The Transport Services Market Value is Expected to Grow to $9,540 Billion by 2022 by The Business Research Company
LONDON, Aug. 1, 2019 /PRNewswire/ -- The global transport services market is expected to grow at a CAGR of around 9% to nearly $9,540 billion by 2022. Although factors such as emerging markets growth, technology development, rise in disposable income, low oil prices, and rise in e-commerce will drive the market, it will face restraint from the changing consumer preference. Despite billions of dollars in investment in new train lines and bus services, transit ridership worldwide has continued to fall for about a decade. In 2017, ownership rates for cars and light trucks touched their highest levels in the USA since 2008 and 2009. In the USA, car ownership rose to 0.766 per person in 2016 from 0.756 in 2015, while the rate per household increased to 1.968 in 2016 from 1.95 in 2015. Per-person rates have been on the rise for four consecutive years while household rates have increased three years in a row. In India, nearly 20 million passenger vehicles were produced in 2016-2017 financial year, taking the country's total registered non-commercial vehicle population to around 220 million. The vehicles on the Indian road in 2017 were comparable to the total number of India households (around 250 million).
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The transportation services market consists of sales of transportation services by entities (organizations, sole traders and partnerships) that move people or things from one place to another for an amount or fee. Transportation services include air, rail, road, water and pipeline transportation of both goods and people. Asia-Pacific is the largest market for transport services market, accounting for around 32% of the global market.
The transport services market can be segmented by type of product into general transportation, truck transportation, air transportation, rail transportation, transit and ground passenger transportation, warehousing and storage, water transportation, and pipeline transportation. The general transportation market accounted for the largest share of the transport services market in 2018 at around 30%. The pipeline transportation market is expected to be the fastest-growing segment.
Technology Development And Emerging Markets Growth Drove The Transport Services Market
The period 2013-2017 saw technological development to be a key driver of the global economy. During this period the value of the Nasdaq index of technology stocks in the USA increased around 100%. Areas of rapid technological change included electronic equipment, healthcare and telecommunications. Markets such as transportation services, which involves technology, benefited from this trend during this period.
According to the World Bank, the world's middle-class population – defined as that earning between $10 and $100 per day – increased from approximately 1.5 to 3.2 billion between 2012 and 2016. This change was driven mainly by growth in emerging markets such as China and India. India's domestic air traffic grew by 17.5% and China's domestic air traffic grew by 13.3% in 2017. In these markets, air transport is often associated with high end lifestyles.
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Focus On Security In Online Transport Services
Online transport services service providers are increasingly focusing on security to prevent fraud and in-game abuse, and provide enhanced customer experience. They are employing multifactor authentication technologies such as device fingerprinting solutions, PINs, biometric sensors, and trusted Bluetooth devices. These technologies provide online transport services sites with unique insights into user account creation for fraud analysis. They also eliminate the need for storing and processing personal information of the users, providing a high level of security.
Going forward, with the implementation of favorable visa policies and growth of the experience economy, the potential and scope for the global transport services market is expected to increase.
Here Is A List Of Similar Reports By The Business Research Company:
General Transportation Global Market Report 2019
Transit And Ground Passenger Transportation Global Market Report 2019
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