Apple’s new branded car project could see the company generate $50 billion in revenue by 2030.
According to analysts at Piper Sandler. it could become one of the company’s biggest hardware revenue sources in ten years time, generating an eye-watering $50 billion for the company before the end of the decade.
A research note read: “Overall, we think Apple entering the automotive market makes perfect sense. Similar to its other hardware offerings, the company can enter the market at a time of peak technology disruption while avoiding the risk of forming the market.”
Apple has been widely rumored to release its first car for a number of years, and though the project ahs been scrapped and cancelled on more than one occasion, it was all-but-confirmed in early 2021 that the project is now back on, with Apple speaking with numerous car manufacturers about a production partnership.
Whilst dates are still sketchy as to when Apple will release its first car, Piper Sandler analysts say that the company could target 100,000 vehicles in 2024, which would help the firm generate $5 billion in revenue with less than 0.01% share of the global automobile market.
Should Apple reach a 1% stake by 2030, that’d grow to $50 billion.