The global alternate transportation technology market is anticipated to grow at a considerable CAGR of 10.3% during the forecast period (2022-2028). New transport technologies such as autonomous vehicles are increasingly gaining importance as an alternate transportation technology. An autonomous vehicle is a vehicle which exploits fully automated driving system so as to allow the vehicle to respond to external conditions that a human driver would handle. Autonomous vehicle technology is able to provide certain advantages compared to human-driven vehicles including increased safety on the road, decrease in the number of accidents and they are equipped with software which is likely to make fewer errors in comparison to humans. Continuous advancements in autonomous vehicles are displaying potential interest of costumers in advanced technology in near future.
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The advancement is also leading towards their use in public transit systems and not simply in personal use. For instance, In 2021, Walmart Inc. announced that it is teaming up with Ford Motor Co. and Argo AI to launch a driverless delivery service in three U.S. cities. Furthermore Walmart is also testing driverless delivery with General Motors Co.’s Cruise LLC, Alphabet Inc.’s Waymo, Nuro, and others. Moreover, In 2021, The National Park Service and the North Carolina Department of Transportation (NCDOT) launched the first autonomous vehicle to be tested at a recreational public lands site, CASSI that can ferry 12 passengers.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
o By Transportation Mode
o By Fuel Type
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape-AECOM, Delft Hyperloop, Hyperloop Transportation Technologies, Space Exploration Technologies Corp, TRANSPOD, and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global 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
A full report of Alternate Transportation Technology Market is available at: https://www.omrglobal.com/industry-reports/alternate-transportation-technology-market
