Polk Finds Average Age of Pickups Is Now 11.4 Years
Aging fleet creates new challenges for Aftermarket; Polk forecasts more than 260 million light vehicles in operation by 2018
Source: Polk.Com
In 2006 the average age of registered pickups was 9.4 years. But a recent study by Polk, the global automotive market intelligence firm recently acquired by IHS, shows it’s now 11.3 years.
Polk expects this trend to continue, while a shift in the fleet of vehicles in operation (VIO) is underway.
The changing U.S. vehicle fleet population is a shift that gives way to significant opportunities for certain automotive aftermarket segments according to Polk.
As part of its most recent analysis and the growth of vehicle registrations in the past few years, Polk found that the volume of 6-11 year old vehicles is declining, while the group of vehicles older than 12 years is on the rise.
This trend supports the increase in average age and creates a potential strategic shift in the aftermarket as business owners consider options for growth and opportunity.
“These are interesting times for the automotive aftermarket,” said Mark Seng, vice president of Polk’s aftermarket practice.
“Customers from independent and chain repair shops should be paying close attention to their business plans and making concerted efforts to retain business among the do-it- for-me (DIFM) audience, while retailers have a unique and growing opportunity with potential consumers wrenching on their own vehicles.”
