The average age of U.S. light vehicles in operation has risen for a fifth straight year, S&P Global Mobility said in a report released Monday.
The average age rose to 12.2 years in 2022 — a nearly 2 percent increase from the average life in 2021 of just over 12 years, according to the research.
S&P Global said in a statement that the increase was driven by the global microchip shortage and supply chain issues causing a "constrained supply of new cars and light trucks, amid a strong demand for personal transportation."
Todd Campau, automotive aftermarket practice lead for S&P Global, told Automotive News that supply shortages are causing owners to either keep their vehicles longer or purchase used ones.
"People do value their vehicles; people do still feel the need to have a vehicle available to them, maybe even more coming out of the pandemic, so that's caused the vehicle fleet just to grow a little bit," Campau said. "And because the new-vehicle sales haven't been available, it's been growing from within really from vehicles that have been on the road, and they're just staying available longer."