Transport equipment is defined as equipment that is used for the movement of people or goods from one place to another.
The main types in the transport market are motor vehicle parts, motor vehicles, trains and components, trailers, motor homes, travel trailers, and campers, ship and boat building and repairing, and all other transportation equipment. Motor vehicle parts refer to the parts of vehicles such as bicycles, cycles, and other types. The various applications include general services, dockage, hull parts, engine parts, electric works, auxiliary services. These are used by transport companies, the military, and other end users.
The transport market research report is one of a series of new reports from The Business Research Company that provides transport market statistics, including transport industry global market size, regional shares, competitors with a transport market share, detailed transport market segments, market trends and opportunities, and any further data you may need to thrive in the transport industry. This transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The global transport market grew from $5894.62 billion in 2022 to $6464.7 billion in 2023 at a compound annual growth rate (CAGR) of 9.7%. 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 transport market is expected to grow to $9091.42 billion in 2027 at a CAGR of 8.9%.
The Transport Manufacturing Market has been aided by the rapid economic growth of developing countries during the historical period. 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 the end-user markets, thereby driving the market during the forecast period.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the transportation manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China, and has spread globally, including Western Europe, North America, and Asia. Transportation manufacturers depend heavily on the supply of parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of parts and components. Also, sales of new automobiles decreased significantly due to a decline in consumer demand as many countries imposed lockdowns. The outbreak continues to hurt businesses throughout 2020 and into 2021. However, it is expected that the transportation manufacturing market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Virtual reality and augmented reality technologies are being widely used by transportation manufacturing companies for the faster creation of physical prototypes and to 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, lowering labour costs, meeting timelines, improving safety, streamlining collaboration, design analysis approach, improving accuracy, aiding in project management, and presentation of product plans. Major transportation manufacturing companies utilizing AR and VR technologies include Toyota, Volkswagen Group, General Motors, and Daimler AG.
Major companies in the transport market include Toyota Motor Corp, Volkswagen AG, Daimler AG, EXOR Group, Fiat Chrysler Automobiles NV, Ford Motor Co, SAIC Motor Co Ltd., Honda Motor Co Ltd., General Motors Co, and Peugeot.
Asia-Pacific was the largest region in the transport market in 2022. Western Europe was the second largest market in transport market. The regions covered in the transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
The countries covered in transport market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia; Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
The transport consists of sales of 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, self-contained motor homes assembling, van and minivan conversions, travel trailer, camper, shipbuilding and repairing, boat building and repairing and other transport. The market includes only the sales of manufactured transport equipment not transport services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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 global transport market is segmented -
1) 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
2) By Application: General Services, Dockage, Hull Part, Engine Parts, Electric Works, Auxiliary Services
3) By End-User: Transport Companies, Military, Other End Users
Subsegments 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, Refrigirated 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