Cox Automotive has released the third phase of its Evolution of Mobility Study Series.
Phase 3 of Cox Automotive’s study, “The Evolution of Mobility: Four Predictions for the Future” presents the impact of the possible options for owning a car.
The result shows U.S. retail auto sales may decrease to as much as 29 percent of their current level due to the different choices available in car ownership. Furthermore, the cost of owning a car remains a major challenge for many Americans.
“The smart, new alternatives to car ownership will have an impact on retail car sales in the future,” Isabelle Helms, vice president of research and market insights at Cox Automotive, said. “As with any consumer product, awareness, accessibility and cost will be the main drivers."
Helms said consumers -- especially younger ones -- are open to finding alternatives to traditional car ownership.
"As new solutions are introduced, consumers, particularly the Millennials and Gen Z, may move away from the traditional avenue of personal vehicle ownership,” she said.