With every rising day, new technologies are making their way to the Transportation industry. Soon, you will see the smart global transportation market.
Today, in this article, I’ll take you on a tour of how will the future of the Transportation Industry be like.
Right now, I can say that the transportation industry is in the middle of its way to reach the pro version.
Future Glimpse on Smart Transportation Industry
As per the reports and analysis, the smart transportation marketplace is expected to reach around $100 billion, with an annual growth of 9%.
With technologies, it becomes easy to gather data for improving the present methods. You can easily achieve it with the help of the Internet of Things(IoT), by integrating real-time data from internet-connected devices.
Governments are using this information to make transportation smarter. IoT, Big Data and AI will boom the transportation industry in the near future. Data engineering will be a key thing. To understand each and every aspect of transportation, let me take you on the ride of some future transport technologies and how they will be working.
6 Transportation Technologies to Boom in Future
1. Lightweight Vehicles
Automobile manufacturers are working high to deliver vehicles that are efficient and give high performance. Studies have shown that reducing the weight of the vehicle by 10% will improve fuel efficiency by 6% or more. One of the best ways to make the material light is to replace the iron and steel with some other metals like carbon fiber construction and magnesium-aluminum alloy. However, manufacturers are still working to bring the idea to reality.
2. Delivery Drones
Companies like Amazon, UPS, DHL, etc are working to develop the drones for the fast miles delivery. Creating such drones is a technological challenge. Companies are working in this sector to make the delivery drones a reality.
3. Bicycle Sharing System
Users who don’t want to travel through the main transport hubs can use a bicycle as an alternative. In the bicycle sharing system, a user can rent a bicycle from the start of their trip and put them off at their destination. Now, businesses can use electric bicycles for various delivers, henceforth can handle other services cost-effectively. Research has shown that bicycle sharing has a good impact on reducing traffic, thus having control over pollution.
Hyperloop is one of the most trending technologies in the field of transportation. It a tube that uses physical properties of vacuum to transport users from one place to another. This Hyperloop can travel at a speed of 700 mph. The hyperloop projects are developing at various locations across the globe. This project will help to reduce the complexity of inner-city transport. This can act as a complete revolution in the transportation industry.
5. Flying Taxis
Whether it is a startup or large companies, flying taxis will be the future of the transportation industry. Uber has announced to come up with flying taxis by 2023, under the assistance of Nasa. The goal of Uber is focused on building a flying taxi, that is electrically powered and flies passengers to their destination. An example of such a flying taxi is Volocopter, an autonomous aircraft with electric power. As of now, Volocopter is under test in Dubai.
6. Autonomous Cars
Autonomous cars have turned from dream to reality with the help of technologies like IoT, AI, LiDAR, etc. Trial runs are being conducted by companies worldwide. Companies like Tesla and Waymo are the frontrunners of the autonomous revolution. Slowly and gradually, people are getting comfortable with the self-driving thing. An autonomous car is said to be safer than human-driven cars as they can overcome the human errors.
How does Future Transportation Technology Impact Economical Growth?
So, what are your thoughts on future technology transportation, after getting through these technologies?
Do you find it interesting?
With the revolution in the transportation industry, there will be some impacts on economic growth too. Let me take you there now.
For decades, the transportation industry has been an important part of the economy. It plays a key role in economic growth, as economic possibilities are connected with the transport of goods and people.
When transportation is going good, it will generate new opportunities for employment, investment, and market, which, in turn, will lead to good economic growth. If we go in-depth, transportation can have three key impacts on economic growth.
It gives an opportunity to the wider base if inputs like raw material, labor, energy, parts and much more. This all factors lead to increased productivity. The development of transport connects the market to the global economy of consumption, distribution, and production.
With the advancement of technology in the transportation field, the time required for transport has been reduced. And it directly impacts the global economy. Efficient transportation leads to smoother travel of passengers, which further permits faster economic growth.
The capacity to transport goods and passengers is basic for the economy. The more paths will be made available, the lower will be the cost. In addition, the economic growth will also increase.
Smart Transportation - A New Way Internet (Conclusion)
Since the born of the internet, it has revolutionized society, introducing new forms every day. Similarly, various technologies in transportation can work as a driver for the next 20 years. We’re moving towards the future, where the transportation will be as easy as we send emails or navigate through the web in the day to day life. With all the above mentioned technologies, we will see a complete revolution in the future transportation industry. There are lots of profitable transportation business ideas, and almost each of them will be a success in the future.
Do you agree with the points mentioned above? How well did you like the blog? Are we on the same track? Or we just missed out on some points?
Let us know your thoughts as well.