Millennials and Auto Trends Report
Will Millennials Drive the Automotive Industry Forward?
Duff & Phelps surveyed 2,150 millennials to reveal if they will buy fewer cars than prior generations.
The survey’s results indicate that common assumptions about low car ownership should be tossed out along with tired millennial stereotypes like poor work ethic, a sense of entitlement and bad attitudes.
Stereotypes aside, the results were surprising given that a higher percentage of millennials live in cities1 (with access to myriad public transportation options) relative to other generations, and millennials tend to be more environmentally conscious.2 However, it’s clear that millennials actually do value car ownership, and a high percentage expect to make another car purchase in the next five years. This is good news for automotive companies currently facing headwinds for the first time this decade.
Our survey was performed online with the goal of obtaining responses from men and women between the ages of 23 and 38 (born between the years 1980 and 1996) from some of the largest automotive markets around the world. The survey examines the responses on a global level as well as a regional level grouped as follows: the U.S. and Canada; Latin America, including Mexico, Brazil and Argentina; Europe, including Germany, UK, France and Italy; and Asia, including China (other than Hong Kong), Hong Kong, Japan, India and Singapore. Charts, data and findings in this report are based on the global survey responses unless otherwise indicated.
In the following report, we present our key findings regarding car ownership, interest in electric and hybrid electric vehicles, and the factors driving these trends. We provide supporting charts, data and the scope of the survey in the Appendix section at the end of this report.
1 “Millennials and Rapid Urbanization,” Urban Getaway, accessed September 25, 2019, https://www.urbangateway.org/news/millennials-and-rapid-urbanization.
2 Jennifer Robinson, “Millennials Worry About the Environment – Should Your Company?,” Gallup, accessed September 25, 2019, https://www.gallup.com/workplace/257786/millennials-worry-environment-company.aspx.
Download the Report
Millennial City Dwellers Will Continue to Own/Lease Cars
Having a Car is a Necessity
Will Millennials Replace Their Old Car with a New One?
Millennial Considerations in the Car-Buying Process
Market Share of Hybrid/Electric Vehicles (EVs) Poised to Increase
Factors Driving Millennial Car Ownership
How Transportation Options Stack Up For Millennials
Millennials Prefer Owning/Leasing a Car Over Ride-Hailing Services
Where is the Automotive Market Heading?
Comprehensive support throughout mergers and acquisitions and other corporate transactions.Corporate Finance
Middle-market M&A advisory differentiated by industry expertise and superior deal execution.M&A Advisory
Transaction Advisory Services
Seamless analytical advisory through the deal continuum, from transaction origination to closing.Transaction Advisory Services
Private Capital Markets
Senior, subordinated and mezzanine debt and venture/private equity for a wide range of transactions.Private Capital Markets
Fairness and Solvency Opinions
Independent opinions for boards of directors and special committees.Fairness and Solvency Opinions
Industrials expertise for middle-market M&A transactions.Industrials M&A
Pagemill Partners, a Division of Duff & Phelps
Technology expertise for middle-market M&A transactions.Pagemill Partners, a Division of Duff & Phelps
Valuation and consulting for financial reporting, federal, state and local tax, investment and risk management purposes.Valuation Advisory
Governance, Risk, Investigations and Disputes
Combined Duff & Phelps and Kroll disputes, investigations, cyber, business intelligence, cross-border restructuring and other advisory.Governance, Risk, Investigations and Disputes