Yahoo Finance Transport Global Market Report 2022
Major companies in the transport market include Toyota Motor Corp, Volkswagen AG, Daimler AG, EXOR Group, Fiat Chrysler Automobiles NV, Ford Motor Co, SAIC Motor Co Ltd, Honda Motor Co Ltd, General Motors Co, and Peugeot.
New York, May 17, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Transport Global Market Report 2022" - https://www.reportlinker.com/p06277685/?utm_source=GNW
The global transport market is expected to grow from $5,345.15 billion in 2021 to $5,910.51 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The market is expected to grow to $8,511.38 billion in 2026 at a compound annual growth rate (CAGR) of 9.5%.
The transport market consists of sales of transportation equipment and related services by entities (organizations, sole traders, and partnerships) that produce equipment for transporting people and goods. Transportation equipment is a type of machinery.
The main types in the transport market are motor vehicle parts, motor vehicles, train and components, trailer, motor home, travel trailer and camper, ship and boat building and repairing, all other transportation equipment.The motor vehicle parts refer to the parts of the vehicles such as bicycles, cycles, and other types.
The various applications include general services, dockage, hull part, engine parts, electric works, auxiliary services. These are used in transport companies, the military, other end users.
Asia Pacific was the largest region in the transport market in 2021.Western Europe was the second largest market in transport market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
Economic Growth In Emerging Markets-The transport manufacturing market is aided by the rapid economic growth of developing countries during the historic period. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments at the end-user markets, thereby driving the market during the forecast period.
Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the transportation manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Transportation manufacturers depend heavily on the supply of parts and components from different countries across the globe.
As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of parts and components.Also, sales of new automobiles decreased significantly due to a decline in consumer demand as many countries impose lockdowns.
The outbreak continued to hurt businesses throughout 2020 and into 2021. However, it is expected that the transportation manufacturing market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Virtual reality and augmented reality technologies are being widely used by transportation manufacturing companies for the faster creation of physical prototypes and to reduce manufacturing defects.While AR is a real-time integration of digital information with the user’s environment, VR is a three-dimensional, computer-generated environment that can be explored and interacted with.
These technologies benefit the manufacturing process by reducing rework, increasing quality, lowering labor costs, meeting timelines, improving safety, streamlining collaboration, design analysis approach, improving accuracy, aid in project management, and presentation of product plans. Major transportation manufacturing companies utilizing AR and VR technologies include Toyota, Volkswagen Group, General Motors, and Daimler AG.
The countries covered in transport market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia; Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
Read the full report: https://www.reportlinker.com/p06277685/?utm_source=GNW
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