- Next-generation superfast transport systems are becoming a necessity due to growing size of cities, rise in pollution levels, and increasing trade activities. These high speed mobility solutions enable transportation of people and cargo across long distances in considerably less-time, thus offering higher economic benefits.
- Superfast transport systems are defined by government agencies based on their speed limits. For instance, Washington State Department of Transportation, U.S. defines ground transportation systems with operating speed of more than 402 km/h (250 mph) as ultra-high-speed transportation technologies.
Key Drivers of Superfast Transport System Market
- Rise in urbanization and size of cities has boosted the number of on-road vehicles. These high number of vehicles create traffic congestion, environmental pollution, and also drive the number of accidents. The World Health Organization stated in February 2020 that 1.35 million die every year, globally, in road traffic accidents. These ill-effects of urbanization and high number of on-road vehicles are fueling the demand for high speed, environment-friendly transit solutions. Electric high speed trains working on magnetic levitation technology, hyperloop pods, and other such transportation systems offer a viable solution for the changing mobility needs. In September 2019, Virgin Hyperloop stated in a press release that their hyperloop system is 5 to 10 times more energy-efficient than an airplane and faster than any present mass transportation technology. Thus, expanding cities and a rise in the number of vehicles are boosting the superfast transport system market across the globe.
- Expanding networks of metropolitan regions with shared economies has increased trade activities around the world. In October 2019, the World Trade Organization stated that trade volume is anticipated to accelerate at 2.7% in 2020. Air transportation of freight is fast but expensive; therefore, most cargo is shipped by sea, which takes longer. Superfast transport systems are capable of achieving a combination of speed and cost-efficiency. Thus, expansion of businesses and trade activities is propelling the global superfast transport system market.
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Challenges in Superfast Transport System Market
- Superfast transport systems require high initial cost and dedicated infrastructure. Several of these technologies haven’t reached their maturity phase and are still in the development phase. This makes them vulnerable to accidents, thus threatening the security of passengers. Therefore, concerns related to costs and safety are hampering the superfast transport system market across the globe.
Impact of COVID-19 pandemic on Superfast Transport System Market
- Recent outbreak of COVID-19 pandemic has created a high number of medical emergencies worldwide, thus fueling the demand for rapid transportation of essential medical supplies and patients to avert death risk. Rise in awareness about high speed transportation to supplement healthcare activities is expected to fuel the global superfast transport system market during the forecast period.
Superfast Transport System Market in Asia Pacific to Expand Significantly in Near Future
- The superfast transport system market in Asia Pacific is projected to expand at a rapid pace due to growing investments in high speed transportation technologies by regional governments and market players. For instance, in August 2017, Dirk Ahlborn, CEO of Hyperloop Transportation Technologies, stated in a press release that his company is working on a 200 mile hyperloop project in South Korea. The company is also working on a hyperloop project in Indonesia. Similarly, National High Speed Rail Corporation Limited (NHSRCL) of India initiated a US$ 4.04 billion bullet train project based on the Japan’s E5 Shinkansen technology in 2017.
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- Global companies, such as Hyperloop Transportation Technologies and Virgin Hyperloop, engaged in the development of superfast transportation systems are focused on countries in Asia Pacific to gain monetary benefits from high growth potential offered by the region. New market players including Dinclix GroundWorks Private Limited are emerging in the region. Hence, on-going investments and increasing participation of market players are anticipated to propel the share held by Asia Pacific in the global superfast transport system market during the forecast period.
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