Transport Global Market To Reach Value Of Over $8 Trillion In 2025
30 Jun, 2021
The transport market consists of sales of transportation equipment and related services by entities (organizations, sole traders and partnerships) that produce equipment for transporting people and goods. Transportation equipment is a type of machinery.
Global Transport Market Size And Drivers:
The global transport market is expected to grow from $5623.9 billion in 2020 to $5996.2 billion in 2021 at a compound annual growth rate (CAGR) of 6%.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 $8266.5 billion in 2025 at a CAGR of 8%. The transport manufacturing market is aided by the rapid economic growth of developing countries.
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Trends In The Global Transport Market
Virtual reality and augmented reality technologies are being widely used by transportation manufacturing companies for faster creation of physical prototypes and reduce manufacturing defects. While AR is a real-time integration of digital information with the user's environment, VR is a three-dimensional, computer generated environment that can be explored and interacted with. These technologies benefit the manufacturing process by reducing rework, increasing quality, lower labor costs, meet timelines, improving safety, streamline collaboration, design analysis approach, improve accuracy, aid in project management and presentation of product plans.
Global Transport Market Segments:
The global transport market is further segmented based on type and geography.
By Type: Motor Vehicle Parts, Motor Vehicles, Train And Components, Trailer, Motor Home, Travel Trailer And Camper, Ship And Boat Building And Repairing, All Other Transportation Equipment
Sub segments Covered: Motor Vehicle Body, Stamped Metal & Other Parts, Motor Vehicle Engine, Power Train & Parts, Motor Vehicle Electrical & Electronic Equipment, Steering Suspension & Interiors, Motorcycle And Bicycle, Passenger Car, Commercial Vehicle, Locomotives, Wagons & Other Rolling Stock, Parts & Accessories For Railway Vehicles, Dry Vans, Refrigerated Trailers, Tank Trailers, Flatbed Trailers, Lowboy Trailers, Other Trailers, Self-Contained Motor Homes Assembling, Van And Minivan Conversions, Travel Trailer, Camper, Ship Building And Repairing, Boat Building And Repairing
By Geography: The global transport 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 market, accounting for 42% of the market in 2020.
Read More On The Report For The Global Transport Market At:https://www.thebusinessresearchcompany.com/report/transport-global-market-report-2020-30-covid-19-impact-and-recovery
Transport Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides transport market overviews, analyzes and forecasts market size and growth for the global transport market, transport market share, transport market players, transport market segments and geographies, transport market’s leading competitors’ revenues, profiles and market shares. The transport market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.