Corporate Employee Transportation Services Market was valued at USD 32.38 Billion in 2021 and is projected to reach USD 44.48 Billion by 2027, growing at a CAGR of 5.44% over the forecast period .
New York, June 10, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Corporate Employee Transportation Services Market – Growth, Trends, COVID-19 Impact and Forecast (2022 – 2027)” – https://www.reportlinker.com/p06192787/?utm_source=GNW
The COVID-19 pandemic hampered the market as many companies resorted to working from home, which led to a decrease in employee transportation during the period. However, as economies recover from the lockdown, the return to the office is expected to provide transport service operators with plenty of opportunities in the years to come.
Employee transportation services are growing in popularity as people become more aware of the importance of improving transportation security measures. Moreover, to minimize the time and effort required to get to work, employees opt for transportation providers because of the affordable prices they offer.
The increase in incidents related to the unavailability of means of transport, assaults, rude behavior, high loads in carpooling and carpooling vehicles have caused companies to think about the safety of their employees. This factor is also responsible for the growth of the market.
Asia-Pacific is expected to dominate the market owing to the growing presence of offices in the region as a significant number of North American and European multinationals establish offices, factories, warehouses and factories in countries such as the United States. India, China, the Philippines, etc. growing demand for cheap goods and labour.
Main market trends
Increase in internet usage and technological advancements to drive demand in the market
With the growing use of the Internet among the global population, markets such as transportation services, vehicle rental, etc. have benefited greatly from their business operations over the past few years. Ease of booking, pre-estimated fees, comfortable travel, on-time arrival and prompt payment options are the few factors that have driven markets such as shared mobility and employee transportation services globally entire.
Among the internet-based industries, the transportation industry has been extremely leading in covering the majority share of the digital economy. With the growth of online platforms and increasing competition between operators in the market, the need for quick action and resolution of issues has been the most crucial factor for businesses to maintain their business in today’s competition. .
Due to the inherent nature of operations, there is a high level of reliance on and reliance on the Internet. For businesses with a presence in multiple cities, in particular, this requires more internet users than necessary. More often than not, for this reason, companies accept differential pricing agreements within and/or between locations and find it difficult to exercise greater bargaining power with suppliers.
The technological development of transport services by integrating features such as live tracking, cashless payments, cancellations, real-time vehicle tracking, etc. are other reasons to choose these services. Moreover, the emergence of IT and other technological sectors towards the end of the last century in the world demands the need for flexible work and operations. Such an operation gave opportunities for the generation of many associated businesses and jobs to be generated. Employee transportation is one of them that becomes a requirement due to statutory regulations on employee safety.
With the increasing use of internet and advancements in technology, the market is likely to grow at a steady pace for the operators, which in turn pushes them to maintain a sufficient fleet of vehicles for their business activities over the course of the forecast period.
The Asia-Pacific region is expected to dominate the market
The Asia-Pacific region is expected to witness the fastest and highest growth over the forecast period owing to the increasing presence of businesses and growing demand for mass transit solutions by businesses to attract large numbers of employees. Moreover, the presence of cheap labor in countries like India, Japan, China, etc. is expected to drive the demand for corporate transportation services in the region during the forecast period. For instance,
In 2020, the total labor force in Japan consisted of approximately 68.7 million people. Despite Japan’s aging population, the labor force has grown since 2000 by more than half a million people.
Moreover, in order to capture growing market share in the region, several key market players are adopting various growth strategies such as partnerships, collaborations, etc. For instance,
Move-In-Sync, an Indian startup based in Bengaluru, provides its transport management solution called Employee Transport Solution (ETS) to taxi fleet and employee transport operators. The software is installed in vehicle telematics and syncs with the browser to provide route optimization, employee trip recording, route logging and tracking.
With the increase in the number of employees across the country, the targeted market is expected to witness significant growth over the forecast period.
The corporate employee transportation services market is fragmented with very few players utilizing technology support for fleet management and employee travel management. Many big players are expanding their range of offerings in addition to using the latest assistive technologies. For instance,
In March 2021, Europcar Mobility Group announced the extension of its strategic alliances with ECO Rent a Car in India and Shouqi Car Rental in China for its Europcar® brand. The Group is therefore preparing for the market rebound by renewing these two solid partnerships which will enable the Europcar brand to benefit from the strong influx of Indian and Chinese tourists around the world in the years to come.
In November 2021, Transdev subsidiary Team Pennine confirmed plans to launch an all-new fleet of six high-spec Mellor Strata Ultra buses on five routes serving the Halifax area, delivering the city’s first new buses since six years.
Some of the major market players are Bus Bank (Global Charter Services Ltd.)?, Transdev?, WeDriveU Inc., Prairie Bus Line Limited?, Move-In-Sync? and others.
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