Transport Services Market Growth Trajectory Through 2024-2033

The Transport Services 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 Transport Services Global Market Report 2024, The transport services market size has grown strongly in recent years. It will grow from $8164.3 billion in 2023 to $8839.85 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to population growth, growth of urbanization, demographic changes, government policies in transportation, health and safety concerns.

The transport services market size is expected to see strong growth in the next few years. It will grow to $11980.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to sustainability initiatives, smart cities integration, shared mobility services, high-speed rail development, advanced ticketing and payment systems. Major trends in the forecast period include mobility as a service, autonomous vehicles for cargo transport, sustainable and green transport, connectivity in public transportation, digital platforms for freight matching, .

The transportation services market’s growth is aided by the stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market’s growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in end-user markets, thereby driving the market during the forecast period.

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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 Covered: Passenger Air Transport, Chartered Air Transport, Air Cargo Services, Sightseeing Transport & Support Activities For Transport, Couriers And Messengers, Postal Services, Crude Oil Pipeline Transport, Natural Gas Pipeline Transport, Refined Petroleum Products Pipeline Transport, Other Pipeline Transport, Passenger Rail Transport, Rail Freight, Commuter Rail And Public Bus Services, Taxi And Limousine Services, School And Employee Bus Services, Charter Bus Services, Other Transit And Ground Passenger Transport, General Freight Trucking, Specialized Freight Trucking, General Warehousing And Storage, Refrigerated Warehousing And Storage, Specialized Warehousing And Storage, Farm Product Warehousing and Storage, Deep Sea, Coastal, And Great Lakes, Inland Water Transport

Companies are actively pursuing electricity to power buses to reduce carbon emissions and cut costs. Solar buses run on electric batteries, which, in some cases, are also charged by solar panels installed on the roof of the bus. This improves the fuel efficiency of the vehicle and increases the life of lithium batteries. Further, the technology has low-maintenance components, allowing the companies to save costs. Major companies involved in manufacturing electric buses include Kiira Motors, BYD Company, Heilongjiang Qiqiar New Energy Automobile Co., Ltd., Bauer’s Intelligent Transportation, Yutong, and Volvo buses.

The transport services market report table of contents includes:

1. Executive Summary
2.Transport Services Market Characteristics
3.Transport Services Market Trends And Strategies
4.Transport Services Market analysis
5.Transport Services Market Size And Growth
6.Transport Services Segmentation
7.Transport Services Regional And Country Analysis
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27.Transport Services Competitive Landscape And Company Profiles
28.Transport Services Key Mergers And Acquisitions
29.Transport Services Future Outlook and Potential Analysis

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