Transport Services Global Market To Reach Value Of $8 Trillion In 2025

28 Jun, 2021

The transport services market consists of sales of transportation services and related goods by entities (organizations, sole traders and partnerships) that transport goods and people from one location to another for an amount or fee. The transportation services industry includes establishments that provide services to move people, goods and materials through air, rail, road, water, and pipeline. The market also comprises sales of warehousing and storage services by entities that are involved in the operation of warehousing and storage facilities for merchandise, refrigerated goods, and other materials.

Global Transport Services Market Size And Drivers:

The global transport services market is expected to grow from $5482.2 billion in 2020 to $6025.8 billion in 2021 at a compound annual growth rate (CAGR) of 9%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8009.6 billion in 2025 at a CAGR of 7%. The transportation services market growth is aided by stable economic growth forecasted in many developed and developing countries.

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Trends In The Global Transport Services Market

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 fuel efficiency of the vehicle and increases the life of lithium batteries. Further, the technology has low maintenance components allowing the companies to save cost.

Global Transport Services Market Segments:
The global transport services market is further segmented based on type, purpose and geography.
By Type: Air Transport, General Transport, Pipeline Transport, Rail Transport, Transit And Ground Passenger Transport, Truck Transport, Warehousing And Storage, Water Transport
By Purpose: Commuter Travel, Tourism And Leisure Travel, Business Travel, Cargo And Freight Travel, Shipping And Delivery Travel
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
By Geography: The global transport services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global transport services market, accounting for 32% of the market in 2020.

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Transport Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides transport services market overviews, analyzes and forecasts market size and growth for the global transport services market, transport services market share, transport services market players, transport services market segments and geographies, transport services market’s leading competitors’ revenues, profiles and market shares. The transport services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.