Welcome to our weekly news round-up. In today’s blog, we’ll cover some of the latest goings-on in key markets, using related reports to give context to company deals and daily news. We’ll examine current and future trends and identify opportunities we think all market participants should be aware of.
Here are today's stories:
Uber Loses its Licence to Operate in London
Uber’s application for a new licence in London has been rejected by Transport for London.
The American ride-hailing company said the decision showed “the world that, far from being open, London is closed to innovative companies.” It said the 3.5 million Londoners who use the app, and more than 40,000 licensed drivers who rely on Uber to make a living, will be astounded by this decision.
The transport authority said Uber London Limited is “not fit and proper to hold a private hire operator licence.” It says the company’s approach and conduct “demonstrates a lack of corporate responsibility in relation to a number of issues which have potential public safety and security implications”.
The current licence expires on 30 September and Uber has 21 days to appeal the decision.
Market Insights: The Ride Hailing Market is forecast to grow at a CAGR of 19.8% during the forecast period, to reach USD 276 billion by 2025. The market is driven by factors such as growing need for personal mobility in wake of rising urbanization and fall in car ownership. The factors which restrain the markets are low internet penetration in developing region and complex regulatory policies.
China's Baidu Launches $1.5 Billion Autonomous Driving Fund
Chinese company Baidu announced a $1.52 billion autonomous driving fund on Thursday, as part of wider push to compete with its U.S. rivals in a crowded marketplace. The “Apollo Fund” will invest in 100 autonomous driving projects over the next three years, Baidu said in a statement.
Baidu has also released a new version of its Apollo autonomous driving platform, with five new core capabilities. These include new route planning capabilities and obstacle perception capabilities.
Market Insights: According to Infoholic Research, the Global Autonomous Vehicles Market revenue is expected to grow at a CAGR of 39.6% during the forecast period 2017-2027 reaching $126.8 billion by 2027. Globally, automakers are aggressively focusing on autonomous vehicles to satisfy customer demand, to remain competitive and to improve their product portfolio
Increased investments by automakers, the changing needs and behaviour of customers, and environment-friendly features of autonomous vehicles are expected to drive market growth.
Google Agrees to Buy Part of HTC for $1.1 Billion
Alphabet subsidiary Google on Thursday announced a $1.1 billion acquisition of Taiwanese smartphone maker HTC's smartphone design and engineering arm. Under the agreement, Google will acquire a team of 2,000 HTC employees, many of whom have worked with the company on its Pixel smartphone.
"This agreement is a brilliant next step in our longstanding partnership, enabling Google to supercharge their hardware business while ensuring continued innovation within our HTC smartphone and VIVE virtual reality businesses," Cher Wang, chairwoman and CEO at HTC, said in a prepared statement.
In a blog post, Google Senior Vice President of Hardware Rick Osterloh said the agreement will help the tech giant “fuel even more product innovation in the years ahead.”
Market Insights: The analysts forecast the Global Smartphone Market to grow at a CAGR of 6.04% during the period 2017-2021.
The latest trend gaining momentum in the market is the upcoming possibilities with 5G. While the launch of 5G is 3-4 years away, 5G is being viewed by smartphone vendors as the technology that will get more people to use the Internet for daily tasks. 5G will be capable of delivering up to 100 times the speed customers are currently getting with 4G LTE, which is up to 1 Gbps in an ideal situation.
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