The number of light-duty vehicles in U.S. roads increased to 252.7 million, a 3.7 million increase since 2013, according to IHS Automotive.
In addition, the average age of vehicles on the road remained steady at 11.4 years in a snapshot of activity on Jan. 1. New vehicle registrations outpaced scrappage by more than 24 percent for the first time in a decade, IHS Automotive reported.
For the first time since 1995, the average age of light trucks has increased to the same age as passenger cars.
The research firm said the average age of vehicles should remain at 11.4 years through 2015, then rise to 11.5 years by 2017, and 11.7 years by 2019. This growth rate is slowing due to the substantial increase in new vehicle sales.
The volume of vehicles up to 5 years old will increase by 32 percent over the next five years, while vehicles 6-11 years old will decline by 21 percent. Because of improved quality and consumers holding their cars and light trucks longer, vehicles at least 12 years old continue to grow and will increase by 15 percent by 2019.
Read the full report here.