Self-driving cars could be a major opportunity for Apple Inc. (NASDAQ:AAPL) followed by health, augmented reality and mixed-reality wearables, according to Loup Funds analyst Gene Munster.
The Cupertino, California-based tech giant recently announced its improved CarPlay. This led Bloomberg columnist Mark Gurman to guess that this could be a precursor to the company's self-driving car.
Munster agrees. If the company gets around to launching an Apple Car, it could be a huge opportunity for the Cupertino, California-based tech giant, Munster said earlier this week.
If Apple manages to get 10% of the global car market, below market leader Toyota Motor Corporation's (NYSE:TM) 13% share currently, and if the average selling price is at $60,000 apiece, it would be a $420 billion business. That's the same amount investors are expecting from Apple as revenue in fiscal-year 2023, he noted.
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Munster also pointed out how Apple uses the phrase "health and wellness" over "health care."
"I think the reason is they're trying to consumerize health care," he said. "By dropping the 'care' it emphasizes being healthy."
Image courtesy of Apple
