Millennials, the generations born between 1981 to 1996 have started reaching at their family formation ages, they are now licensed as the generation that has been driving at highest rate within 40 years, as per the analysts’ reports.
Licensed drivers in the United States has reached a record of nearly 227.5 million in 2018 as well as the section of the people driving has mounted every single year since 2014, as per the research.
That is a good news for the automakers that have been fretting over young generations spurning the service of passage that is getting an individual’s driving license at the age of 16. This step has simply been delayed by Millennials, but have now started getting in equal numbers or even higher than that those of their car loving baby boomer parents. At around 84 million sturdy, they are now outnumbering boomers, with approximately 20 percent more births every year.
The first millennials that have already reached 35 in the year 2016, are toward the commencement of automotive industry’s record high for almost 5 consecutive years by reaching approx. 17 million vehicle sales in the U.S. Usually, rates license start reaching at its peak point as soon as people start getting into their mid-30s & millennials are also on the same track. As per the analysis, they have started buying SUVs as well as moving towards the greenbelts.
According to the forecast licensed drivers will possibly grow by more than 12.5 million people in the United States over the spell of next five years. Also, by the end of 2025, there will perhaps be nearly 245 million licensed drivers across the region. This might certainly result in an additional three million vehicle sales per year.
Young individuals continue to be slow to get their driver’s license. In 2018, recorded only 25.6 percent of 16-year-olds people getting driving license, which is down from that of 46.2 percent in 1983, as per the recent report. However, more than 9 out of 10 residents of age group 35-39 in the United States had a driving license in 2018.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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