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Pages:
2 pages/≈550 words
Sources:
2 Sources
Style:
APA
Subject:
Business & Marketing
Type:
Research Paper
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 11.66
Topic:

Market Size for Light Vehicles in 2035

Research Paper Instructions:

The auto industry is currently undergoing a few significant changes around the world. Three of the most significant changes happening now and likely to evolve further are:
Development and popularity of ride-share services like Uber
Development and increasing adoption of electric vehicles (EVs)
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 to these long-term trends, supply-chain issues have also impacted the last two years. Please keep those in mind as you develop your thoughts and answers to this assignment.
It is 2023, and a major global car company has hired you to help them estimate the overall market size (in units) for light vehicles (cars, SUVs, and light trucks) in the US in 2035.
As you can imagine, the significant three changes mentioned above (and socio-economic trends) will significantly impact the overall market size of light vehicles.
Using no more than 500 words, please estimate the market size for light vehicles (in units) in 2035 in the US and explain the rationale behind your estimate based on the three factors above plus socio-economic trends.
Of course, you need to submit your estimate as “number of units” (or a reasonable range). But this exercise is more about reasoning and logic and how you will factor in all the key factors (especially the primary three factors listed above) that will influence the market size 12 years from now. So please give your reasoning clearly that shows your understanding of how various vital factors will affect the future market size for light vehicles.
If you make any assumptions (which you will most likely make), please state the same. Please cite any external sources of data/information you use to write this assignment paper.
Historical (1976-2021) sales data of light vehicles in the US is shown below. I downloaded this from Statista.com (https://www(dot)statista(dot)com/statistics/199983/us-vehicle-sales-since-1951/ Links to an external site.)

Research Paper Sample Content Preview:

Marketing Metrics
Your Name
Subject and Section
Professor’s Name
February 19, 2023
Estimating the market size for light vehicles (passenger cars and light trucks) in the US in 2035 requires considering several factors, including the development of ride-share services, the increasing adoption of electric vehicles, the development of autonomous driving, and other long-term socio-economic trends.
Socio-economic Market Conditions
Firstly, the development and popularity of ride-share services like Uber may have a modest impact on the demand for light vehicles in the future. While ride-share services have gained in popularity in recent years, they still only account for a small share of total vehicle miles traveled in the US. Moreover, as ride-share companies continue to face regulatory scrutiny and operational challenges, some may pivot towards offering autonomous ride-sharing services instead of relying on human drivers (Fortune Business Insights, 2022).
Secondly, the development and increasing adoption of electric vehicles are expected to have a significant impact on the light vehicle market in the future. The US government has set a target of selling only zero-emission vehicles by 2035, and many automakers are investing heavily in EV technology to meet this demand (Wayland, 2021). While EV sales currently only account for a small share of the overall light vehicle market, this is expected to change in the coming years as battery costs continue to decline, and charging infrastructure expands. Assuming a continued growth rate of EV sales, by 2035, EVs may account for 40% of the total light vehicle sales in the US.
Thirdly, the development of autonomous driving is expected to have a profound impact on the light vehicle market in the future. As self-driving cars become more prevalent, it is anticipated that consumers will become more willin...
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