Markets Edition: Here They Come: Gen Z’s Impact on Autos & Electric Vehicles
KEY TAKEAWAYS
- The U.S. auto industry is facing a major demographic tailwind from 127 million Millennials and Gen Z entering prime spending years boosting vehicle demand and shaping the electric vehicles (EV) market outlook
- This demographic wave is larger than the Baby Boomers' impact in the 1980s. 70% of these consumers are considering hybrids and EVs, signaling a permanent shift in the auto market despite incentive changes.
- Detroit automakers are positioned to benefit from this trend with popular people-carriers and SUVs. EV adoption is expected to rebound and grow, influencing the broader U.S. automotive market.
Scott Chronert, Citi's Head of U.S. Equity Strategy, welcomes U.S. Autos analyst Michael Ward to discuss trends in autos, from the impacts of oil prices and interest rates to the imminent demographic tailwind as Millennials and Gen Z move into their prime spending years.
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Scott Chronert, Managing Director at Citi Research
Scott Chronert is a Managing Director at Citi Research serving several roles, including US Equity Strategist, Global Head of ETF Strategy & Analysis, and US Small/Mid Cap strategy. Scott assumed the US Equity Strategy role at Citi in October 2021. He brings a fundamental approach to assess the US equity landscape. Regarding ETFs, Scott and his team have been at the forefront of sell-side, institutional grade, analysis of the ETF ecosystem since 2012. His product covers all facets of ETFs, including broader industry trends, flow analysis, stock and market impacts, complemented with positioning views covering most asset classes and geographies. His work on US Small/Mid Cap provides a blend of top-down and stock-specific insight. Scott also contributes to Citi’s global equity strategy product. Prior to joining Citi Research in 2010, Scott spent more than 25 years in Institutional Equity Sales and Management roles (mostly at Citi). Citi was named Global ETF Research Provider of the Year 2019 by ETFexpress. Scott is a graduate of Dartmouth College, AB degree 1978 and UCLA Graduate School of Management, MBA degree 1980.
Michael Ward, Managing Director for the US Automotive Sector iat Citi Research
Michael Ward joined Citi Research as a Managing Director for the US Automotive Sector in March 2025. Previous experience includes starting his own independent research firm, Ward Transportation Research, and 20+ years in various positions at Kidder, Peabody & Co.; Bear Stearns; PaineWebber; and Salomon Smith Barney. He also worked as an Auto Sector Analyst for Sterne Agee, Seaport Global Securities, The Benchmark Company, and Freedom Capital Markets. Michael has ranked seven times in the Institutional Investor All-America Research Teams poll and five times in the Wall Street Journal All-Star survey. Michael received a BS in Accounting from St Joseph’s University and an MBA in Finance from Iona University (formally Iona College). He is a CFA Charterholder. He has served on the Board for Roadrunner Transportation Systems and is an Adjunct Professor of Finance at the Dolan School of Business at Fairfield University.
