Alternate Transportation Technology Market
Alternate Transportation Technology Market By Transportation Mode (Air, Road, Rail, And Vacuum Tubes/ Pneumatic Pressure Tube), and by Application (Freight/Carriage Vehicle, Personal Vehicle, and Passenger Vehicle) Forecast Period (2024-2031)
Alternate transportation technology market is anticipated to grow at a significant CAGR of 10.5% during the forecast period (2024-2031). Alternative transportation technologies are non-traditional modes of transportation that are more sustainable and environmentally friendly. Major alternative transportation technologies include biofuels, electric vehicles, and hydrogen-fueled vehicles. The growing demand for sustainable transportation systems globally is driving the global market. However, the high cost of new technology may hinder global market growth.
Market Dynamics
Growing Demand for Sustainable Transportation Technology
The burgeoning demand for sustainable means of transportation exists globally to meet the zero-emission targets of different countries. In July 2024, Egypt’s Ministry of Transport signed several pivotal agreements and memoranda of understanding (MoU) with Italian counterparts to enhance its transportation infrastructure and promote sustainable development. These agreements, announced at the Egypt-EU Investment Conference, aim to modernize railway systems and bolster green transport initiatives in line with Egypt’s Vision 2030. Such agreements are driving the global alternate transportation technology market.
Growing Demand for Hybrid Electric Vehicles (HEVs)
Globally, the growth of HEVs is driving the global alternate transportation technology market. HEVs combine traditional internal combustion engines with electric propulsion systems for high energy and power requirements. The stringent emissions regulations and favorable government policies, incentives, and subsidies for eco-friendly transportation have increased the adoption of HEVs across the United States, Europe, China, and Japan. Additionally, the rising consumer preferences are increasingly supporting hybrid technology in the regions. As per the 2023 HEV TCP Annual Report, in 2022, global sales of vehicles that can be charged from the grid, such as Battery Electric Vehicles (BEVs) and Plug-In Hybrid Electric Vehicles (PHEVs), reached 10.5 million, surpassing the 8.4 million non-plugin hybrid vehicles sold. 10.5 million new BEVs and PHEVs were registered in 2022, marking a 55.0% increase compared to 2021.
Units of Hybrid Electric Vehicles in 2022
Source: National Automobile Manufacturers' Associations
Market Segmentation
- Based on the transportation mode, the market is segmented into air, road, rail, and vacuum
- Based on the application, the market is segmented into freight/carriage vehicles, personal vehicles, and passenger vehicles.
Personal Vehicle to Exhibit Significant Growth in the Global Market
Personal vehicles have become increasingly accessible with the development of auto-sharing services, bike-sharing services, and ride-hailing apps. This type of transportation promotes the reduction of air pollution and traffic congestion and makes it easier to move around in urban areas. The growing adoption of personal vehicles owing to their offered benefits is a key factor driving the growth of this market segment.
Regional Outlook
The global alternate transportation technology market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Global Alternate Transportation Technology Market Growth by Region 2024-2031
North America to Exhibit Significant Growth
The use of alternate fuels including electricity and advanced vehicles instead of conventional fuels and vehicles promoted the US to improve its efficiency, cut costs, and reduce emissions. The regional market growth is driven by the increasing demand for eco-friendly transportation solutions, the emergence of new technologies, and the availability of government incentives. Increased investment in new technology development such as autonomous vehicles and ride-sharing services further aiding regional industry growth.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the alternate transportation technology market include BYD CO. Ltd., Cummins Inc., Tesla Motors Inc., Ford Motor Company, and Hyundai Motor Co. among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market.
Recent Development
- In June 2024, Toyota, in collaboration with China’s Guangzhou Automobile Group (GAC) unveiled a groundbreaking alternative transportation technology for engines. The new engine plausibly runs on ammonia using an internal combustion engine. This development may pave the way for the first ammonia-fueled passenger car ever, thus presenting new horizons in the ecologically sound transport field.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the alternate transportation technology market. Based on the availability of data, information related to technological developments, 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.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Industry Trends
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. BYD Co. Ltd.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Cummins Inc.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Tesla Motors, Inc.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. The Hyundai Motor Company
