Millennials. Long stereotyped as a collective of urbanized over-educated softies that are more interested in collecting tropical plants over raising a family, they’re also presumed to be apathetic, and in some cases downright against, the art of driving. Especially when it comes to anything with a scary combustion engine, let alone something as obnoxious as a pickup truck.
This conception appears to have been fake news.
Millennials Love Pickup Trucks
According to CNBC, they represented 20% of new vehicle sales in 2020. In addition, Millennials will be the largest buyers of mid-size, full-size, and heavy-duty pickup trucks this year. And Millennials alone make up 20 percent of all pickup truck buyers – the biggest slice of any generation.
It’s traditional for each generation to overtake the previous one eventually, and Millennials (born between 1977 and 1994) have done it in a fantastic fashion. J.D. Power vice president of data & analytics Tyson Jominy, told CNBC the following:
“Demographic information moves very slowly, but last year Millennials took over in April during the peak of the coronavirus pandemic. We thought it was a kind of blip, but it’s only increased since then. It shifted overnight, and it has gotten faster every month.”
They Still Like Electrics, Too
Baby Boomers (born between 1946 and 1964) were overtaken by Millennials for the sales of larger pickup trucks last year. This year, they are on pace to surpass Gen X buyers (born between 1965 and 1976) as the top buyers for mid-size and compact trucks. As Millennials mature, receive promotions, and become independent, surpassing the previous generations is inevitable. In fact, Baby Boomers overtook the pre-Boomers (Greatest Generation) when the Ford Mustang rose in popularity in the 60s and 70s. But now, Millennials have overtaken them with the introduction of the Mustang Mach-E, and other electric vehicles.
While average buyers for the Mustang Mach-E are Gen Xers around the age of 50, J.D. Power reports Millennials are also the largest buyers of EVs. This year, they represent 35 percent of new EV purchases compared to Baby Boomers at 29 percent and Gen X at 26 percent. In addition, millennials have made themselves the top buyers in 17 of 27 vehicle segments, but Baby Boomers continue to dominate more expensive luxury vehicle segments.
Strong Market Signs For Electric Trucks
Put the two data points together, and this could spell big sales for electric pickups. But at the moment, they’re just trickling into the market. The Rivian R1T is reportedly being built at a rate of just two units per day at the company’s Normal, Illinois facility, while the GMC Hummer EV only just began production, and will take an extended amount of time to ramp up. Come Spring 2022, the Ford F-150 Lightning will hit the market, and has amassed nearly 200,000 reservations from customers whom have largely never driven either a Ford, a truck, or an EV, ever before. Also in the mix is the the Bollinger Motors B1 bespoke electric truck, as well as the much-hyped (yet very tardy) Tesla Cybertruck.