New York, April 04, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the “Transport Services Global Market Report 2022” – https://www.reportlinker.com/p06250337/?utm_source=GNW
P. Moller-Maersk A/S, Indian Railways and Russian Railways JSC.
The global transportation services market 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 market is expected to reach $10,394.13 billion in 2026 at a compound annual growth rate (CAGR) of 9.6%.
The transportation services market includes sales of transportation services and related goods by entities (organizations, sole proprietorships, and partnerships) that transport goods and people from one location to another for a fee or fee. The transportation services industry includes establishments that provide services to move people, goods, and materials by air, rail, road, water, and pipeline.
The market also includes sales of warehousing and storage services by entities involved in the operation of facilities for the warehousing and storage of goods, refrigerated products and other materials.
The major types of transportation services market are segmented into air transportation, general transportation, pipeline transportation, rail transportation, transit and ground passenger transportation, truck transportation, warehousing and storage, and water transportation. Water transport involves the transport of goods and people from one place to another through 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 end-use industry into mining, construction, agriculture, construction and others.
Asia-Pacific was the largest region in the transportation services market in 2021. Western Europe was the second largest region in the transportation services market.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Faster Economic Growth – The growth of the transportation services market is aided by steady economic growth predicted in many developed and developing countries. The International Monetary Fund (IMF) forecasts that global GDP growth will be 3.3% in 2020 and 3.4% in 2021. The recovery in commodity prices, after a significant decline during the historical period, is further expected to contribute to the growth of the market. Developed economies are also expected to record steady growth over the forecast period. Moreover, emerging markets are expected to continue to grow slightly faster than developed markets during the forecast period. Steady economic growth is expected to increase investment in end-user markets, thereby boosting the market over the forecast period.
Coronavirus Pandemic – The coronavirus disease (COVID-19) outbreak acted as a massive constraint on the transportation services market in 2020 as governments imposed lockdowns and restricted the movement of people and goods to contain transmission.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 around the world, including Western Europe, North America and Asia. Measures taken by national governments to contain transmission have led to a decline in economic activity with countries. enter a state of “lockdown” and hurt businesses throughout 2020 and into 2021.
However, the transport services market has started to recover from the shock.
Companies are actively seeking 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 vehicle fuel efficiency and increases the life of lithium batteries. Additionally, the technology features low-maintenance components, helping companies cut 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.
The countries covered in the transportation 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, United Arab Emirates, United Kingdom, United States, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06250337/?utm_source=GNW
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