Alternate Transportation Global Market Report 2023
Major players in the alternate transportation market are AECOM Technology Corporation, AeroMobil s.r.o., Alternative Transportation Systems LLC, Carzonrent India Pvt Ltd., Delft Hyperloop, Lockheed Martin Corporation, Space Exploration Technologies Corp.
New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Alternate Transportation Global Market Report 2023" - https://www.reportlinker.com/p06466527/?utm_source=GNW
, Tesla Inc., Virgin Hyperloop One , ANI Technologies Pvt. Ltd. , Blablacar, ALC Schools LLC, Transdev Group, Enterprise Rent-A-Car, and Azienda Transport Milanesi S.p.A.
The global alternate transportation market is expected to grow from $205.56 billion in 2022 to $233.82 billion in 2023 at a compound annual growth rate (CAGR) of 13.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The alternate transportation market is expected to reach $374.01 billion in 2027 at a CAGR of 12.5%.
The alternate transportation market includes revenues earned by entities by providing car services, motorcycle services, and related electric and fuel alternate transport services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Alternate transport refers to any mode of transportation other than the usual or primary means of getting from one place to another.It can include a variety of options, such as walking, cycling, taking public transportation, carpooling, or using ride-sharing services.
Alternative transportation networks link neighbourhoods to parks, aid in traffic management, and alleviate parking problems in locations that are at or near capacity.
Europe was the largest region in the alternate transportation market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in alternate transportation report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of alternate transportation are road, air, vacuum tubes or pneumatic pressure tubes, and rail.A road refers to a route, typically made of a hard surface such as concrete, asphalt, or gravel, that is designed and built for vehicles, pedestrians, and bicycles to travel on.
The sharing functions involved is both sharing and renting, which are offered both intracity and intercity. It is applied for personal vehicles, passenger vehicles, and freight or carriage vehicles.
The rise in on-demand transportation services is expected to propel the growth of the alternate transport market going forward.On-demand transportation refers to a transportation service that is available to a user whenever they require it.
On-demand alternate transport provides transportation services in less time and enables cost-saving options for passengers.It helps to reduce travel time and fuel, thus lowering pollution levels and providing an eco-friendly alternative option for travellers.
For instance, in February 2023, according to The New York Times, a US-based daily newspaper, the number of people using Uber on-demand transport services increased by 11% every month of 2022. Additionally, compared to 1.7 billion journeys in 2021, it had made two billion trips in a quarter of the year 2022. Therefore, the rise in on-demand transportation services is driving the growth of the alternate transport market going forward.
Technological advancement is a key trend gaining popularity in the alternate transport market.Major companies operating in the alternate transport market are adopting new technologies to sustain their position in the market.
For instance, in September 2020, Earth Rides, a US-based ride-sharing start-up, launched a new earth-friendly ride-sharing service.Earth Rides’ drivers have access to a personal app on the front end that makes it simple to track allotted trips.
Passengers can book trips from smartphones using a Whitelabel rider app from Spare, and requests are instantly matched to available vehicles. Earth leverages Spare’s ride-on-ride feature, which enables it to assign trips to drivers based on previous routes, to ensure maximum efficiency.
In March 2023, Transdev Group, a France-based public transport company, acquired First Transit Inc. for an undisclosed amount. With this acquisition, Transdev Group aims to expand its geographical footprint in the USA and Canada by providing various services such as fixed route bus systems, shuttle services, and others to passengers in the North American region. First Transit Inc. is a US-based public transportation company that offers mobility solutions.
The countries covered in the alternate transportation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The alternate transportation market research report is one of a series of new reports that provides alternate transportation market statistics, including alternate transportation industry global market size, regional shares, competitors with alternate transportation market share, detailed alternate transportation market segments, market trends, and opportunities, and any further data you may need to thrive in the alternate transportation industry. This alternate transportation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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