The fleet of light vehicles in operation in the U.S. hit a record level earlier this year of more than 278 million vehicles and will grow 6% over the next 5 years, according to IHS Markit, a world leader in critical information, analytics and solutions.
In addition, the average age of light vehicles in the U.S. has risen to 11.8 years due to better technology and vehicle quality improvements, providing a robust business pipeline for aftermarket companies – from parts manufacturers, distributors and retailers to service and repair facilities.
As the average age increases, it is impacting the traditional aftermarket “sweet spot” as the population of older vehicles continues to rise. Light vehicles 16 years and older will increase by 17% over the next 5 years providing more repair opportunities coming from these older vehicles.
IHS Markit will highlight these and other key industry trends impacting the global automotive aftermarket and the expected role new technology will play during the annual Automotive Aftermarket Products Expo (AAPEX), Nov. 5-7 in Las Vegas.
“We look forward to sharing our expertise and insights with industry leaders during AAPEX,” said Mark Seng, global aftermarket practice leader for IHS Markit. “Our aftermarket solutions provide an analytical view of the global market – in more than 100 countries around the world – as it continues to grow and evolve. With this analysis of key automotive trends, our customers and other aftermarket suppliers, distributors and service providers can use our perspective to take advantage of business development opportunities in a timely manner.”
Details of IHS Markit presentations at AAPEX:
AAPEXEdu — Five Trends in Five Minutes: Trends Impacting the Global Aftermarket (full version), Wed., Nov. 6, 10:00-11:00 a.m. The Venetian, Bellini Ballroom. Seng will share his annual overview of key industry trends and new insight affecting the global aftermarket. From the ever-changing new vehicle market to the aging of the fleet, the automotive aftermarket continues to evolve. These new vehicle trends are impacting aftermarket repair opportunities faster than ever before.
Import Vehicle Community Awards Luncheon — Five Trends in Five Minutes (brief version), Wed., Nov. 6, 12:00-1:00 p.m., The Venetian, Veronese 2401. Seng will share a brief version of his Five Trends in Five Minutes presentation – with special focus on the US import market – during the Import Vehicle Community Awards Luncheon. (Please note, this is a ticketed event.)
IHS Markit Exhibit Details
IHS Markit will demonstrate its solutions suite for the global passenger and commercial vehicle aftermarket at its exhibit for the duration of the show, booth No. 3635 at the Sands Expo Center. Experts will be on hand for product demonstrations and discussions on several products, including its latest enhancements to the WorldView solution, which provides detail and analytics to help those doing business in the global aftermarket make critical business decisions.