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Emerging Trends Influencing The Growth Of The Transport Services Market: Companies Embrace Solar-Powered Electric Buses For Sustainability And Cost Savings
Transport Services Market Size
What Is the Transport Services Market Size and Projected Growth Rate?
Over the past few years, the transportation services market has seen robust growth. The market size is projected to increase from $8985.02 billion in 2024 to $9766.08 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 8.7%. Factors contributing to growth during the historical period include population expansion, urbanization development, demographic shifts, governmental regulations in the transportation sector, alongside health and safety considerations.
The market size for transport services is projected to witness robust expansion in the upcoming years, ballooning to $13028.63 billion by the year 2029 with a compound annual growth rate (CAGR) of 7.5%. The anticipated growth during the forecast period can be credited to various factors such as initiatives towards sustainability, the incorporation of smart city technology, the rise of shared mobility services, the expansion of high-speed rail networks, and the advent of advanced ticketing and payment systems. Key trends for the forecast period include the adoption of mobility as a service, deployment of autonomous vehicles for cargo movement, focus on sustainable and green transport, enhanced connectivity in public transportation, and the emergence of digital platforms for matching freight.
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What Are the Major Segments in the Transport Services Market?
The transport services market covered in this report is segmented -
1) By Type: Air Transport, General Transport, Pipeline Transport, Rail Transport, Transit And Ground Passenger Transport, Truck Transport, Warehousing And Storage, Water Transport
2) By Purpose: Commuter Travel, Tourism And Leisure Travel, Business Travel, Cargo And Freight Travel, Shipping And Delivery Travel
3) By Destination: Domestic, International
4) By End-Use Industry: Mining, Construction, Agriculture, Other End Use Industries
Subsegments:
1) By Air Transport: Passenger Air Services, Cargo Air Services, Charter Air Services
2) By General Transport: Freight Forwarding, Logistics Services, Courier Services
3) By Pipeline Transport: Oil And Gas Pipeline Transport, Water Pipeline Transport, Chemical Pipeline Transport
4) By Rail Transport: Freight Rail Services, Passenger Rail Services, High-Speed Rail Services
5) By Transit And Ground Passenger Transport: Bus Services, Ride-Sharing Services, Taxi Services
6) By Truck Transport: Long-Distance Trucking, Local Delivery Services, Specialized Freight Trucking
7) By Warehousing And Storage: Public Warehousing, Private Warehousing, Cold Storage Facilities
8) By Water Transport: Cargo Shipping, Ferry Services, Cruise Services
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What Are The Driving Transport Services Market Evolution?
The steady economic growth predicted in numerous developed and developing nations contributes to the expansion of the transportation services market. For example, the UK's GDP in the second quarter of 2024 exceeded its pre-pandemic level from the last quarter of 2019 by 2.9%, as reported by the House of Common Library, a UK government-based organization, in October 2024. During the same time frame, the GDP of the Eurozone and Germany increased by 3.9% and 0.2% respectively. The US experienced a remarkable 10.7% GDP growth, the highest among the G7 economies. The anticipated restoration of commodity prices after their substantial old-time decline will likely also boost the market's growth. Furthermore, consistent growth is predicted in developed economies for the projected timeline, while emerging markets are expected to maintain a slightly higher growth rate in comparison to developed markets. This economic stability is anticipated to trigger greater investments in end-user markets, thereby facilitating the growth of the market in the predicted duration.
Which Firms Dominate The Transport Services Market Segments?
Major companies operating in the transport services market include Amazon.com Inc., China Railway Corporation, Cargill Incorporated, United Parcel Service Inc., DHL Group, Deutsche Post AG, FedEx Corporation, A.P. Moller-Maersk A/S, Maersk, United States Postal Service, CMA CGM Group, COSCO Shipping Group, Kuehne + Nagel International, SF Express Co. Ltd., Hapag-Lloyd AG, DSV A/S, Indian Railways, JSC Russian Railways, Nippon Express Co. Ltd., Expeditors International, Kerry Logistics, DB Schenker, Bollore Logistics, XPO Inc., Hellmann Worldwide Logistics, Kintetsu World Express, NFI Industries Inc., Agility, HNA Technology Co. Ltd.
What Trends Are Expected to Dominate the Transport Services Market in the Next 5 Years?
An increasing number of corporations are turning to electricity as a power source for buses in a bid to reduce carbon emissions and decrease costs. Solar buses operate on electric batteries which, in certain instances, are also powered by solar panels affixed to the bus roof. This enhances the fuel efficiency of the vehicle and prolongs the durability of lithium batteries. Moreover, the technology has components requiring minimal maintenance, enabling companies to make cost savings. Notable firms involved in the production of electric buses include Kiira Motors, BYD Company, Heilongjiang Qiqiar New Energy Automobile Co., Ltd., Bauer's Intelligent Transportation, Yutong, and Volvo buses.
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Which Is The Largest Region In The Transport Services Market?
Asia-Pacific was the largest region in the transport services market in 2024. Western Europe was the second largest region in the transport services market. The regions covered in the transport services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Transport Services Market?
2. What is the CAGR expected in the Transport Services Market?
3. What Are the Key Innovations Transforming the Transport Services Industry?
4. Which Region Is Leading the Transport Services Market?
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