Transportation Services Industry Forecast 2023-20232 - Anticipated Growth Fueled by Rise in Service Costs Amid Inflation, By The Global Market Model From TBRC
A Comprehensive Global Transport Services Industry Overview: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast
LONDON, Aug. 30, 2023 /PRNewswire/ -- The Global Market Model is the world's most comprehensive database of integrated market information. Forecasts for over 7000 markets are updated quarterly on the basis of economic, geo-political and sector-specific factors. The current transportation services industry forecast was made in June 2023, revising the previous forecasts made in December 2022 provides the following key insights on the industry:
What is the valuation of the transportation services sector, and what factors propel its growth?
The global market for transportation services attained a worth of $7,292.6 billion in 2022, constituting 7.3% of the worldwide Gross Domestic Product (GDP). On a per capita basis, the market represented an expenditure of $932.7.
Projections indicate a Compound Annual Growth Rate (CAGR) of 8.3% for the transportation services market during the period spanning 2022 to 2032. This growth is attributed to factors like the adoption of data analytics, enhancements in air cargo services, the surge in e-commerce activities, and the increased focus on tourism, all of which are set to influence the market's trajectory in the forecast period.
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Largest transportation industry segment and region
Within the transportation services industry, the largest segment was the general transport market, constituting 30% of the overall market in 2022. Geographically, the United States held the dominant position in the transportation services market for the same year, accounting for 21.8% of the total share.
Transportation services industry forecast for 2023-2032
Looking ahead at the forecast for the transportation services industry from 2023 to 2032, the projections are largely consistent with the previous forecast as of the end of 2022. Factors such as inflation's impact on labor and fuel costs, leading to increased transportation service prices, were already considered in the prior update. Additionally, the strong rebound of the air transport market due to heightened air travel demand was also taken into account. As a result, the analysis of the transportation industry remains largely consistent throughout this update cycle.
Leverage the capabilities of the Global Market Model to gain essential insights into the opportunities in the transportation industry. Our focus is on catering to your distinct needs -
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The Global Market Model offers insights on the following key industry indicators for the transport services industry –
- Number of commercial vehicles installed
- Number of enterprises
- Number of employees
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SOURCE The Business Research Company
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