Reported 5 months ago
A recent study by S&P Global Mobility reveals that American vehicle owners are holding onto their cars for a record average of 12.6 years, despite easing supply disruptions due to the COVID-19 pandemic. The report indicates that the average age of cars and light trucks in the U.S. has increased by two months from 2023, with older vehicles expected to make up 70% of those in operation in the next five years. This trend is seen as a positive development for the aftermarket and vehicle service industry in the U.S. as repair opportunities are projected to grow with vehicle age. Additionally, the average age of battery-powered vehicles is expected to increase in the short term due to challenges in EV sales growth caused by high interest rates and consumer sentiments.
Source: YAHOO