Transport Services Global Market Report 2024

The transport services market size has grown strongly in recent years. It will grow from $8164.3 billion in 2023 to $8839.85 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed in the historical period can be ascribed to factors such as population expansion, increased urbanization, demographic shifts, governmental transportation policies, and concerns related to health and safety.

The transport services market size is expected to see strong growth in the next few years. It will grow to $11980.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period can be linked to initiatives promoting sustainability, integration of smart cities, the provision of shared mobility services, the development of high-speed rail, and the implementation of advanced ticketing and payment systems. Major trends expected in the forecast period encompass mobility as a service, the utilization of autonomous vehicles for cargo transport, the promotion of sustainable and green transport, the incorporation of connectivity in public transportation, and the utilization of digital platforms for freight matching.

The anticipated growth in the transportation services market is supported by the expected stable economic growth in numerous developed and developing countries. The International Monetary Fund (IMF) projects a global GDP growth of 3.3% in 2020 and 3.4% in 2021. The recovery of commodity prices after a notable decline in the historical period is anticipated to further contribute to market growth. Developed economies are forecasted to demonstrate consistent growth during the projection period, while emerging markets are expected to maintain a slightly faster growth rate than developed markets. This stable economic growth is anticipated to boost investments in end-user markets, thereby driving the market throughout the forecast period.

The ascent of e-commerce is poised to foster the growth of the transport services market in the foreseeable future. E-commerce, or electronic commerce, involves the buying and selling of goods and services over the internet or other electronic communication platforms. Transportation services in the realm of e-commerce play a crucial role in ensuring efficient product delivery, expanding market reach, and enhancing customer convenience. For example, in September 2022, the International Trade Administration reported that consumer eCommerce constituted 30% of the UK's overall retail sector (up from 20% in 2020), generating an annual e-commerce revenue exceeding $120 billion. In 2021, 82% of people in the UK had made at least one online purchase. Consequently, the rise of e-commerce is a driving force behind the growth of the transport services market.

The onset of the COVID-19 pandemic has significantly impeded the transportation services market in 2020 due to government-imposed lockdowns and restrictions on the movement of people and goods to curb the virus's spread. COVID-19, characterized by flu-such as symptoms such as fever, cough, and difficulty breathing, led to a decline in economic activity as countries implemented lockdown measures. While the transportation services market experienced challenges during this period, it has begun recovering from the impact of the pandemic.

Companies are actively embracing electricity as a power source for buses as part of their initiatives to reduce carbon emissions and decrease operational costs. Electric buses powered by lithium batteries are gaining popularity, with some utilizing solar panels installed on the bus roof for additional charging. This not only enhances the fuel efficiency of the vehicle but also prolongs the lifespan of lithium batteries. Moreover, the technology involves low-maintenance components, contributing to cost savings for these companies. Key players in the electric bus manufacturing sector include Kiira Motors, BYD Company, Heilongjiang Qiqiar New Energy Automobile Co., Ltd., Bauer's Intelligent Transportation, Yutong, and Volvo buses.

In June 2023, National Express Transport Solutions, a UK-based transport solutions provider, collaborated with Liftango to introduce Trio, an innovative technology for passenger transport that aims to transform the landscape of shared mobility solutions. This collaboration leverages the extensive scale and transport management expertise of National Express Transport Solutions, integrating it with Liftango's data-driven technology platform. The platform encompasses demand-responsive transport (DRT) technology, passenger applications, and management information. Trio utilizes advanced modeling techniques to analyze travel patterns and address transport inequalities, delivering a customized solution with sustainability as a core focus. Liftango, based in Australia, is a provider of on-demand shared transport systems.

Major companies operating in the transport services market report are Amazon.com Inc., China Railway Corporation, Cargill Incorporated, United Parcel Service Inc., DHL Group, Deutsche Post AG, FedEx Corporation, A.P. Moller-Maersk A/S, Maersk, United States Postal Service, CMA CGM Group, COSCO Shipping Group, Kuehne + Nagel International, SF Express Co. Ltd., Hapag-Lloyd AG, DSV A/S, Indian Railways, JSC Russian Railways, Nippon Express Co. Ltd., Expeditors International, Kerry Logistics, DB Schenker, Bollore Logistics, XPO Inc., Hellmann Worldwide Logistics, Kintetsu World Express, NFI Industries Inc., Agility, HNA Technology Co. Ltd.

Asia-Pacific was the largest region in the transport services market in 2023. Western Europe was the second largest region in the transport services market. The regions covered in the transport services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the transport services market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The primary categories in the transport services market include air transport, general transport, pipeline transport, rail transport, transit and ground passenger transport, truck transport, warehousing and storage, and water transport. Water transport involves the movement of goods and people through bodies of water from one location to another. The market is further categorized by purpose, encompassing commuter travel, tourism and leisure travel, business travel, cargo and freight travel, as well as shipping and delivery travel. Additionally, segmentation by destination includes domestic and international considerations. The market is also segmented by end-use industry, covering mining, construction, agriculture, and others.

The transport services market research report is one of a series of new reports that provides transport services market statistics, including transport services industry global market size, regional shares, competitors with a transport services market share, detailed transport services market segments, market trends and opportunities, and any further data you may need to thrive in the transport services industry. This transport services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The transport services market includes revenues earned by entities by transporting goods and people from one location to another for an amount or fee to improve the economy of the particular country. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.