Toronto, Ontario — A recent study from Experian Automotive shows that Generation X (Gen X) and Millennials tend to buy more electric vehicles (EVs) than Baby Boomers.
Experian’s fourth quarter 2023 Automotive Market Trends report, released last week, noted that in 2023, 9.4 percent of new vehicles purchased by Gen X were electric.
Gen X also purchased the most new vehicles of any generation over the year, as well as the most EVs in total when looking at comparative total vehicle data.
Millennials, meanwhile, were close behind in terms of total EV sales with 10.2 percent of new vehicles purchased in 2023 being electric.
Comparatively, only 5.9 percent of new vehicles purchased by Baby Boomers, and only 6.6 percent of new vehicles purchased by Gen Z were electric.
Experian’s study also noted that sales volumes are growing for all vehicle types, including gasoline-based vehicles, but that interest in EVs has grown from the previous year. Notably, in 2022, 7.3 percent of vehicles purchased were electric plug-in or electric hybrid versus 10.4 percent in 2023, and while only 5.7 percent of vehicles in 2022 were battery electric (BEVs), this rose to 8.2 percent in 2023.
The study further indicates that while it’s still too early to gauge the full spectrum of Gen Z and new vehicle purchasing, while Boomers can afford current EVs, they’re simply not buying them.
