I was wondering if my approach for the following market sizing question makes sense -
# of Cars in California
Start with the total population of California and multiply that with an estimate % of those who own cars to find # of people who own cars. Multiply this by average # of cars per person to find # of cars currently in the market.
Does this make sense? Am I missing something that could make my structure more accurate?
I'm sorry if this seems like an easy question, just want to make sure I have the right train of thought!