Out with the old and in with the new?

That'd the word from Global Equities Research analyst Trip Chowdhry.

"Right now, [the auto industry] is a trillion-dollar market, more than that," Chowdhry told Benzinga. "Apple is not a player. If Apple can get just 10 percent of the market, that is a $100 billion opportunity, which is very difficult to ignore."

Chowdhry said that the "only player" in this market is Tesla Motors Inc (NASDAQ: TSLA). He said Apple and Google were also eager to take a piece of the market.

"As things are right now, we do think about 70 to 80 percent of this new market, new transportation market -- which includes superchargers, autonomous cars and gigafactories -- Tesla could own almost 70 to 80 percent of this market," said Chowdhry. "That's close to $700 to $800 billion market opportunity."

Related Link: The Rumored Apple Car Initiative: 6 Things Investors Must Know

Bye-Bye Traditional Automakers

With Tesla in the lead, Chowdhry estimated that the remaining $300 billion could be split between Apple Inc. (NASDAQ: AAPL) and Google Inc (NASDAQ: GOOG). He compared the rest of the auto space -- including Porsche, BMW, General Motors Company (NYSE: GM) and Ford Motor Company (NYSE: F) -- to ill-fated PC manufacturers that once faced Apple.

"I think these auto companies -- Porsche, BMW, GM, Ford -- will be pretty much out of business in five to 10 years from now unless these companies fire their CEOs and hire a 20- to 30-year-old smart, aggressive, visionary entrepreneur to run the company," Chowdhry warned. "That is their only solution. Not MBAs from Harvard or other business schools should be running these companies anymore. It is not an operational business anymore. It is about innovation at every level of the industry."

Chowdhry believes that the "new" auto industry (which is being created now) is going to supplant an industry that "has been sleeping for more than 100 years."

"I don't think they have any chance of competing with Tesla because Tesla is racing ahead," he said.

If traditional automakers don't act fast, Chowdhry fears they will become the next BlackBerry Ltd (NASDAQ: BBRY).

"I do think Apple is going to be a part of [this] sprint," he added. "I don't think they'll be a leader in this industry 'cause Tesla is way ahead."

Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.