In his latest note, noted analyst Ming-Chi Kuo claims that Apple will launch an “Apple Car” between 2023 and 2025, and introduce AR glasses in 2020.
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Riding the success of its iPhones and a slew of other products and services, Apple recently became the first public company to touch the $1 Trillion mark. And, according to noted analyst Ming-Chi Kuo, the Cupertino-based tech giant will touch the $2 trillion mark in the coming years. An “Apple Car” with an expected launch between 2023 and 2025, and an Augmented Reality headset in 2020 are said to steer the company to yet another monumental mark.
“Apple will earn its two trillion dollar market cap through its services business, an augmented reality headset, and an Apple Car,” Kuo, who now works for TF International Securities, said in a new note for investors. The analyst says Apple will position the “Apple Car” as "the next star product." Kuo foresees the Apple Car revolutionizing the automobile market much as the iPhone did back in 2007. Kuo believes there are “huge replacement demands” in the auto sector because it's in the process of being redefined with new technologies.
The reason why the analyst said that the “Apple Car” is likely be launched in 2023–2025 are: “(1) Potentially huge replacement demands are emerging in the auto sector because it is being redefined by new technologies. The case is the same as the smartphone sector 10 years ago; (2) Apple’s leading technology advantages (e.g. AR) would redefine cars and differentiate Apple Car from peers’ products; (3) Apple’s service will grow significantly by entering the huge car finance market via Apple Car, and (4) Apple can do a better integration of hardware, software, and service than current competitors in the consumer electronics sector and potential competitors in the auto sector,” Kuo said in his note.
Previously, Apple was reportedly developing project PAIL, a self-driving shuttle service for its employees. Apple had been working on its plans to build an autonomous vehicle by itself, however, as per a report by The New York Times, Apple shifted its focus more towards building the software and the underlying technology for the vehicle. It was said that the project was plagued with leadership issues, internal strife, and other problems, with Apple opting to shelve the idea of a car for the foreseeable future.
Kuo also believes that Apple is planning to introduce AR glasses in 2020. He claims that AR is “next-generation revolutionary UI,” and the company would redefine the UIs of its existing products by offering an AR experience created by the rumoured AR glasses.
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