The Alternate Transportation Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Alternate Transportation Global Market Report 2024, The alternate transportation market size has grown rapidly in recent years. It will grow from $233.82 billion in 2023 to $265.71 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to urbanization and congestion, environmental concerns, advancements in electric vehicles (evs), government initiatives and incentives, shift in consumer preferences, rise of mobility as a service (maas).
The alternate transportation market size is expected to see rapid growth in the next few years. It will grow to $419.83 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to autonomous and connected vehicles, expansion of micro-mobility solutions, focus on last-mile connectivity, climate change mitigation policies, collaborations and partnerships. Major trends in the forecast period include micro-mobility solutions, autonomous and self-driving vehicles, integration of multi-modal transportation, urban air mobility, subscription-based transportation services.
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.
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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
Major companies operating in the alternate transportation market are developing innovations such as ride-sharing services to meet larger customer bases, increase sales, and increase revenue. A ride-sharing service is a transportation service in which individuals share a vehicle to travel from one location to another. For instance, in June 2022, Uber Technologies Inc., a US-based transportation network company, launched UberX Share. UberX Share introduces a unique feature allowing riders to share their journey and enjoy upfront discounts, receiving up to 20% off the total fare when matched with a co-rider. Prioritizing efficiency, the service ensures minimal delays by exclusively pairing riders heading in the same direction, guaranteeing arrival within 8 minutes of an UberX ride. Beyond cost savings and timely arrivals, UberX Share promotes sustainability by efficiently matching more passengers in fewer cars, contributing to reduced gas consumption, vehicle miles, and emissions per passenger, making transportation both economical and eco-friendly.
The alternate transportation market report table of contents includes:
1. Executive Summary
2.Alternate Transportation Market Characteristics
3. Alternate TransportationMarket Trends And Strategies
4.Alternate Transportation Impact Market Analysis
5.Alternate Transportation Market Size And Growth
6. Alternate Transportation Segmentation
7.Alternate Transportation Regional And Country Analysis
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27.Alternate Transportation Competitive Landscape And Company Profiles
28. Alternate Transportation Key Mergers And Acquisitions
29. Alternate Transportation Future Outlook and Potential Analysis
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