The North American Demand for Light Truck in 2015
Light Truck comprises a particular segment of the automotive industry. To determine the North American demand for light truck in the year 2015 at first the key factors that affect the demand of light trucks have to be identified. An analysis of the current light truck market with in North America is also necessary to determine forecasted annual demand for 2015.
However, before we proceed any further it is essential to define three key terms stated above: (1) Light Truck (2) North American Market and (3) Demand.
A light Truck is a vehicle classified as a truck or similar to a truck with a payload capacity of less than 4,000 Ib (1814 Kg). As opposed to a heavy-duty truck, light truck has a smaller engine and smaller wheel base than a full-size or heavy duty truck. Light trucks are sometimes built on a unibody frame rather than being built on a body-on-frame chassis. Also referred to as light-duty truck, light trucks are in the same fuel economy class as vans, minivans, and sport utility vehicles (SUVs).
Many companies and businesses purchase light truck for their company fleet because they are less expensive and achieve better mileage than full-size models. For the same reasons, many individuals choose light truck for personal use. Example of a light truck includes Chevrolet Colorado, Dodge Dakota, Nissan Frontier, Toyota Tacoma etc.
North American Market
North American market is defined to include United States of American, Canada and Mexico. These three countries are also involved in a trilateral trade bloc in North America known as NAFTA (North American Free Trade Agreement).
The specific units of a product that all buyers in the market would choose to buy for a specific price over some period of time could be defined as the demand of that particular product. The market demand curve of any product shows the relationship between the price of that product and units...