Automotive journalists and enthusiasts love buy new carsbut the general public is not so enthusiastic about the process. A recent study by S&P Global Mobility found that the average age of vehicles on U.S. roads continues to increase, reaching 12.6 years in 2024.
That figure applies to cars and light vehicles trucksgrew two months from Study of 2023That increase has provided an excellent business opportunity for aftermarket suppliers of parts and services. S&P Global Mobility Report Aftermarket Practice Lead, Todd Campau, said: “With average age growth, more vehicles are entering the primary aftermarket service category, typically six to 14 years old. With more than 110 million vehicles in that sweet spot – representing nearly 38 percent of the fleet on the road – we expect continued growth in the number of vehicles in that age category to increase to an estimated 40 percent through 2028.”
Owners holding on to their cars This means fewer are going to the scrapyard, although the number of vehicles scrapped has not increased since last year. That said, two cars are scrapped for every new passenger car registration, which amounts to 27 million vehicles off the road since 2020, with only around 13 million new vehicles registered.
Even with the pace of scrapping, the number of vehicles on our roads has increased significantly since last year. In January, there were 286 million vehicles in use, two million more than last year. The number of vehicles six years old or younger fell from 98 million in 2019 to 90 million in 2024, partly driven by pandemic related shortages and supply chain issues.
At the same time, the number of EVs in use continues to grow, despite some forecasters’ view that the sky is falling. There were 3.2 million EVs in use at the start of this year, an increase of more than 50 percent since 2022. That said, S&P noted that the average age of 3.5 years of electric vehicles on the road could increase in the short term as acceptance slows.