As SUV sales continue to rise Ford will enter segments in which it does not compete currently.
The SUV market is expected to grow all over the world for the next decade. So Ford has decided to add four new SUVs to its line-up in the next four years. The Ford SUVs will be in segments Ford does not currently compete.
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Mark LaNeve is the Ford Motor Company vice president of Marketing, Sales and Service. According to LaNeve the 80-million-strong millennial age group are entering their prime child-rearing years.
The aging baby boomers continue to prefer their SUVs which are a leading indicator of more SUV sales. So one thing is for sure in terms of demographic there will be more SUVs in the foreseeable future.
“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.”
Ford has carried out researches millennials are expected to drive SUV growth. When millennials think about starting a family, their interest in shopping for SUVs goes up.
Those who have delayed starting families represent additional SUV growth opportunities. Even aging baby boomers have been found to stay with or return to SUVs.
Since SUVs are easier to handle and convenient. Low gas prices have also contributed to the growth in SUVs. Since SUVs can now even rival the fuel efficiency of V6-powered midsize sedans.
Moreover re-fuelling costs of modern SUVs will be much less than conventional cars. People previously grew up with much less capable, much less efficient vehicles. So the middle-agers appreciate the efficiency of Ford’s newest SUVs.
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“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.”