Common car age will increase, growing range in
automobiles and demographics of homeowners to information conversations subsequent
week.
With the typical age of sunshine automobiles within the US persevering with to
rise, the aftermarket stays poised for development, albeit in
alternative ways than traditionally seen. The common age of the fleet
has risen to 12.6 years, which is able to proceed to supply
elevated alternatives to take care of automobiles over their extending
lifecycle.
Todd Campau, aftermarket apply chief, S&P International
Mobility will share insights and spotlight key elements of affect
on the aftermarket throughout two displays subsequent week on the
Automotive Aftermarket Merchandise Expo (AAPEX) and SEMA Exhibits.
His presentation, Developments Impacting the North American
Aftermarket, shall be replicated at each occasions:
- AAPEX -
November 5, 11-12 pm, The Venetian Stage 1, Galileo Room 901 - SEMA -
November 7, 11-12 pm, Las Vegas Conference Middle, Room W311
S&P International Mobility Exhibit Particulars
S&P International Mobility will reveal its suite of
aftermarket product options throughout the worldwide passenger and
industrial car aftermarket at its AAPEX exhibit, sales space A4922 at
the Venetian Expo Middle. Consultants shall be available for product
demonstrations and discussions on the S&P International Mobility suite
of modern options, together with Autos-in-Operation, Car
Miles Traveled, VIN Knowledge & Providers and Market & Know-how
insights.
Preview of Insights to Be Shared
Car upkeep and restore alternatives are anticipated to
rise because the fleet continues to age as a complete. That is led by the
incontrovertible fact that document new car gross sales from 2015-2019 of over 17
million automobiles yearly are all now getting into the aftermarket
candy spot, which is often recognized as beginning on the age of
6 years outdated and increasing to a minimum of 12 years of age, or
older.
Additional, whereas the pandemic introduced on a 12 months of slower mileage
accumulation to the car fleet in 2020, subsequent years have
demonstrated an more and more sturdy quantity of auto miles
traveled (VMT) and 2024 is trending to be the higher nonetheless with
gentle automobiles anticipating to eclipse 13,000 miles traveled on
common for the 12 months. Additionally contributing to growing alternatives
is a modest scrappage charge that continues to be simply 4.6%,
in response to our evaluation.
“With new car gross sales persevering with to hover just below 16
million items and scrappage charges persevering with to be average,
alternatives for aftermarket upkeep are restore are anticipated
to abound,” Campau mentioned. “That mentioned, the composition of the
automobiles in operation has been shifting, and so too have the
demographics of auto house owners. To capitalize on accessible
alternatives, retailers and restore amenities will should be
agile in shifting their product and repair choices and adjusting
messaging to succeed in customers successfully,” he added.
This text was printed by S&P International Mobility and never by S&P International Rankings, which is a individually managed division of S&P International.
