Alphabet (GOOGL - Free Report) is leaving no stone unturned to strengthen presence in the autonomous vehicle market and self-driving space backed by Waymo’s aggressive expansion strategies.
The launch of Waymo’s ride-hailing app on Apple’s (AAPL - Free Report) iOS and its availability on App Store is a testament to the same.
Notably, only iPhone users residing in Phoenix, AZ currently have access to the app.
The latest move is likely to help the company in expanding user reach in the self-driving space, which in turn will aid in scaling up its commercial taxi service.
Further, expanding access to Waymo cars will support the company in serving the growing commercial fleet in Phoenix.
Growing Waymo Initiatives
The latest move is in sync with Alphabet’s strategy to bolster presence in the self-driving market. Further, the move marks the expansion of its ride-hailing app, which was first launched on Play Store earlier this year.
Notably, Waymo also teamed up with Lyft (LYFT - Free Report) and made some of its self-driving minivans available to the latter’s customers. This has expanded its reach to Lyft users as well.
Further, the company is reportedly planning to introduce autonomous trucks to the Phoenix area. Initially, these autonomous trucks will start driving on freeways and later expand to other areas. Notably, this move provides a glimpse into the self-driving truck project.
Additionally, Waymo is will provide users with complimentary Wi-Fi service in robo taxis in the Phoenix area.
All the above-mentioned endeavors will help Alphabet to capitalize on the prospects of the autonomous driving space.
Per a report from Grand View Research, the global self-driving car and truck market is projected to witness a CAGR of 63.1% between 2021 and 2030.
Per a report from Allied Market Research, the global autonomous vehicle market is expected to hit $556.67 billion by 2026 at a CAGR of 39.47% between 2019 and 2026.
Further, a report from Research and Markets, the autonomous car market in North America is anticipated to witness a CAGR of 17.1% between 2023 and 2030 and reach $52.3 billion by 2030.
Given this upbeat scenario, companies like Baidu (BIDU - Free Report) , General Motors and Apple, among others, are also making every effort to reap benefits from this market.
In fact, Apple hired Doug Field, a former chief vehicle engineer of Tesla, and Jaime Waydo, a former engineer of Waymo and a veteran of NASA for its self-driving project, in an attempt to accelerate the launch of its self-driving car.
Further, General Motors is taking initiatives to strengthen its driverless project, Cruise Automation. The company’s partnership with DoorDash to test a food delivery service in San Francisco, using its autonomous vehicles is acting as a tailwind.
Meanwhile, Baidu received license for five of its self-driving vehicles in China in September 2019.
Nevertheless, Alphabet’s growing autonomous driving initiatives are likely to aid it in leading the pack. Recently, it was reported by Bloomberg that Waymo’s robotaxis have taken more than 100,000 trips.
Currently, Alphabet carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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