The Economic Boom of the 1920s was driven by the Assembly line and the mass production of consumer goods such as the Ford Model T Automobile and luxury labor saving devices and access to easy credit on installment plans.
Their could be an emerging global economic boom for the 2020s. 5 to 6% annual GDP growth could be possible. McKinsey has projected up to a 2% annual boost from the benefits of artificial intelligence. Accenture also believes AI could double growth rates.
There will a shift to the self driving electric ride sharing cars for all new cars before 2029.
The cost of car operation with self driving ride sharing could drop to less than half the current operating cost of cars and trucks.
Delphi Automotive Plc, which is changing its name to Aptiv, wants to cut the cost of self-driving cars by more than 90 percent to around $5,000 by 2025, according to Chief Executive Officer Kevin Clark.
While current estimates for the cost of a self-driving hardware and software package range from $70,000 to $150,000, “the cost of that autonomous driving stack by 2025 will come down to about $5,000 because of technology developments and (higher) volume,” Clark said in an interview.
One of the biggest opportunities for cutting costs, Clark said, will come as automakers, working with companies such as Delphi/Aptiv, begin to re-engineer their basic vehicle platforms specifically to accommodate electric motors, batteries and self-driving sensors.
Dropping the cost for transporting people and goods would be massive economic stimulus. It will also boost the demand for transportation and increase the efficiency of the economy and will be a boost trade.
The massive growth of electric cars will result in the creation of the equivalent of 100 Giga battery factories. There will also be a continued surge in solar power.
Batteries and solar can be used to provide power to a billion people currently without power. They use that as a first step to get lifted out of poverty.
21st century mass production could see a boost from vastly improved robotic automation and reinvention of factory operations (Elon Musk has plans to double the production at his factories every two years).
Blockchain identity and Fintech innovations will enable billions without usable identification or credit history to qualify for loans and financial services.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.