Press release
Alternate Transportation Market Set to Reach $473.89 Billion by 2029 with 13% Yearly Growth
Alternate Transportation Market
The escalation in the utilization of on-demand transport services is anticipated to drive the alternate transport market's expansion moving forward. On-demand transportation is a transport service available for users whenever needed. This alternate on-demand transport delivers transport services in a shorter time frame and provides cost-saving benefits to commuters. It also contributes to diminishing travel time and fuel consumption, thereby reducing pollution and offering an environmentally friendly option for travelers. For example, as reported by The New York Times, a US-based daily newspaper, in February 2023, the patronage of Uber's on-demand transport services saw a monthly increase of 11% in 2022. Moreover, the number of trips made surged from 1.7 billion journeys in 2021 to two billion in just a quarter of the year 2022. Consequently, the growth of on-demand transport services is pushing the alternate transport market's advancement moving forward.
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What is the future CAGR of the alternate transportation market, and how will it impact industry expansion?
There has been a swift expansion in the size of the alternate transportation market in the past few years. The market is projected to escalate from $261.27 billion in 2024 to $295.37 billion in 2025, witnessing a compound annual growth rate (CAGR) of 13.1%. The historic growth rate is primarily due to factors such as increasing urbanization and traffic congestion, environmental considerations, advancements in the realm of electric vehicles (EVs), government-led initiatives and incentives, a change in consumer choices, and the emergence of mobility as a service (maas).
The market size of alternate transportation is projected to have substantial growth in the coming years, predicted to reach "$473.89 billion in 2029 with a compound annual growth rate (CAGR) of 12.5%. The expansion expected within the forecast period can be associated with factors such as the development of autonomous and connected vehicles, the proliferation of micro-mobility solutions, the emphasis on last-mile connectivity, the adoption of climate change mitigation policies, and the initiation of collaborations and partnerships. Key trends during the forecast period are anticipated to be micro-mobility solutions, self-driving and autonomous vehicles, the unification of multi-modal transportation, urban air mobility, and subscription-based transportation services.
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What are the most significant trends transforming the alternate transportation market today?
Key players in the alternate transportation sector are introducing innovative concepts like ride-sharing services to attract a larger clientele, boost sales, and elevate profits. Ride-sharing is a transportation service wherein individuals carpool during their commute from one place to another. To exemplify, in June 2022, Uber Technologies Inc., an American transportation networking company, rolled out UberX Share. With UberX Share, riders can split their trip and avail substantial markdowns, saving up to 20% on the total fare when paired with another passenger. Emphasizing efficiency, this service keeps delays to a minimum by only matching riders traveling in the same direction, promising to reach the destination within an 8-minute margin of an UberX ride. Besides fiscal advantages and prompt arrivals, UberX Share encourages sustainable travel by effectively fitting more passengers per car, leading to a decline in gas usage, vehicle miles, and emissions per commuter. Thus, it offers a practical and environment-friendly transportation alternative.
Which key market segments comprise the alternate transportation market and drive its revenue growth?
The alternate transportation market covered in this report is segmented -
1) By Type: Road, Air, Vacuum Tubes Or Pneumatic Pressure Tube, Rail
2) By Sharing: Sharing, Renting
3) By Commute Type: Intracity, Intercity
4) By Application: Personal Vehicle, Passenger Vehicle, Freight Or Carriage Vehicle
Subsegments:
1) By Road: Electric Vehicles, Autonomous Vehicles, Ride-Sharing Services
2) By Air: Drones For Delivery, Electric Aircraft, Urban Air Mobility Solutions
3) By Vacuum Tubes Or Pneumatic Pressure Tube: Hyperloop Systems, Pneumatic Tube Transport Systems
4) By Rail: High-Speed Rail, Maglev Trains, Light Rail Systems
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What regions are at the forefront of alternate transportation market expansion?
Europe was the largest region in the alternate transportation market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global alternate transportation market report forecast period. The regions covered in the alternate transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the alternate transportation market?
Major companies operating in the alternate transportation market include AECOM Technology Corporation, AeroMobil s.r.o., Alternative Transportation Systems LLC, Carzonrent India Private Limited, Delft University of Technology Hyperloop Test Facility, Lockheed Martin Corporation, Space Exploration Technologies Corp., Tesla Inc., Virgin Hyperloop One, ANI Technologies Private Limited, BlaBlaCar SAS, ALC Schools LLC, Transdev Group, Enterprise Holdings Inc., Azienda Trasporti Milanesi S.p.A., BYD Company Limited, Polestar Automotive Holding UK Limited, JetBlue Airways Corporation, Plus Transportation Technologies Inc., HopSkipDrive Inc., Superpedestrian Inc., Uber Technologies Inc., Proterra Inc., Ford Motor Company, General Electric Company, DB Schenker Logistics Americas Inc., UPS Supply Chain Solutions Inc., Union Pacific Corporation, Canadian National Railway Company, Canadian Pacific Railway Limited
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What Is Covered In The Alternate Transportation Global Market Report?
• Market Size Forecast: Examine the alternate transportation market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the alternate transportation market for a structured understanding.
• Key Players Overview: Analyze major players in the alternate transportation market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the alternate transportation market.
• Segment Contributions: Evaluate how different segments drive overall growth in the alternate transportation market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the alternate transportation market.
• Industry Challenges: Identify potential risks and obstacles affecting the alternate transportation market.
• Competitive Landscape: Review strategic developments in the alternate transportation market, including expansions, agreements, and new product launches.
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