Transport Global Market Report 2021: COVID 19 Impact and Recovery to 2030

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Major companies in the transport market include Toyota Motor; Volkswagen Group; General Motors; Daimler AG and Ford Motor. The global transport market is expected to grow from $5623. 29 billion in 2020 to $5996.

New York, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Transport Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009773/?utm_source=GNW
82 billion in 2021 at a compound annual growth rate (CAGR) of 6.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8266.45 billion in 2025 at a CAGR of 8%.

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 transport market is segmented into motor vehicle parts; motor vehicles; train and components; trailer; motor home; travel trailer and camper; ship and boat building and repairing and all other transportation equipment.

Asia Pacific was the largest region in the global transport market, accounting for 42% of the market in 2020. North America was the second largest region accounting for 23% of the global transport market. Africa was the smallest region in the global transport market.

Virtual reality and augmented reality technologies are being widely used by transportation manufacturing companies for faster creation of physical prototypes and 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, lower labor costs, meet timelines, improving safety, streamline collaboration, design analysis approach, improve 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.

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 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 lack of parts and components. Also, sales of new automobiles decreased significantly due to decline in consumer demand as many countries impose lockdowns. The outbreak is expected to continue to have a negative impact on 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.

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 in the end user markets, thereby driving the market during forecast period.
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