LONDON, May 08, 2023 (GLOBE NEWSWIRE) -- The Global Market Model provides global transport industry overview which includes key insights on transport industry trends, transportation industry growth rate, transportation industry market size, transport market drivers, and more across 60 geographies for the seven regions.
Transportation Industry Worth
The global transport market was valued at $5918.2 billion in 2022. The market accounted for 5.8% of the global GDP. The market is expected to grow at a compound annual growth rate (CAGR) of 7.7% during 2022 to 2032.
Factors that will drive growth in the market include:
- Rise in demand for self-driving cars
- Growing demand for Electric vehicles
- Increase in adoption of smart solutions in mobility
Transportation Industry Growth Forecast
In its most recent prediction for the transportation market, the Global Market Model has reduced the predicted forecast growth (CAGR) over the next ten years by 1%. Automobile purchases are likely to stagnate as a result of reduced consumer expenditure and recessionary pressures, limiting market growth during this period.
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Major Transportation Industry Segments And Regions
The motor vehicle parts market was the largest segment of the transport market, accounting for 43.5% of the total in 2022. China was the leading market in the transport market, accounting for 19.5% of the total in 2022.
The Global Market Model allows further in-depth analysis of the transport industry covering the following key indicators:
- Number of Vehicles Produced
- Number of Vehicles Sold
- Number of Vehicles Installed
- Number of Enterprises
- Number of Employees
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