Cars and light trucks at least seven years old consume nearly three times the annual product volume as younger vehicle on U.S. roads
Fort Wayne, Ind.—Cars and light trucks at least seven years old consume nearly three times the annual product volume per vehicle as younger cars and light trucks on U.S. roads.
The differences in annual product use reflect the age mix of these two vehicle groups as well as the greater accumulated mileage on cars and light trucks seven years and older (compared to new vehicles), which boosts aftermarket product consumption per mile traveled, according to the new “2022 Lang Aftermarket Annual.”
The following are a few key takeaways from the report.
Product Use by Vehicle Age
The report focuses on product use from 2017 through 2019. While COVID-19 caused disruptions in 2020 aftermarket product volume by vehicle age as a result of the spike in sales of certain accessories and the decrease in annual miles driven, aftermarket product use by vehicle age will return to more traditional patterns as the aftermarket recovers during 2021 and the ensuing years.
Replacement Parts Versus Accessories
Replacement parts generally increase in volume by vehicle year. However, the opposite is true of accessories, for which sales are concentrated in the 18 months following the purchase of new and used vehicles. Tires are not included in the analysis.
Product Use Increases by Vehicle Age
Cars and light trucks three years and younger average less than one-third as much product volume as vehicles as in the 7-to-10-year age group.
While the typical light vehicles averaged approximately $415 in aftermarket product volume at user-price during 2017 and 2019, cars and light trucks three years and younger averaged 60-percent less in annual product use.
Annual product volume per vehicle was more than double in the 4-to-6-year age category (versus younger vehicles) between 2017 and 2019.
Peak Product Use
Cars and light trucks seven years and older recorded significantly higher than average annual aftermarket product use during 2017 through 2019. Annual product use per vehicle peaked in the 7-to-10-year age product, nearly one-third greater than the annual product use in the average light vehicle.
Shifting Product Use
While the data represent average product use from 2017 to 2019, important changes are taking place in annual product growth within different age groups. As overall product use per vehicle increased from 2017 to 2019, the average car and light truck three years and younger climbed more slowly in product volume.
Vehicles Seven Years and Older
Vehicles 7 to 9 years old increased their aftermarket product use at nearly a 2-percent annual pace, while the 10-to-12-age group recorded the strongest annual product growth rate per vehicle. Vehicles topping 12 years old showed higher than average annual aftermarket product growth between 2017 and 2019.
Average Annual Product Growth
Vehicles under seven years increased less than 1 percent in average annual product use during 2017 to 2019 compared to the previous three-year period.
Product growth was substantially greater among older vehicles, with cars and light trucks seven years and older averaging more than 2-percent greater aftermarket product use during 2017 to 2019 compared to the preceding three years.
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