U.S. sales projected to grow 25 percent by 2012
Momentum in small-car sales is outpacing overall industry growth worldwide. Globally, small car sales have grown from 23 million units in 2002 to an estimated 38 million in 2012. That’s nearly 45 percent of the total expected 85-million unit industry, a level never before achieved. In the U.S., sales of small cars likely will grow by 800,000, or 25 percent – to a record 3.4 million units by 2012.
In fact, small cars and crossovers are the only vehicles with projected near-term growth in the U.S.
Driving the growth in the U.S. market is a group of young people aged 13 to 28 years – dubbed "Millennials." Today, this group stands 1.7 billion strong worldwide and will represent 28 percent of the total U.S. population by 2010.
As a group, Millennials embrace eco-friendliness, stay in constant touch using modern technology and demand best-in-class products from around the world. This group will grow from representing 19 percent of the driving public in 2004 to amassing 28 percent in 2010.
Every day, 11,000 Millennials in the U.S. come of driving age. When it’s time to buy their first car, nearly half of this group shops the small-car segment.
Tags: Ford Verve concept, millennials, small car sales, small cars
