Press release
Alternate Transportation Market Size to Reach $470.95 Billion by 2029 | Growth at 12.5% CAGR Forecast
Alternate Transportation Market
What is the Projected Market Size of the Alternate Transportation Industry?
The market size of alternative transportation has seen a swift expansion in the past few years. The growth is anticipated to rise from $261.27 billion in 2024 to $293.83 billion in 2025, growing at a Compound Annual Growth Rate (CAGR) of 12.5%. Factors that have contributed to this spike during the historical period involve urbanization and overcrowding, ecological worries, progress in electric vehicles (EVs), government schemes and incentives, change in consumer choices, and the emergence of mobility as a service (maas).
What Will Be the Size of the Alternate Transportation Market by 2029?
The market size for alternative transportation is set to undergo swift expansion in the upcoming years. It's projected to reach a size of $470.95 billion in 2029, with a CAGR of 12.5%. The evolution over the forecast period could be linked to the advent of self-driving and interconnected vehicles, enhanced micro-mobility solutions, emphasis on final mile connectivity, policies for mitigating climate change, and various collaborations and partnerships. Key trends during this forecast period are likely to be micro-mobility solutions, autonomous and self-steering vehicles, combination of various modes of transportation, urban aeromobility, and services based on transportation subscription.
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What Are the Key Drivers Accelerating Growth in the Alternate Transportation Market?
The growth of the alternate transport market is predicted to be boosted by the increase in on-demand transportation services. On-demand transportation is a service that users can access whenever they need it. On-demand alternate transport offers transportation services rapidly, and offers cost-saving benefits to travelers. Furthermore, it helps to decrease both travel time and fuel consumption, subsequently reducing pollution and offering a more environmentally friendly transportation alternative. For instance, The New York Times, a newspaper based in the US, reported that the use of Uber's on-demand transport services rose by 11% monthly throughout 2022. In comparison to the 1.7 billion trips made in 2021, there were two billion journeys in just a quarter of 2022. As such, the increasing use of on-demand transportation services is fuelling the expansion of the alternate transport market.
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How Is the Alternate Transportation Market Segmented by Type, Application, and Region?
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
What Are the Key Trends Driving Growth in the Alternate Transportation Market?
Leading firms in the alternate transportation market are creating innovative solutions like ride-sharing services to expand their customer reach, boost sales, and enhance revenue. Ride-sharing service refers to a mode of transportation where individuals share a vehicle to commute from one place to another. For example, in June 2022, Uber Technologies Inc., a transportation network firm based in the U.S., rolled out UberX Share. This unique feature of UberX Share allows travellers to share their trips and avail upfront discounts of up to 20% off the total fare when paired with another passenger. Designed for efficiency, this service minimises delays by only pairing riders travelling in the same direction, ensuring they reach their destination within 8 minutes of an UberX ride. In addition to providing cost benefits and prompt arrivals, UberX Share furthers sustainability by optimising the number of passengers in fewer vehicles, leading to a decrease in fuel usage, vehicular mileage, and emissions per user, establishing transportation that is both financially viable and environmentally friendly.
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Who Are the Leading Companies Driving 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
Which Is the Leading Region in the Global Alternate Transportation Market?
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
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