In 2021, Millennials will become the largest generation of pickup buyers in the USA for the first time ever.
According to J.D. Power’s research, most pickup buyers in the USA now belong to Generation Y demographic cohort also known as Millenials – people born from 1981 to 1996. Millennials took over in April 2020 and since have been increasing fast every month, CNBC informs.
Last year, midsize, full-size and heavy-duty pickups represented 2.85 million sales or one-fifth of the American primary car market.
Millennials could overtake Baby Boomers (born between 1946 and 1964) as the top buyers of larger pickup trucks. As for midsize and compact pickups, Millennials are one step away from defeating Gen X purchasers (born between 1965 and 1976) this year.
So, the reality is that Millennials are the biggest demographic of U.S. car buyers – in correspondence with another generational shift, as J.D. Power reports.
Moreover, Millennials are the largest purchasers of electric vehicles. In 2021, they represent 35 percent of new EV buyers versus 29 percent for Baby Boomers and 26 percent for Gen X.
Millennials dominate in 17 of 27 vehicle segments, while Baby Boomers are top buyers in luxury vehicle segments with a high price tag.