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From the “Water is Wet/Pope is Catholic” file, Ford says to expect continued growth in SUV sales. They also announced what the updates for the Ford Explorer will be in 2018, but first let’s talk about these sales projections. Look, every company on the planet says the future looks great. We’re going to be making money by the train car load next fiscal year, yadda-yadda-yadda.
But in Ford’s case, they might be right.
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For starters, check this out: According to Ford, not only will the SUV segment continue to grow, but it will actually account for more than 45 percent of the non-premium U.S. retail industry in the next five to seven years. 45 percent. That’s nearly half of the non-premium (i.e. rich folks cars) segment being populated by truck like SUV things. It seems this trend, as 90% of the trends these days, are being driven by millennials. 35- to 44-year-olds buy more mid and large SUVs than any other given demographic, and millennials are anticipated to join this SUV-loving group even more as they age. Baby boomers (the first millenials in a way, if you care to think about it) are already buying nearly 30 percent of small SUVs as is. And boomers are projected to lean even more heavily into SUVs as they march on up the population pyramid. Even Generation X is getting in on the SUV action.
These numbers make Ford happy. They already sell a ton of trucks and SUVs, so a ...