(RICHMOND HILL, ON) – One of the more popular topics of discussion in the industry in recent years has revolved around vehicle ownership by millennials. In this month’s Observations we take a data-focused look at the issue to challenge some common assumptions.
Data involving the overall vehicle parc and the number of drivers’ licences are detailed and present the possibility that the number of millennial vehicle owners may, in fact, be growing instead of declining.
Moreover, the data suggests that while the theme of millennials no longer wanting to own vehicles is pervasive in the media, there have been other changes in the landscape of “driver demography” that are even more significant. Specifically, we examine the astonishing 1.5 million growth in licence holders in the senior age segment, which has occurred in the past 10 years.
These and other trends regarding vehicle ownership and the driver demography are detailed. As well, the implications for vehicle companies, car dealers, and the aftermarket are explored.