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Amazon (AMZN) Zoox is Set to Establish a Facility in East Bay
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Amazon (AMZN - Free Report) is leaving no stone unturned to bolster its presence in the autonomous vehicle space on the back of its self-driving arm, Zoox.
This is evident from Zoox’s latest plans to establish a large-scale manufacturing facility for its autonomous vehicles.
The facility will be located at Hayward Exchange @ 92, 25810 Clawiter Rd. The facility is being built to expand Zoox’s presence in the East Bay.
The underlined plan is in sync with Amazon’s growing efforts to expand Zoox’s operations.
Apart from East Bay plans, the company recently received approval from the Nevada Department of Motor Vehicles to test its autonomous vehicles on the roads of Nevada.
Zoox is planning to expand warehouse spaces by investing in its Las Vegas facilities. This, in turn, will accelerate its testing activities.
Growth Prospects
The above-mentioned endeavors will help Amazon capitalize on the growth prospects present in the booming autonomous driving space.
Per a Precedence Research report, the global autonomous vehicle market is expected to reach $2.35 trillion by 2032, witnessing a CAGR of 35% between 2023 and 2032.
Per a report by Fortune Business Insights, the worldwide autonomous cars market is expected to hit $19.96 billion by 2029, registering a CAGR of 42.9% between 2022 and 2029.
Further, a Mordor Intelligence report shows that the market is likely to hit $33.5 billion in 2023 and reach $93.3 billion by 2028, seeing a CAGR of 22.7% between 2023 and 2028.
Competitive Scenario
Given the upbeat scenario, not only Amazon but also companies like Alphabet (GOOGL - Free Report) and Baidu (BIDU - Free Report) are making every effort to capitalize on the growth prospects in the autonomous driving space.
Alphabet’s Waymo is constantly enjoying its expanding fleet operations across the United States. Recently, it entered into a multi-year partnership with Uber Technologies (UBER - Free Report) to offer an autonomous driving experience to the latter’s customers in Phoenix, AZ.
Uber, which offers the ride-sharing service, strives to infuse Waymo’s autonomous driving technology into its operations on the back of this partnership.
The expansion of the operating area of Waymo One in Phoenix, which now includes rides to Phoenix Sky Harbor International Airport, remains noteworthy.
Waymo’s effort to expand its operations to downtown Phoenix remains a positive. It rolled out a rider-only service in downtown Phoenix. It has started testing its self-driving vehicles on the streets of Bellevue, WA.
Waymo recently received a contentious vote from the California Public Utilities Commission for running a 24-hour robotaxi service in San Francisco.
Baidu is gaining from the strong momentum of the Apollo Go Robotaxi service across China on the back of its increasing availability in several cities and a growing number of rides.
Apollo Go is available in ten cities, namely Beijing, Shanghai, Guangzhou, Shenzhen, Chongqing, Changsha, Cangzhou, Yangquan, Wuzhen Water Town and Wuhan.
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Amazon (AMZN) Zoox is Set to Establish a Facility in East Bay
Amazon (AMZN - Free Report) is leaving no stone unturned to bolster its presence in the autonomous vehicle space on the back of its self-driving arm, Zoox.
This is evident from Zoox’s latest plans to establish a large-scale manufacturing facility for its autonomous vehicles.
The facility will be located at Hayward Exchange @ 92, 25810 Clawiter Rd. The facility is being built to expand Zoox’s presence in the East Bay.
The underlined plan is in sync with Amazon’s growing efforts to expand Zoox’s operations.
Apart from East Bay plans, the company recently received approval from the Nevada Department of Motor Vehicles to test its autonomous vehicles on the roads of Nevada.
Zoox is planning to expand warehouse spaces by investing in its Las Vegas facilities. This, in turn, will accelerate its testing activities.
Growth Prospects
The above-mentioned endeavors will help Amazon capitalize on the growth prospects present in the booming autonomous driving space.
Per a Precedence Research report, the global autonomous vehicle market is expected to reach $2.35 trillion by 2032, witnessing a CAGR of 35% between 2023 and 2032.
Per a report by Fortune Business Insights, the worldwide autonomous cars market is expected to hit $19.96 billion by 2029, registering a CAGR of 42.9% between 2022 and 2029.
Further, a Mordor Intelligence report shows that the market is likely to hit $33.5 billion in 2023 and reach $93.3 billion by 2028, seeing a CAGR of 22.7% between 2023 and 2028.
Competitive Scenario
Given the upbeat scenario, not only Amazon but also companies like Alphabet (GOOGL - Free Report) and Baidu (BIDU - Free Report) are making every effort to capitalize on the growth prospects in the autonomous driving space.
Alphabet’s Waymo is constantly enjoying its expanding fleet operations across the United States. Recently, it entered into a multi-year partnership with Uber Technologies (UBER - Free Report) to offer an autonomous driving experience to the latter’s customers in Phoenix, AZ.
Uber, which offers the ride-sharing service, strives to infuse Waymo’s autonomous driving technology into its operations on the back of this partnership.
The expansion of the operating area of Waymo One in Phoenix, which now includes rides to Phoenix Sky Harbor International Airport, remains noteworthy.
Waymo’s effort to expand its operations to downtown Phoenix remains a positive. It rolled out a rider-only service in downtown Phoenix. It has started testing its self-driving vehicles on the streets of Bellevue, WA.
Waymo recently received a contentious vote from the California Public Utilities Commission for running a 24-hour robotaxi service in San Francisco.
Baidu is gaining from the strong momentum of the Apollo Go Robotaxi service across China on the back of its increasing availability in several cities and a growing number of rides.
Apollo Go is available in ten cities, namely Beijing, Shanghai, Guangzhou, Shenzhen, Chongqing, Changsha, Cangzhou, Yangquan, Wuzhen Water Town and Wuhan.