Millennials own fewer cars than previous generations.

On average, Millennials own about 13 percent fewer cars in contrast with past times. This
trend started in UK and is followed by US and Europe. Number of youngsters getting a driving
licence has been declining steadily over the last 5 years as well.

There are many factors accountable for this change. Let’s discuss few of them.
 Due to urbanization more youngster are living in urban areas where they have
access to easy commute services.
 Youngster of today are financially dependent on there parents for longer time as
job market have become competitive.
 Most significant change is observed in car hailing service which is popular among
youngsters as they are keen to adopt changing way of life.

Boom in car hailing service.

The share of car hailing services has seen an upward trend over the past 5 years. Uber
is leading the market share. Taxi had declined sharply oven the years.
This graph shows that 65% of car hailing service users are aged between 16 and 34
Reference:
https://www.researchgate.net/publication/308021126_Millennials_and_car_ownership_L
ess_money_fewer_cars