Hyperloop technology market is anticipated to grow at a CAGR of 40.9% during the forecast period. One of the key factors that are fueling the market growth is the proposed speed it offers to commute, which runs at an average speed of 600 miles per hour (mph). In such a mode of transportation, pods travel through tubes that are vacuum-sealed and can reach a speed of about 500 mph. A hyperloop system empowers pods to run at high speeds and have efficient propulsion owing to the low air pressure inside the tube, which avoids the outside air friction from limiting the pod’s speed. This transportation can resolve most of the transportation issues which offers an opportunity for market growth. Moreover, this transportation is considered less expensive than other alternative options. For instance, in June 2021, at a House hearing, the head of one of the hyperloop companies projected a structure cost of about $54 million per mile. By inexact comparison, the cost of California’s high-speed rail mission is projected at $154 million per mile and rising.
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Asia-Pacific region is anticipated to hold a prominent share in the market during the forecast period owing to the rapid expansion of China in its transportation network which can bring down the prices connected to freight hauling. Being an emerging country, China invests around 15% of its GDP on logistics, which makes it inept as compared to the countries in the West, where the average stands at nearly 10% to 12% of the GDP. However, hyperloop technology can carriage products at a fraction of the time occupied by rail transport or conventional road. Such developments are also occurring in the other countries of the region. For instance, in February 2020, Richard Branson’s owned company, Virgin Group, stretched out to the Transport Minister of India, Nitin Gadkari, with an offer for establishing a hyperloop transportation system between Mumbai and New Delhi after the Maharashtra government decided for shelving the company’s proposed project.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Hyperloop Technology Market Report by Segment
By Transportation System
- Tube
- Propulsion
- Capsule
- Route
- Others
By Carriage Type
- Passenger
- Cargo/Freight
Global Hyperloop Technology Market Report by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global hyperloop technology market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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