In what year will the number of cars in the world reach its peak and auto sales overall begin to decline? For most, it may be surprising to realize we’re already there in the U.S. Growing data shows many wealthy economies have already hit “peak car,” a point of market saturation characterized by an unprecedented deceleration in the growth of car ownership, total miles driven, and annual sales.
In just a decade or so, owning a car may well be relegated to the hobbyist, luxury market, much like owning airplanes or horses today.
The losers in this emerging world will be insurance and finance companies, and all the dealerships dependent on sales. At the same time, traffic cops and traffic courts will go away along with all the lawyers, judges, parking lots, junk yards, taxi and limo services, and thousands of other tiny businesses supporting our current human-centric driving world.