Transport Market Demand Increases With Integration Of VR And AR Technologies

Transport Market Report 2021: COVID-19 Impact And Recovery To 2030

Transport Global Market Report 2021: COVID-19 Impact And Recovery To 2030

The Business Research Company’s Transport Global Market Report 2021: COVID-19 Impact and Recovery to 2030

LONDON, GREATER LONDON, UK, January 12, 2021 / — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact:

Virtual reality and augmented reality technologies are transport market trends being widely used by transportation manufacturing companies for faster creation of physical prototypes and to reduce manufacturing defects. AR is the real-time integration of digital information with the user's environment, while VR is a three-dimensional, computer generated environment that can be explored and interacted with. These technologies benefit the manufacturing process by reducing rework, increasing quality, lowering labor costs, helping meet timelines, improving safety, streamlining collaboration, design analysis approach, improving accuracy, aiding in project management and presentation of product plans. Major transportation manufacturing companies utilizing AR and VR technologies include Toyota, Volkswagen Group, General Motors and Daimler AG.

The global transport market is expected to grow from $5.62 trillion in 2020 to $5.99 trillion in 2021 at a compound annual growth rate (CAGR) of 6%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.26 trillion in 2025 at a CAGR of 8%.

Transport market segments by type are motor vehicle parts, motor vehicles, train and components, trailer, motor home, travel trailer and camper, ship and boat building and repairing, all other transportation equipment. The transportation industry report is also segmented by distribution channel into supermarkets/hypermarkets, convenience stores, e-commerce, others and by nature into organic and conventional. Subsegments covered are motor vehicle body, stamped metal & other parts, motor vehicle engine, power train & parts, motor vehicle electrical & electronic equipment, steering suspension, & interiors, motorcycle and bicycle, passenger car, commercial vehicle, locomotives, wagons, & other rolling stock, parts & accessories for railway vehicles, dry vans, refrigerated trailers, tank trailers, flatbed trailers, lowboy trailers, other trailers, self-contained motor homes assembling, van and minivan conversions, travel trailer, camper, ship building and repairing, boat building and repairing.

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Source: EIN Presswire