Global Alternate Transportation Technology Industry
The world’s population is increasing every year and transportation is becoming a major problem people face. Traditional transportation mode is causing traffic and increases pollution levels. The use of traditional fuel is expensive and finding it is also becoming more difficult. Alternative transportation technology is the use of newer technology and different modes of travel like hyperloop, maglev rail, drones, and driverless cars. All these methods are created to save time, money and effort spent in traveling and are projected to be the future of people and freight transportation.
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The rise in fuel costs is one main reason why people are looking up to alternative transportation technology. Governments all over the world are encouraging businesses that come up with such alternative ideas for transportation too. Electricity is being used more and more as a fueling mode for vehicles and this is also a positive factor for the growth of this market. However, the lack of awareness about these new methods, the high cost of initial setup and the safety factors of these travel modes are all considered hindrances for the market’s growth.
This global alternative transportation technology market report is a clear study on the market’s status at present and in the years to come. The report forecasts the growth rate and the position of the market between the years 2018 and 2028. Several primary and secondary research results are compiled together to get an understanding of the market. This report does a detailed global, regional and individual company based study. Market drivers that facilitate the growth of the industry are identified and restraints are described too.
There are very few companies working in this sector as the market is still in emerging phase. Hyperloop companies like Hyperloop one, SpaceX, transpod Inc, DELFT hyperloop, Aecom and other joint ventures are working to develop this transportation technology which will save lot of time and the same will run on renewable sources of energy. Driverless car company like Baidu Inc, NuTonomy , Tesla Inc. has already tested driverless cars in their parent market, since the number of companies in this segment is less, there will be enormous growth opportunities. Drone manufactures such as Parrot Sa, Da-Jiang Innovations (DJI) , Yuneec, Lockheed martin Corp. ,and aeroenvironmet are the key players that leads drone market. Space elevator companies such as Liftport Group, Thoth and Obayashi corporation are the major player working in this segment. Flying car companies such as Terrafuguia Corp, Zee.aero, Aeromobile are the market leaders in the segment. Straddling bus concept in china by Transit elevated bus, is another one of the practical alternate transportation concept that has huge potential to grow. The report includes detailed analysis of companies, market overview, analyst insights and market segmentation.
The market is segmented into types, applications, and manufacturers. Based on the type, rail, road, air and pneumatic pressure tube based transportation systems are identified and their pros and cons are described. This report identifies the type that will create the most demand in the coming years. Based on the applications or areas of usage for these alternative technologies, freight transportation, personal transportation and passenger vehicle based transportation are all analyzed. There are very few manufacturers or companies that invest in alternative transportation technology models as the industry is still in its emerging phase.
Geographically, the market is segmented into North America, Europe, Asia Pacific and the Rest of the World. In these, North America is the major market and is projected to dominate the industry in the forecasted period. The organizations that hold the patent for such alternative transportation technology products are located in the USA and Canada. Europe will also see considerable growth in the coming years. Asia-Pacific is also projected to see high CAGR levels, thanks to the development of industries that deal with alternative technology. The micro markets that this industry creates are also identified in this report.
In July 2019, the Indian Government finally agreed for a Hyperloop train path to be constructed between Mumbai and Pune. This Hyperloop One technology is backed by Richard Branson of the Virgin Group.
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