Technology company Intel Corporation is predicting that autonomous driving will cause a new “passenger economy” to emerge to support the idle time when drivers become riders, an economy that will be more than twice the size of the “sharing economy.”
The findings were contained in a new study titled Accelerating the Future: The Economic Impact of the Emerging Passenger Economy and released on Thursday. The study, prepared by analyst firm Strategy Analytics, predicts an “explosive economic trajectory” growing from US$800 million in 2035 to US$7 trillion by 2050 “as autonomous vehicles become mainstream,” Intel said in a press release.
Business use of Mobility-as-a-Service (MaaS) – which will disrupt long-held patterns of car ownership, maintenance, operations and usage – is expected to generate US$3 trillion in revenue, or 43% of the total passenger economy. Consumer use of MaaS offerings is expected to account for US$3.7 trillion in revenue, or nearly 55% of the total passenger economy. Another $200 billion 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,” Intel suggested.
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