Average vehicle age increases, growing vehicle fleet and continued supply chain challenges to guide conversations next week
SOUTHFIELD, Mich., Oct. 28, 2022 /PRNewswire/ -- As the average age of light vehicles in the US continues to rise, the aftermarket remains poised for growth, albeit in different ways than historically seen, according to S&P Global Mobility (formerly the automotive team at IHS Markit). Vehicle maintenance and repair opportunities from an increasingly aged vehicle fleet will continue to impact the service and repair community as service providers and consumers are working to maintain vehicles that have an average age of 12.2 years.
"Softening new vehicle sales, led by continued inventory challenges related to global supply chains and forthcoming economic constraints, as well as ongoing COVID concerns, will be significant factors in the coming years," said Todd Campau, aftermarket practice leader, S&P Global Mobility. "The auto industry is not expected to realize the same pent up demand as in previous scenarios given inflationary pressures and other factors," he said.
"At the same time, the container shipping supply chain is slowly recovering from the historic pandemic-driven disruption, but the system is far from out of the woods," said Peter Tirschwell, vice president, maritime and trade for S&P Global Market Intelligence. Port bottlenecks are easing on the U.S. West Coast but are persisting on the U.S. East and Gulf coasts, at inland rail facilities and at warehouses which remain at high levels of utilization. Even if supply chain pressures are easing, perception of risk in the supply chain remains highly elevated, with many importers rightfully concerned about the high potential for future supply chain shocks such as a longshore labor strike, further COVID lockdowns in China or other threats.
S&P Global analysts will share insights and highlight these and other key factors of influence on the aftermarket during three presentations next week at the Automotive Aftermarket Products Expo (AAPEX) and SEMA Shows in Las Vegas. Presentation details are as follows:
5 Automotive Trends Impacting the North American Aftermarket, presented by Todd Campau as part of the AAPEX General Sessions
Tuesday, Nov. 1, 11:00 a.m.-12:00 p.m., the Venetian, Marco Polo 701.
Campau will share insights on the impact of ongoing supply chain issues and electrification, as well as emerging economic pressures, on the aftermarket during his annual overview of key industry trends.
Will Normal Ever Return to Container Shipping Supply Chains? This session will be presented by Peter Tirschwell of S&P Global Market Intelligence.
Thursday, Nov. 3, AAPEX stage, Venetian Expo, 10 – 10:20 a.m.
Tirschwell will share insights on the ongoing global supply chain impacts, including a discussion on U.S. port challenges and potential future supply chain shocks.
Five Trends in 55 Minutes, presented by Todd Campau.
Monday, Oct. 31, 11 a.m. – noon, Room N256, North Hall, Las Vegas Convention Center.
Campau will provide insights into the latest aftermarket trends and consumer behavior influencing business in the current environment, both in the short and long term.
Interviews with S&P Global experts are available before and during the events. Please contact Michelle Culver, 248.728.7496 or via email at email@example.com to arrange.
S&P Global Mobility will demonstrate its suite of aftermarket product solutions across the global passenger and commercial vehicle aftermarket at its AAPEX exhibit, booth A4520 at the Venetian Expo Center. Experts will be on hand for product demonstrations and discussions on the S&P Global Mobility suite of aftermarket products including enhanced Vehicle in Operation offerings providing additional insights on emerging technologies, Vehicle Miles Traveled and AftermarketInsight.
At S&P Global Mobility, we provide invaluable insights derived from unmatched automotive data, enabling our customers to anticipate change and make decisions with conviction. Our expertise helps them to optimize their businesses, reach the right consumers, and shape the future of mobility. We open the door to automotive innovation, revealing the buying patterns of today and helping customers plan for the emerging technologies of tomorrow.
S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/mobility.
S&P Global Mobility
248.728.7496 or 248.342.6211
SOURCE S&P Global Mobility