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Key Strategy Analysis
4. Market Segmentation
4.1. Global Alternate Transportation Technology Market by Transportation Mode
4.1.1. Air
4.1.2. Road
4.1.3. Rail
4.1.4. Vacuum Tubes/ Pneumatic Pressure Tube
4.2. Global Alternate Transportation Technology Market by Application
4.2.1. Freight/Carriage Vehicle
4.2.2. Personal Vehicle
4.2.3. Passenger Vehicle
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East and Africa
6. Company Profiles
6.1. ABB Ltd.
6.2. Ballard Power Systems Inc.
6.3. Bosch EV Solutions
6.4. ChargePoint, Inc.
6.5. Cummins Inc.
6.6. Ford Motor Company
6.7. FuelCell Energy Inc.
6.8. General Motors
6.9. Great Wall Motor
6.10. Lucid Motors, Inc.
6.11. Nio Inc.
6.12. Renault Group
6.13. Rivian Automotive, Inc.
6.14. SAIC Motor
6.15. SFC Energy AG
1. Global Alternate Transportation Technology Market Research And Analysis By Transportation Mode, 2023-2031 ($ Million)
2. Global Alternate Air Transportation Technology Market Research And Analysis By Region, 2023-2031 ($ Million)
3. Global Alternate Road Transportation Technology Market Research And Analysis By Region, 2023-2031 ($ Million)
4. Global Alternate Rail Transportation Technology Market Research And Analysis By Region, 2023-2031 ($ Million)
5. Global Alternate Vacuum Tubes/ Pneumatic Pressure Tube Transportation Technology Market Research And Analysis By Region, 2023-2031 ($ Million)
6. Global Alternate Transportation Technology Market Research And Analysis By Application, 2023-2031 ($ Million)
7. Global Alternate Transportation Technology For Freight/Carriage Vehicle Market Research And Analysis By Region, 2023-2031 ($ Million)
8. Global Alternate Transportation Technology For Personal Vehicle Market Research And Analysis By Region, 2023-2031 ($ Million)
9. Global Alternate Transportation Technology For Passenger Vehicle Market Research And Analysis By Region, 2023-2031 ($ Million)
10. Global Alternate Transportation Technology Market Research And Analysis By Region, 2023-2031 ($ Million)
11. North American Alternate Transportation Technology Market Research And Analysis By Country, 2023-2031 ($ Million)
12. North American Alternate Transportation Technology Market Research And Analysis By Transportation Mode, 2023-2031 ($ Million)
13. North American Alternate Transportation Technology Market Research And Analysis By Application, 2023-2031 ($ Million)
14. European Alternate Transportation Technology Market Research And Analysis By Country, 2023-2031 ($ Million)
15. European Alternate Transportation Technology Market Research And Analysis By Transportation Mode, 2023-2031 ($ Million)
16. European Alternate Transportation Technology Market Research And Analysis By Application, 2023-2031 ($ Million)
17. Asia-Pacific Alternate Transportation Technology Market Research And Analysis By Country, 2023-2031 ($ Million)
18. Asia-Pacific Alternate Transportation Technology Market Research And Analysis By Transportation Mode, 2023-2031 ($ Million)
19. Asia-Pacific Alternate Transportation Technology Market Research And Analysis By Application, 2023-2031 ($ Million)
20. Rest Of The World Alternate Transportation Technology Market Research And Analysis By Region, 2023-2031 ($ Million)
21. Rest Of The World Alternate Transportation Technology Market Research And Analysis By Transportation Mode, 2023-2031 ($ Million)
22. Rest Of The World Alternate Transportation Technology Market Research And Analysis By Application, 2023-2031 ($ Million)
1. Global Alternate Transportation Technology Market Share By Transportation Mode, 2023 Vs 2031 (%)
2. Global Alternate Air Transportation Technology Market Share By Region, 2023 Vs 2031 (%)
3. Global Alternate Road Transportation Technology Market Share By Region, 2023 Vs 2031 (%)
4. Global Alternate Rail Transportation Technology Market Share By Region, 2023 Vs 2031 (%)
5. Global Alternate Vacuum Tubes/ Pneumatic Pressure Tube Transportation Technology Market Share By Region, 2023 Vs 2031 (%)
6. Global Alternate Transportation Technology Market Share By Application, 2023 Vs 2031 (%)
7. Global Alternate Transportation Technology For Freight/Carriage Vehicle Market Share By Region, 2023 Vs 2031 (%)
8. Global Alternate Transportation Technology For Personal Vehicle Market Share By Region, 2023 Vs 2031 (%)
9. Global Alternate Transportation Technology For Passenger Vehicle Market Share By Region, 2023 Vs 2031 (%)
10. Global Alternate Transportation Technology Market Share By Region, 2023 Vs 2031 (%)
11. US Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
12. Canada Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
13. UK Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
14. France Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
15. Germany Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
16. Italy Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
17. Spain Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
18. Rest Of Europe Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
19. India Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
20. China Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
21. Japan Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
22. South Korea Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
23. Rest Of Asia-Pacific Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
24. Rest Of The World Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
25. Latin America Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
26. Middle East And Africa Alternate Transportation Technology Market Size, 2023-2031 ($ Million)
