LONDON, April 05, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the transport services market forecasts the global transport services market size to grow from $7197.3 billion in 2022 to $7993.4 billion in 2023 at a compound annual growth rate (CAGR) of more than 11%. 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 services market value is expected to grow to $10568.9 billion in 2027 at a CAGR of more than 7%.
Faster Economic Growth: The transportation services market is expected to grow at a faster pace in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, following a significant decline in the previous period, are expected to further aid market growth. Developed economies are also expected to grow steadily over the forecast period. Furthermore, emerging markets are expected to grow slightly faster than developed markets during the forecast period. Stable economic growth is expected to increase end-user market investments, driving the market during the forecast period.
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.
As per the transportation market analysis, companies are actively pursuing the use of electricity to power buses in order to reduce carbon emissions and costs. Solar buses run on electric batteries, which are sometimes charged by solar panels installed on the bus's roof. This increases the vehicle's fuel efficiency and the life of the lithium batteries. Furthermore, the technology has low-maintenance components, allowing businesses to save money. Kiira Motors, BYD Company, Heilongjiang Qiqiar New Energy Automobile Co., Ltd., Bauer's Intelligent Transportation, Yutong, and Volvo buses are among the major manufacturers of electric buses.
Asia-Pacific was the largest region in the transport services market in 2022. Western Europe was the second largest region in the transport services market. The regions covered in The transport services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The global transport services market is segmented by type into 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; by destination: domestic, international; by end-use industry into mining, construction, agriculture, other end use industries.
Transport Services Global Market Report 2023 by The Business Research Company provides insights on the transport services market size, transport services market segments, transport services market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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