Press release
Transport Services Market Expansion Outlook: $11794.7 Billion in 2029
Transport Services
What Is the Projected CAGR for the Transport Services Market from 2024 to 2025?
In recent times, there has been considerable expansion in the transport services market. It is projected to increase from $8112.61 billion in 2024 to $8716.56 billion in 2025, with a 7.4% compound annual growth rate (CAGR). The past growth in this market can be linked to factors such as population growth, urbanization trends, demographic shifts, and government transportation policies, along with growing health and safety considerations.
What are the Expected Market Size and CAGR for Transport Services by 2029?
The projected market size of transport services is predicted to experience a significant surge in the coming years, expanding to $11794.7 billion by 2029 with a compound annual growth rate (CAGR) of 7.9%. The growth during the forecast period can be credited to several factors including efforts towards sustainability, incorporation of smart cities, implementation of shared mobility services, development of high-speed rail, and advancements in ticketing and payment systems. The forecast period is also expected to see emerging trends like mobility as a service, autonomous cargo transport vehicles, eco-friendly and sustainable transports, enhanced connectivity in public transportation, and digital platforms for freight matching.
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Which Factors Are Driving the Global Transport Services Market Expansion?
The expansion of the transportation services market is powered by the projected steady economic growth in numerous developed and developing nations. The UK's GDP, for example, was 2.9% greater in Q2 2024 compared to its pre-pandemic level in Q4 2019, as reported by the UK-based government agency, the House of Common Library, in October 2024. During this time, the GDP of the Eurozone and Germany saw an increase by 3.9% and 0.2%, respectively. The US witnessed the most significant GDP growth among the G7 economies, with a rise of 10.7%. The market growth will be further fueled by the recovery of commodity prices which faced a massive decline in the past. Anticipated steady growth can be observed in developed economies over the predicted period. Meanwhile, emerging markets are projected to slightly outpace the developed markets in terms of growth in the same period. The anticipated economic stability is likely to generate more investments in end-user markets, thereby propelling the market during the prediction period.
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Which Segment Currently Holds the Largest Share of 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
Which Major Trends Are Shaping the Future of the Transport Services Industry?
Firms are proactively switching to electric power for buses in an effort to minimize carbon emissions and bring down expenses. Electric batteries power solar buses and in certain scenarios, these are recharged using solar panels affixed atop the bus. This leads to enhanced fuel efficiency for the vehicle and prolongs the lifespan of lithium batteries. Additionally, its components require minimal maintenance letting companies economize on upkeep costs. Prominent firms engaged 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 Key Players Dominate the Transport Services Industry Globally?
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 Are the Fastest-Growing Regions 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.
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