While car ownership—and in turn, sales may decline—the number of total annual vehicle miles driven will soar.
That's the assertion of a new KPMG analysis Fortune contributor Kirsten Korosec looks at in this report. Even as younger adults cut reliance on owning a car in favor of car-sharing options, the cars that do roll off the assembly lines are going to do yeoman's traveling the moment they hit the road. Korosec writes:
U.S. cars will travel one trillion additional miles annually by 2050, or 35% more than the roughly 2 trillion miles traveled in 2015, according to KPMG. The company’s research, which consisted of consumer focus groups in Atlanta, Chicago and Denver, found that millennials and “baby boomers plus,” who range in age from 45 to 75, will be largely responsible for the increased driving.
This, of course, ties significantly to housing and community development and locations, as a new cohort of retirees chooses to stay within closer proximity to their children (and grandchildren), rather than moving to remote age-restricted neighborhoods.