Slow to recover from recession but fast to become a major buying segment.
During the past decade, the rise in car-sharing services, urban living and college debt payments led to doubts about millennials’ desire to ever own a vehicle.
Not anymore. Millennials make up the fastest growing segment among vehicle buyers and likely will represent about 40 percent of the U.S. new-vehicle market by 2020.
Last year, millennials — also known as Generation Y — purchased 4.1 million vehicles in the United States, accounting for 29 percent of the market, according to data from J.D Power and Associates’ Power Information Network. They now drive changes in automotive marketing and product features and are likely to influence future automotive developments more than any generation before them, experts say. Read full article here.
From AutomotiveNews.com, by Diana Kurylko