Amazon (NASDAQ:AMZN) is making significant moves in the autonomous vehicle sector through its subsidiary, Zoox. Zoox has announced plans to establish a large-scale manufacturing facility for its autonomous vehicles, demonstrating Amazon’s commitment to expanding its presence in this burgeoning industry.
The new facility will be situated at Hayward Exchange @ 92, specifically at 25810 Clawiter Rd, strategically chosen to enhance Zoox’s footprint in the East Bay region.
Amazon’s concerted efforts to grow Zoox’s operations are evident in these plans, indicating the tech giant’s strong interest in the autonomous vehicle market.
In addition to the East Bay expansion, Zoox recently secured approval from the Nevada Department of Motor Vehicles to conduct autonomous vehicle testing on Nevada’s roads. This milestone allows Zoox to further its testing activities and solidify its position in the autonomous driving arena.
These strategic initiatives align with Amazon’s objective of capitalizing on the immense growth potential in the autonomous vehicle sector. Several reports and research findings point to the promising prospects of this industry.
According to a Precedence Research report, the global autonomous vehicle market is projected to reach a staggering $2.35 trillion by 2032, with a remarkable compound annual growth rate (CAGR) of 35% between 2023 and 2032.
A report by Fortune Business Insights anticipates the worldwide autonomous cars market to reach $19.96 billion by 2029, demonstrating a robust CAGR of 42.9% from 2022 to 2029.
Mordor Intelligence predicts that the autonomous vehicle market will hit $33.5 billion in 2023 and is poised to reach $93.3 billion by 2028, experiencing a substantial CAGR of 22.7% from 2023 to 2028.
These statistics underscore the tremendous growth potential of the autonomous driving industry, and Amazon, through Zoox, is strategically positioning itself to capture a significant share of this burgeoning market. As the world of autonomous vehicles continues to evolve, Amazon’s commitment to innovation and expansion remains evident.
Featured Image: Unsplash @ Christian Wiediger
Author Stephanie Bédard-Châteauneuf