According to Precision Business Insights (PBI), the latest report, the global hyperloop technology market is expected to be valued at USD 1,432.2 million in 2022 which is expected to grow at a CAGR of 41.2% from 2022-2028. The primary factors that drive the market are increasing demand for faster and cheaper transportation modes, increasing demand for technology that is secure from natural calamities, and a growing need for technology that can solve traffic congestion problems.
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Passenger Transportation to Dominate the Hyperloop Technology Market
Based on carriage type, passenger transportation holds the highest market share. The major factor for the rise of this segment is as most businesses are focusing on travelers and linking major cities and countries to increase their share in the market. According to the prototype, each pod or capsule can carry roughly 40 passengers and travel at the speed of 760 mph which can drastically reduce travel time. These properties can drive the growth of the global hyperloop technology market. Apart from this, passenger carriage pods are intended to be 7 feet 4 inches in diameter which can reduce traffic congestion and can also drive the growth of the market.
North America Hyperloop Technology Market
North America, followed by Europe, leads the global Hyperloop Technology market due to the increasing number of hyperloop projects in the region. North America leads the global market due to entrenched research infrastructure, increasing funding from public and private sectors, and rising collaborations among global key players have contributed to increasing the sales of hyperloop technology in this region. Apart from this, the major factor that drives the market in this region are the increasing demand for cheaper and faster means of transportation and the adoption of the advanced transportation system.
Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players
The global hyperloop technology market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In August 2021, Virgin hyperloop announced the production of passenger pods that can travel at a speed of 1000 kmph. In April 2022, The Boring Company announced that it will start its full-scale testing of the hyperloop.
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The hyperloop technology market is segmented based on transportation type, carriage type and region.
Based on the transportation type, the market is segmented into the following:
- Tube
- Propulsion
- Capsule
- Route
Based on the carriage type, the market is segmented into the following:
- Passenger
- Cargo/Freight
Based on the region, the market is segmented into the following:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key players’ profiles in the hyperloop technology market report are Aecom, Dinclix Groundworks. (Dgw Hyperloop), Virgin Hyperloop, Hyperloop Transportation Technologies, Tesla, Inc., Transpod Inc., Uwashington Hyperloop, Vichyper
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