As the age of cars and light trucks continue to rise, vehicle odometer readings continue to climb, driving growth in the aftermarket for internal combustion engine (ICE) vehicles.
According to Lang Marketing’s latest report, “Soaring Odometers Boost ICE Aftermarket,” light vehicles in the U.S. averaged approximately 14,000 more odometer miles in 2023 than they did 10 years earlier.
The average age of a vehicle in the U.S. is 12.6 years. In Canada, the average age is 10.5.
Accumulated miles on odometers are crucial for aftermarket product growth, as older vehicles — primarily ICE models — use more aftermarket products per mile than newer cars and light trucks, Lang noted.
“Older cars and light trucks generate more aftermarket product use per mile than newer models,” the report said. For example, a vehicle with 150,000 miles on its odometer will typically use more aftermarket products per mile than a vehicle with half as much mileage.
Not all miles driven generate the same amount of aftermarket product use. The volume of aftermarket products used per mile varies significantly depending on the vehicle’s accumulated mileage.
In 2013, the average light vehicle’s odometer in the U.S. had approximately 128,000 miles. By 2023, this figure had increased by over 10 per cent, meaning each mile driven in 2023 generated more aftermarket product use than ten years earlier.
In 2013, the average car had more miles on its odometer than the typical light truck. Over the next 10 years, car odometers accumulated miles more rapidly than those of light trucks, increasing the differences in average odometer readings between the two.
Lang reported that preliminary information for 2024 suggests this trend has continued, with cars’ share of aftermarket product volume declining at a slower pace than their shrinking portion of the nation’s vehicle population might suggest.
Domestic nameplates have consistently averaged more miles on their odometers than foreign counterparts. In 2013 and 2023, domestic nameplates’ odometers showed higher mileage, although the gap between domestic and foreign nameplates has narrowed. Initial findings for 2024 indicate this trend is ongoing.
As for what this means for the aftermarket, it signals strong times ahead. The high odometer readings of domestic vehicles, coupled with greater product use per mile as vehicles age, are bolstering the ICE vehicle aftermarket.
The increased longevity of vehicles and the soaring value of used cars and light trucks are keeping ICE vehicles on the road for more years, increasing their odometer readings and boosting their aftermarket product volume.
Image credit: Depositphotos.com
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