The auto industry is currently undergoing a few significant changes around the world. Three of the most essential modifications happening now and likely to evolve further are:

- Development and popularity of ride-share services like Uber.

-Development and increasing adoption of electric vehicles 

-Development of autonomous driving. 

 

On top of the above three industry-specific trends, other long-term socio-economic trends are happening in almost all parts of the world. 

 

In addition, these long-term trends, and supply-chain issues have also impacted the last two years. 

 

Its 2023 and a major global car company needs to estimate the overall market size (in units) of light vehicles (cars, SUVs, and light trucks) in the US in 2035. 

What is the estimation of the market size for light vehicles in (units) in 2035 in the US? Explain the estimated market size based on the three factors and socio-economic trends.

 

Sources Ward's; BEA Statista 2022 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 Additional Information: United States; Ward's; 1976 to 2021 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 10,000 12,000 14,000 16,000 Light vehicle sales in thousands 18,000 20,000 Light vehicle retail sales in the United States from 1976 to 2021 (in 1,000 units)