SUV Growth – Four new Ford SUVs in the works!
Did you realize that millennials and baby boomers give Ford 160 million good reasons to expect the surge in SUV sales will last well into the next decade?
Growth in SUV sales is expected to continue for a while. It’s the reason why Ford is adding four new SUVs over the course of the next four years. These four SUVs will all be introduced in segments in which the company does not currently compete.
“As members of the 80-million-strong millennial age group enter their prime child-rearing years, a leading indicator of more SUV sales, nearly 80 million aging baby boomers continue to prefer their SUVs,” said Mark LaNeve, Ford Motor Company vice president of Marketing, Sales and Service. “It’s a demographic double whammy and it all points to one thing – more SUVs for the foreseeable future.”
LaNeve cited recent Ford research that shows once millennials even begin thinking about starting a family, their interest in shopping for SUVs goes up significantly. And as many have delayed starting families, these yet-to-form family households represent additional SUV growth opportunities for the company.
However, millennials alone aren’t expected to drive SUV growth. The aging baby boomers tend to stay with or return to SUVs. One reason for this is because it’s easier to get into and out of a vehicle that sits higher off the ground than a regular passenger car. LaNeve also noted that many boomers feel younger and more active driving an SUV.
While low gas prices have also recently contributed to the growth in SUVs, much improved fuel efficiency in the newest generations of utility vehicles lead Ford to believe that a potential rise in gas prices would not push consumers back to passenger cars.
“Some SUVs now rival the fuel efficiency of V6-powered midsize sedans from only a few years ago,” said LaNeve, “and as baby boomers grew up with much less capable, much less efficient vehicles, they tend to appreciate the efficiency of Ford’s newest SUVs.” Even if gas prices go up, he added, refueling costs for owners of modern SUVs will be much less than they were during the last SUV boom.
Keep watching for updates about the four new Ford SUVs in the works. In the meantime, if you are interested in any of our current Ford SUVs available here at Beach Ford, give us a call today. Our experienced sales staff will be able to help you get behind the wheel of your very own Ford SUV!