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Insight of the Day: Gen X, Millennials buy the most EVs, as Boomers dominate policy

According to a recent study by Experian, Generation X and Millennials are purchasing more electric vehicles (EVs) compared to Baby Boomers. In 2023, 9.4% of new vehicles purchased by Generation X were electric, making them the generation with the highest number of EV purchases. Millennials followed closely behind, with 10.2% of new vehicles purchased being electric.

On the other hand, Baby Boomers only accounted for 5.9% of new vehicles purchased as EVs in 2023, indicating a lower adoption rate among this generation. The study also noted that Gen Z, defined as "digitally native," purchased 6.6% of new vehicles as EVs.

These findings highlight the generational differences in EV adoption rates, with younger generations showing more interest and enthusiasm for electric vehicles. This trend aligns with previous research indicating that Millennials are more interested in EVs than Baby Boomers.

While Boomers still dominate in areas like Congress and federal policy, the study suggests that focusing on offering more mainstream EV models that appeal to Generation X and Millennials could further accelerate EV sales. By making electric vehicles more accessible and appealing to these generations, the adoption of EVs could continue to grow in the future.

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