Global Hyperloop Technology in Transportation Market Highlights over 2022 – 2031
The global hyperloop technology in transportation market is estimated to grow at a CAGR of ~45% over the forecast period, i.e., 2022 – 2031. Hyperloop technology is an advanced concept of facilitating transportation in a vacuum tunnel or pod. The vacuum inside the tunnel can reduce air resistance, which can significantly increase the speed of the vehicle. The growth of the market can be attributed to the increasing innovation in transportation technology. Moreover, features, such as, high speed, low-cost maintenance, and requirement of less area of land, are further estimated to boost the market growth. In addition to this, increasing investment for the development of new technology, by private as well as public companies, is also foreseen to substantially promote the market growth. According to the data by the World Bank, USD 53,287,910 were invested in transport, with private participation, in low- and middle-income countries, in 2019.
The market is bifurcated by type into freight, and passenger, out of which, the freight segment is anticipated to hold the largest share in the global hyperloop technology in transportation market over the forecast period on account of increasing investment in freight transport infrastructure. Moreover, increasing import and export of perishable items is estimated to surge the demand for faster transport, which is expected to boost the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Hyperloop Technology in Transportation Market Regional Synopsis
On the basis of geographical analysis, the global hyperloop technology in transportation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the growing investment for research and development activities. Moreover, various privately-owned companies in the United States, are working on the concept of hyperloop, which is further estimated to boost the regional market growth. Furthermore, the adoption of advanced technology in the region, is also anticipated to propel the market growth.
The global hyperloop technology in transportation market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global hyperloop technology in transportation market includes the following segments:
- Less than 760 mph
- Above 760 mph
- Lower Travel Cost and Time
- Requirement of Less Maintenance for Infrastructure
- Increasing Investment in Innovation and Advancement of Technology
- Unpredictable Safety Issues and Complications with Human Travel
- Lack of Any Emergency Evacuation System
Top Featured Companies Dominating the Market
Dinclix GroundWorks Private Limited, TransPod Inc., Hyperloop Technologies, Inc. (Virgin Hyperloop LAHQ), Hardt B.V., Zeleros Global SL, and Nevomo are some of the major companies working on the concept of hyperloop technology.