Alternate Transportation Technology Market is anticipated to grow at a significant CAGR of 10.3% during the forecast period. Population growth coupled up with rising environmental issues is some major factors supporting the growth of the market. Population growth is one of the major issue that every economy is facing today. The increasing population puts pressure on existing transportation system to meet its requirement. Moreover, rising environmental issues due to extensive use of fossils to fuel the vehicle has led to shift towards electrically powered vehicles. The Global Alternative transportation technology market is the growing market as its implementation across globe is the need of hour. Technology such as Hyperloop, drone delivery system, maglev rail, and driverless cars has already hit the market. The drivers of this market include increased use of electricity as prime fuel, government regulation that supports such technology, less operating cost and scarcity of non-renewable resources.
COVID-19 pandemic highly impacted the transportation industry with new challenges due to complete disorder in global supply chains which resulted in several trade barriers all over the world. However it also created new opportunities for innovation and significant progress in upgrading vehicles, enhancing transit accessibility, creating better and safer rider experiences has been seen. According to, International Energy Agency (IEA), about 3 million new electric cars were registered in 2020. Europe with 1.4 million new registrations, China with 1.2 million registrations and the US with 295 000 new electric cars
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Market Coverage
- Market number available for – 2022-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Alternate Transportation Technology Market Report Segment
By Transportation Mode
- Air
- Road
- Rail
- Vacuum Tubes/ Pneumatic Pressure Tube
By Fuel Type
- Electricity
- Fuel Cells
By Application
- Freight / Carriage Vehicle
- Personal Vehicle
- Passenger Vehicle
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Alternate Transportation Technology Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
Reasons to Buy from us –
- We cover more than 15 major industries, further segmented into more than 90 sectors.
- More than 120 countries are for analysis.
- Over 100+ paid data sources mined for investigation.
- Our expert research analysts answer all your questions before and after purchasing your report.
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