Alternate Transportation Market Gains Popularity in the United States: A New Era of Mobility

Alternate Transportation Market

In addition, the alternate transportation market has witnessed significant growth in recent years.

PORTLAND, OR, UNITED STATES, April 28, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Alternate Transportation Market," The alternate transportation market was valued at $206.70 billion in 2021, and is estimated to reach $620.9 billion by 2031, growing at a CAGR of 11.6% from 2022 to 2031.

𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/11110

The alternate transportation market industry is responsible for various applications in various types of transportation to work and ships, including walking/biking, public transportation, vessels, cargo, and roll-on/roll-off ships. The concept of alternate transportation is typically attributed to the transportation options that use modes other than the single passenger motor vehicle. It has become increasingly clear that the dependence upon single occupancy vehicle transport is inefficient, unsustainable, and unhealthy.

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.

𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝘁𝗼 𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝘁𝗵𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁? 𝗜𝗻𝗾𝘂𝗶𝗿𝗲 𝗕𝗲𝗳𝗼𝗿𝗲 𝗕𝘂𝘆𝗶𝗻𝗴 – https://www.alliedmarketresearch.com/purchase-enquiry/11110

Meanwhile, the players operating in the market are focusing on minimizing the carbon footprint of their business operations by adding electric cars to their taxi fleet. For instance, in January 2021, Baidu, Inc. announced a partnership with Zhejiang Geely Holding Group, a multinational auto manufacturer, to produce intelligent electric vehicles. Baidu provided its intellectual driving capabilities, whereas Zhejiang Geely Holding Group contributed its expertise in automobile design and manufacturing for electric vehicles.

In addition, the alternate transportation market has witnessed significant growth in recent years, owing to the continuous research and development in technology to make such transportation means feasible in terms of implementation and rapid infrastructure development in emerging economies. Furthermore, the companies operating in the alternate transportation market have adopted collaborations, investments, and product developments to increase their market share and expand their geographical presence. For instance, in December 2020, Virgin Hyperloop collaborated with the Technology Innovation Institute (TII), which was a research institute of Abu Dhabi’s Advanced Technology Research Council (ATRC), to further accelerate research and development of hyperloop technology, encourage economic growth, and create a sustainable transportation ecosystem for a sustainable future.

The factors such as rise in trend of on-demand transportation services, increase in cost of vehicle ownership, and rise in in demand from online booking channels supplement the growth of the alternate transportation market. However, low rate of internet penetration in developing regions and resistance from local transport services, coupled with varying government regulations in different countries are the factors expected to hamper the growth of the alternate transportation market. In addition, emergence of eco-friendly electric cab services and adoption of car rental management software creates market opportunities for the key players operating in the alternate transportation market.

The leading players operating in the alternate transportation market are 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.

KEY FINDINGS OF THE STUDY

By type, the sharing segment dominated the global alternate transportation market in terms of growth rate.
By booking type, the online segment dominated the global alternate transportation industry in terms of growth rate.
By commute type, the intercity segment dominated the global alternate transportation market in terms of growth rate.
By vehicle type, the motorcycles segment dominated the global alternate transportation market in terms of growth rate.

𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 𝗮𝘁 https://www.alliedmarketresearch.com/alternate-transportation-market/purchase-options

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