- Intel (INTC -0.4%) predicts the new "passenger economy" will grow to $7T by 2050 as autonomous vehicles go mainstream.
- The company predicts that mobility-as-a-service will disrupt long-held patterns of car ownership, maintenance, operations and usage. The first "green shoots" of autonomous driving are expected to be in the business-to-business sector - not from soccer moms, sports car enthusiasts or pickup drivers giving up the wheel.
- "Companies should start thinking about their autonomous strategy now," says Intel CEO Brian Krzanich.
- "Less than a decade ago, no one was talking about the potential of a soon-to-emerge app or sharing economy because no one saw it coming. This is why we started the conversation around the passenger economy early, to wake people up to the opportunity streams that will emerge when cars become the most powerful mobile data generating devices we use and people swap driving for riding," he adds.
- Predictions from an Intel study: (1) business use of Mobility-as-a-Service is expected to generate US$3T in revenues, (2) consumer use of Mobility-as-a-Service offerings is expected to account for US$3.7T in revenue, (3) $200B of revenue is expected to be generated from rising consumer use of new innovative applications and services that will emerge as pilotless vehicle services expand and evolve, (4) 585K lives can be saved due to self-driving vehicles in the era of the "passenger economy from 2035 to 2045, (5) reductions in public safety costs related to traffic accidents could amount to more than $234B over the 2035 to 2045 time period.
- Broadly-related auto stocks: GM, TM, FCAU, HMC, OTCPK:NSANY, F, TSLA, OTCPK:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BMWYY, TTM, AN, KMX, SONC, ACW, ALSN, ALV, AXL, BWA, CAAS, CPS, DAN, DLPH, DORM, FDML, GNTX, JCI, LDL, LEA, LKQ, MLR, MNRO, MOD, MPAA, MPG, MTOR, PLOW, SMP, STRT, SUP, STRT, TEN, THRM, TEN, TOWR, UFAB, VC, VOXX, WBC, ZX, UBER, KNDI, HTZ, CAR, MBLY, NVDA, GOOG, GOOGL, CSCO, LYFT, OTCPK:CTTAY, OTC:CTTAF.
- Related ETF: CARZ.
- Source: Press Release
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