The average age of vehicles in the United States is rising, and more people are continuing to drive the same cars, supporting demand for repairs and auto parts retailers. AutoZone, the largest auto parts retailer, saw its shares rise as much as 7% on the 22nd.
In the United States, the world's largest automotive market, many vehicles on the road are staying in service longer, driving increased demand for repairs and replacement parts. Rising vehicle prices, widening income inequality and higher gasoline costs are among the factors behind the trend, with more people reportedly keeping their cars for longer. This has fueled activity in the repair-related market, including vehicle maintenance services.
In the New York market, shares of AutoZone, the largest auto parts retailer, rose as much as 7% in trading on the 22nd. AutoZone operates more than 6,000 stores across the United States, focusing on the sale of engine oil, parts and other products.