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The stability of the automotive dealer industry is supported
by long term consumer trends. The number of vehicles on the
road in the United States typically grows every year. In 2004,
the U.S. Department of Transportation reported that registrations
of cars and lighter trucks exceeded 230 million vehicles.
In addition, the average life of vehicles on the road continues
to increase, which is favorable for the aftermarket as the
incidence of repairs tend to increase with age. The following
graphs summarize growth in licensed drivers and light vehicle
registrations historically.
Licensed Drivers, Vehicle Registrations, and Resident
Population
Sources: U.S. Department of Transportation
Light Vehicle Registrations, 1995-2004
Source: U.S. Department of Transportation Federal Highway
Administration
The increase in registrations per capita is also favorable.
In the United States, the level of registered light vehicles,
which includes cars and lighter trucks, reached a record high
of 1.20 vehicles per person in 2002. This ratio is expected
to continue increasing in subsequent years. The U.S. population
continues to grow, as does the number of passenger cars and
lighter trucks per person.
Registered Passenger Cars and Light Trucks Per Licensed
Driver, 1960-Present
Sources: U.S. Department of Transportation
The total number of miles driven on U.S. roads also continues
to increase. In 2004, total miles driven approximated 2.9
trillion miles. Higher gasoline prices have been affecting
the total miles driven, which have increased less than 2 percent
per year during the past four years as compared to higher
rates of increases during the 1990s. Notwithstanding, the
total number of miles driven have increased in 27 of the past
29 years and are forecast to increase in both 2005 and 2006.
Annual Miles Driven, 1975-2006
Sources: U.S. Department of Transportation and Automotive
Industry Aftermarket Association
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