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.
The main types in the transport services market are segmented into air transport, general transport, pipeline transport, rail transport, transit and ground passenger transport, truck transport, warehousing and storage, and water transport. Water transport involves the transportation of goods and people from one location to another through the water. The market is also segmented by purpose into commuter travel, tourism and leisure travel, business travel, cargo and freight travel, and shipping and delivery travel and also segmented by destination into domestic and international. It is also segmented by the end-use industry into mining, construction, agriculture, construction, and others.
The global transport services market size is expected to grow from $6,559.71 billion in 2021 to $7,210.41 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. The transport service market is then expected to grow to $10,394.13 billion in 2026 at a CAGR of 9.6%.
The transportation services market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market 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 the 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.
The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the transportation services market in 2020 as governments imposed lockdowns and restricted the movement of people and goods to contain the transmission. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China, and spread globally including to Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of lockdown and harmed businesses throughout 2020 and into 2021. However, the transportation services market started recovering from the shock.
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 Longhua New Energy Automobile Co., Ltd., Bauer's Intelligent Transportation, Yutong, and Volvo buses.
Major companies in the transport services market include United Parcel Service Inc., Amazon.com Inc, United States Postal Service, Deutsche Post AG, FedEx Corporation, Cargill, Incorporated, China Railway Corporation, A.P. Moller-Maersk A/S, Indian Railways, and JSC Russian Railways.
Asia Pacific was the largest region in the transport services market in 2021. Western Europe was the second largest region in the transport services market. The regions covered in the transport service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the transport services 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, and Vietnam.
The global transport services market 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, Others
Subsegments Covered: Passenger Air Transport, Chartered Air Transport, Air Cargo Services, Sightseeing Transport and 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