Increase in cost of vehicle ownership, surge in demand for online booking channels, growth in adoption of car rental management software, and growing trend of on-demand transportation services among people across the globe are expected to drive the growth of the global alternate transportation market. Slowdown of supply chain and logistics activities, closure of booking offices, and restriction on usage of ride services during the pandemic had a negative impact on the growth of the market.
Portland, OR, Sept. 21, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global alternate transportation market generated $206.7 billion in 2021, and is projected to reach $620.9 billion by 2031, growing at a CAGR of 11.6% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
Download Report Sample (294 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/11110
Alternate Transportation Industry Report Coverage & Details:
Report Coverage
Details
Forecast Period
2022­–2031
Base Year
2021
Market Size in 2021
$206.7 billion
Market Size in 2031
$620.9 billion
CAGR
11.6%
No. of Pages in Report
294
Segments Covered
Type, Booking Type, Commute Type, Vehicle Type, And Region
Drivers
Increase in the standard of living
Increase in cost of vehicle ownership
Opportunities
Surge in demand for online booking channels
Growing trend of on-demand transportation services among people across the globe
Restrains
Resistance to local transport services among certain people
Fluctuating government regulations
COVID-19 Scenario:
The COVID-19 pandemic had a negative impact on the growth of global alternate transportation market, owing to the prevalence of lockdowns in numerous countries around the world.
Lockdown resulted in the closure of various industries, reduction in workforce, which adversely affected production and sales.
In addition, there were flight cancellations, travel bans, and quarantines, which led to massive slowing of the supply chain and logistical activities across the world.
Social distancing norms and regulations implemented by government and healthcare authorities encourage citizens to maintain a two-meter distance from other persons for safety. This has restricted the usage of ride-sharing services for daily commutes. Users prefer to travel in their own vehicles due to health and safety concerns, hampering the market size in 2020.
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The report offers detailed segmentation of the global alternate transportation market based on type, booking type, commute type, vehicle type, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Based on type, the renting segment held the largest market share in 2021, holding nearly three-fourths of the global alternate transportation market, and is expected to maintain its leadership status during the forecast period. The sharing segment, on the other hand, is expected to cite the fastest CAGR of 14.1% during the forecast period.
Based on booking type, the online segment held the largest market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 12.4% during the forecast period.
Based on commute type, the intracity city segment held the largest market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The intercity segment, on the other hand, is expected to cite the fastest CAGR of 13.0% during the forecast period.
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Based on region, the market across North America held the dominating market share in 2021, holding nearly two-thirds of the global market. The Asia-Pacific region, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 13.1% during the forecast period.
The key players analyzed in the global alternate transportation market report include AECOM, AeroMobil, AeroVironment, Inc., Alternative Transportation Systems, LLC, Autel Robotics, Baidu, Inc., Carzonrent India Pvt Ltd., Delft Hyperloop, ANI Technologies Pvt. Ltd. (OLA), Kespry, Blablacar, Lockheed Martin Corporation, NuTonomy, SpaceX, Tesla, Inc., Virgin Hyperloop, and Yuneec Holding Ltd.
The report analyzes these key players in the global alternate transportation market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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