PUBLISHER: The Business Research Company | PRODUCT CODE: 1436168
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436168
Corporate employee transport services facilitate safe and convenient transportation for a company's employees, enabling flexible schedules and efficient commuting.
Corporate employee transportation services encompass various ownership structures: company-owned services, outsourced services, rentals, and pick-and-drop arrangements. Company-owned transportation involves vehicles directly owned or purchased by the company to facilitate employee travel. These services typically utilize cars, vans, or buses. Providers in this sector offer services that range from Mobility as a Service (MAAS) to Software as a Service (SAAS), enhancing the overall transportation experience for corporate employees.
The corporate employee transportation service market research report is one of a series of new reports from The Business Research Company that provides corporate employee transportation service market statistics, including corporate employee transportation service industry global market size, regional shares, competitors with a corporate employee transportation service market share, detailed corporate employee transportation service market segments, market trends and opportunities, and any further data you may need to thrive in the corporate employee transportation service industry. This corporate employee transportation service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The corporate employee transportation service market size has grown strongly in recent years. It will grow from $32.84 billion in 2023 to $35.85 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The expansion seen in the historical period can be attributed to increasing urbanization trends, a growing emphasis on employee wellbeing, challenges related to traffic congestion and commuting, and the implementation of corporate sustainability initiatives within various industries.
The corporate employee transportation service market size is expected to see strong growth in the next few years. It will grow to $49.33 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. Anticipated growth in the upcoming period is expected due to the emphasis on flexible work arrangements, a focus on green and sustainable transportation solutions, and the importance of employee retention and attraction. Key trends projected for this period encompass partnerships with ride-hailing and technology platforms, the implementation of employee commute subsidies and incentive programs, a focus on last-mile connectivity solutions, the integration of contactless payment systems, and the development of transportation solutions tailored for remote work scenarios.
The expansion of corporate office presence in the Asia-Pacific region is poised to drive significant growth within the corporate employee transportation services market. As corporations establish and grow their main business hubs, the demand for transportation services for their employees surges accordingly. For instance, in 2022, as reported by the Economic Times, the top eight cities witnessed an addition of 11.9 million square feet of new office space in the first quarter, marking a 13% increase from the previous year. Bengaluru contributed 2.5 million square feet, ranking second in volume additions, while Pune led with 3.6 million square feet, showing a remarkable 107% increase year-on-year. This substantial growth in office space indicates a rising need for corporate employee transportation services in the Asia-Pacific region, anticipated to persist and drive demand throughout the forecast period.
The continuous expansion of the automobile industry is poised to significantly drive the growth of the corporate employee transportation services market. The automotive industry, covering aspects from vehicle production to marketing and sales, plays a pivotal role in facilitating convenient and efficient commuting solutions for corporate employees. For example, in 2022, as reported by the International Trade Administration, the United States stands as one of the world's largest car marketplaces, with 14.5 million light vehicles sold in 2020. Being the second-largest market globally for both car production and sales, the US automotive market was valued at US$ 15.9 million in 2021 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 13.17% during the forecast period. This rapid expansion in the automotive industry signals an increased need for corporate transportation services, anticipated to experience heightened demand in the coming years.
Technological advancements are becoming a prominent trend in the corporate employee transportation service market, with major companies embracing new solutions to maintain their competitive edge. One such innovation is traveler monitoring technology, allowing both the company and service provider to track and swiftly contact employees in emergencies. Additionally, virtual payments streamline invoice management and consolidate trip data into a single platform, enhancing operational efficiency. For example, in August 2021, CNH Industrial, a UK-based equipment and services provider, introduced MYshuttle! as part of corporate mobility services complementing Turin's public transportation, specifically for employees in the North Torino District of northern Italy. Powered by technology from Via, a leader in transit technology, MYshuttle! leverages Via's proprietary system to group multiple passengers traveling in the same direction into a single vehicle, reducing environmental impact while optimizing transportation efficiency.
Major players in the corporate employee transportation service market are emphasizing strategic partnerships to deliver dependable services to their customers. These partnerships involve mutually beneficial collaborations between independent entities striving to achieve shared objectives aligned with their individual strategic goals. For instance, in May 2023, Inframantra, an India-based real estate company, forged a partnership with BluSmart Mobility, an India-based ride-sharing company, focusing on the development of employee transportation and mobility services. This collaboration serves as a model for other companies within the real estate and transportation sectors, emphasizing sustainable practices and prioritizing electric mobility in their operations.
In October 2021, the online bus ticketing startup Chalo acquired Shuttl, with the financial details remaining undisclosed. This acquisition is instrumental in Chalo's strategy for rapid international expansion, leveraging Shuttl's established presence in Bangkok and access to significant Indian metropolitan areas where Chalo has yet to establish a footprint. Shuttl, renowned as an Indian-based bus aggregator primarily focusing on office commute services, brings valuable market access and geographic reach that align with Chalo's objectives for global expansion. This acquisition allows Chalo to expedite its international growth plans and enhance its market presence in both domestic and international territories.
Major companies operating in the corporate employee transportation service market report are Massachusetts Bay Transportation Authority, Smart24x7 Services Private Limited, Global Charter Services Ltd., Prairie Bus Line Limited, Kerala Transport Corporation, RETHMANN AG & Co. KG- Transdev, FnA Group, The Port Authority of New York and New Jersey, Mobico Group, Chicago Transit Authority, Stagecoach Group PLC, San Francisco Municipal Transportation Agency, GO Riteway Transportation Group, Valley Transportation Authority, Metropolitan Transit System, Southeastern Pennsylvania Transportation Authority, Washington Metropolitan Area Transit Authority, Metropolitan Transportation Authority, King County Metro Transit, Bay Area Rapid Transit, Charlotte Area Transit System, WeDriveU Inc., Dallas Area Rapid Transit, Shuttl, Eco Rent a Car Inc., First Class Tours, GOGO Charters Inc., MoveInSync Technology Solutions Pvt. Ltd., Janani Tours and Travels Private Limited, Acciva Travels and Tours Pvt. Ltd., Sound Transit, WTI Cabs
Asia-Pacific was the largest region in the corporate employee transportation service market share in 2023. The regions covered in the corporate employee transportation service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the corporate employee transportation service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The corporate employee transport services market includes revenues earned by entities by providing services such as taxi service, bicycle rental, limousine service, owner trucking, moving van business, and specialty transportation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Corporate Employee Transportation Service Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on corporate employee transportation service market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for corporate employee transportation service ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The corporate employee transportation service market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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