Store - Transport Equipment

Market Drivers

The automotive industry is driven by a number of factors, such as economic growth, consumer confidence, technological innovation, and government policies. Economic growth is one of the most important drivers of demand for automobiles. In periods of economic expansion, consumers are more likely to purchase new vehicles or upgrade to newer models.

Consumer confidence is another important driver of demand for automobiles. When consumers feel confident about their personal finances and the economy, they are more likely to make big-ticket purchases, such as automobiles.

Technological innovation is another important driver of demand for automobiles. Automakers are constantly introducing new features and technologies that make vehicles more appealing to consumers.

Government policies also play a role in the demand for automobiles. For example, government incentives for purchasing fuel-efficient vehicles can boost demand for those types of vehicles.

Market Restraints

The transport equipment industry is facing a number of market restraints which are hampering its growth. These restraints include the slowing global economy, declining demand from key markets such as Europe and China, and rising competition from low-cost manufacturers.

The global economy has been slowing down in recent years, and this has had a knock-on effect on the transport equipment industry. Demand from key markets such as Europe and China has declined, as businesses and consumers have become more cautious about spending. This has led to overcapacity in the industry, and put pressure on prices.

Competition from low-cost manufacturers is another major challenge for the transport equipment industry. These manufacturers are often based in Asia, and can produce products at a fraction of the cost of their Western counterparts. This makes it difficult for companies in developed economies to compete on price, and has led to job losses and plant closures in these regions.

Market Challenges

The transport equipment industry is facing a number of challenges, including:

• The rise of autonomous vehicles: self-driving cars, trucks, and buses are being developed by a number of companies and are expected to enter the market in the next few years. This technology could result in a significant reduction in demand for traditional transport equipment.
• Trade tensions: the ongoing trade dispute between the US and China has led to tariffs being imposed on a number of products, including transport equipment. This has raised costs for companies and could lead to lower demand for their products.
• Environmental regulations: stricter environmental regulations are being introduced in a number of countries, which could lead to higher costs for companies operating in the transport equipment industry.
• Competition from other industries: the transport equipment industry is facing competition from a number of other industries, including the renewable energy sector. For example, electric vehicles are becoming increasingly popular due to their low emissions and running costs.

Despite these challenges, the transport equipment industry is expected to continue to grow in the coming years. This growth will be driven by the increasing global demand for transportation services and the continued development of new technologies.

Transport Equipment Market - By Mode of Transportation

The global transport equipment market is segmented by mode of transportation into the road, rail, water, and air.

Road: The road segment comprises trucks, buses, cars, two-wheelers, and three-wheelers. Truck sales are expected to grow at a CAGR of 4.3% during the forecast period. The growth in truck sales is attributed to the rise in construction activities and e-commerce shipments.

Bus sales are expected to grow at a CAGR of 3.8% during the forecast period. The growth in bus sales is attributed to the increase in public transportation and tourism activities.

Car sales are expected to grow at a CAGR of 3.2% during the forecast period. The growth in car sales is attributed to the increase in personal income and urbanization.

Two-wheeler sales are expected to grow at a CAGR of 2.7% during the forecast period. The growth in two-wheeler sales is attributed to the increase in personal income and urbanization.

Three-wheeler sales are expected to grow at a CAGR of 1.9% during the forecast period due to the rise in last-mile connectivity for e-commerce shipments and public transportation services.

Rail: The rail segment includes locomotives and rolling stock (passenger cars and freight cars). Locomotive sales are expected to grow at a CAGR of 2.6% during the forecast period due to the increase in freight movements and public transportation.

Rolling stock sales are expected to grow at a CAGR of 2.3% during the forecast period due to the increase in urbanization and tourism activities.

Water: The water segment includes ships, barges, ferries, and yachts. Ships sales are expected to grow at a CAGR of 3.5% during the forecast period due to an increase in maritime trade and tourism activities.

Barges sales are expected to grow at a CAGR of 4.8% during the forecast period due to an increase in port traffic and construction activities. Ferries sales are expected to grow at a CAGR of 2.8% during the forecast period due to an increase in maritime trade and tourism activities. Yachts sales are expected to grow at a CAGR of 5.1% during the forecast period due to an increase in recreational activities and tourism activities.

Air: The air segment comprises civil aviation aircraft (commercial jets) and general aviation aircraft (business jets). Commercial jet sales are expected to grow at a CAGR of 6% during the forecast period due rise in passenger travel with the expansion of the air travel network.

General aviation aircraft sales are expected to grow at a CAGR of 4.3% during the forecast period due to an increase in recreational activities and business travel.

Transport Equipment Market - By Product Type

There are three primary product types within the transport equipment market: motor vehicles, aircraft, and railway equipment. Motor vehicles are the largest category, accounting for over 60% of the market in terms of value. Aircraft are the second largest category, accounting for just under 30% of the market. Railway equipment is the smallest category, accounting for just over 10% of the total transport equipment market.

Motor vehicles can be further divided into two subcategories: passenger cars and commercial vehicles. Passenger cars are by far the largest subcategory within motor vehicles, accounting for over 80% of the total motor vehicle market. Commercial vehicles include buses, trucks, and other heavy-duty vehicles; they account for just under 20% of the total motor vehicle market.

Aircraft can also be divided into two subcategories: civil aircraft and military aircraft. Civil aircraft includes all planes used for commercial purposes, such as passenger planes and cargo planes; it accounts for over 90% of the total aircraft market. Military aircraft includes all planes used by militaries around the world; it accounts for just under 10% of the total aircraft market.

Railway equipment can be further divided into three subcategories: locomotives, rolling stock, and track infrastructure. Locomotives are by far the largest subcategory within railway equipment, accounting for over 70% of the total railway equipment market. Rolling stock includes all train cars and other rail-based transportation vehicles; it accounts for just under 20% of the total railway equipment market. Track infrastructure includes all rails, ties, switches, and other track-based components; it accounts for just over 10% of the total railway equipment market.

Transport Equipment Market - By Geography

The transport equipment market is segmented by geography into North America, Europe, Asia Pacific, and the Rest of the World.

North America: The United States and Canada are the major markets for transport equipment in North America. The US is the largest market in the region, followed by Canada.

Europe: The European transport equipment market is led by Germany, followed by France and Italy. Other important markets in the region include the UK, Spain, and Belgium.

Asia Pacific: China is the leading market for transport equipment in the Asia Pacific, followed by Japan and India. Other important markets in the region include South Korea, Australia, and Taiwan.

Rest of the World: Brazil is the largest market for transport equipment in the Rest of the World region. Other important markets in the region include Russia, Saudi Arabia, and South Africa.

Conclusion

The transport equipment industry is forecast to grow significantly in the next decade. With an increase in demand for transportation services and an aging population, the industry is expected to see strong growth. However, there are some challenges that the industry will face, such as a shortage of skilled workers and a need for more efficient production methods. Despite these challenges, the transport equipment industry is poised for strong growth in the coming years.