As vehicles stay on the roads on the longer, aftermarket opportunities will continue to flourish, said Mark Seng, global aftermarket practice leader for IHS Automotive, during a presentation at the Automotive Aftermarket Products Expo in Las Vegas this week.
By 2020, there will be approximately 76 million vehicles in operation (VIO) that are 16 years old or older, up from 35 million in 2002.
The global light vehicle population, or vehicles in operation (VIO), will experience substantial growth—27 percent by 2021—to 1.4 billion vehicles, according to IHS. This population is expected to rise to 2 billion by 2040.
VIO in the United States will also experience growth increasing in size by more than 9 percent over the same time period.
“This is driven by both the huge gains in new vehicle sales—expected to hit 17.3 million units in 2015—and the fact that vehicles are simply lasting longer than ever before,” according to Seng.
By 2020, IHS Automotive estimates imports will represent nearly 47 percent of the U.S. light vehicle VIO.