Millennials, in the 24-39 years-old age bracket, are expected to lead a car ownership boom in the coming six months across the globe, representing 45% of all first-time car owners according to the results of the 2020 EY Mobility Consumer Index.

 
The new study sought the views of 3,300 consumers across nine countries and found that nearly a third (31%) of non-car owners plan to buy one in the next six months, while 1 in 5 (20%) who already owns a car are open to potentially purchasing an additional vehicle. Both groups cited the impact of the COVID-19 pandemic as one of the top reasons for their purchases.

More than three-quarters (78%) of respondents say that they are going to be more likely to use their cars for travel in a post-pandemic world with millennials making up more than half of that number (52%).

71% of non-car owners currently seeking a new car are looking to buy a petrol or diesel model, with just 6% looking to purchase a purely electric vehicle and 23% looking to buy a hybrid.

The survey also found that public transport is taking a hit across the world, with a 69% reduction in public transport use for work overall.   

Commenting on the research insights, Yvonne Kiely, Head of EY-Seren, Ireland said, “The COVID-19 pandemic is reshaping all aspects of life and our approach to transport both as individuals and businesses is no exception. The results of our international mobility research point to an unexpected surge of interest among millennials in car ownership, and a surprising preference for non-electric vehicles.” She added, “A key takeaway for the automotive industry is that car ownership appears to have growing appeal in 2021 and a new market is emerging that is keen to make purchasing decisions imminently as the global pandemic continues. With more people buying cars and car usage expected to increase, this leaves policymakers internationally with challenging issues to consider, including the accommodation of more vehicles on our roads, potential reduction in use of public transport, facilitating and incentivising the use of electric vehicles, and of course the return to public transport usage at previous levels after the pandemic.