on the road in the US has climbed slightly to 11.5 years, based on a snapshot of vehicles in operation (VIO) taken 1 January 2015, according to IHS Automotive. Registrations for light VIO in the US also reached a record level of 257,900,000—an increase of more than 5.3 million (2.1%) since last year and the highest annual increase the auto industry has seen in the US since IHS began tracking VIO growth. . . .
Helping age the fleet is the fact that consumers are holding on to their vehicles longer than before. As of Q1 2015, the average length of ownership for a new vehicle is 77.8 months, according to IHS analysis, an increase of nearly 26 months since Q1 2006. For used vehicles, it is 63 months, an increase of just more than 25 months (since Q1 2006). . . .
The number of vehicles scrapped in 2014 declined slightly from 2013, with just over 11 million light vehicles scrapped during the 12-month timeframe analyzed by IHS Automotive, or 4.4 percent of the fleet. In comparison, a record high of more than 14 million vehicles were scrapped in 2012.
Based on the growth of new vehicle registrations in the past few years as the US auto industry has rebounded, IHS Automotive analysis found that the volume of vehicles 0-5 years old will increase by 24% over the next five years, while vehicles in the six- to 11-year-old category will decline by 11%. Because of improved quality and consumers holding their cars and light trucks longer, vehicles 12-plus years old continue to grow and will increase 15% by 2020.
When looking at six- to 11-year-old vehicles in 2015, the group includes just over 81 million cars and light trucks. However, if you extend that range to include up to 13-year-old vehicles, the number is nearly 108 million and gets to nearly 120 million for six to 14 years old.