Transportation Sector
Candlefocus EditorThe sector is a major employer, with an estimated 41 million people worldwide being employed in the sector in 2014. It also made up a combined 3.2% of national GDP in 2015 for G7 countries. In the US, the transportation sector has been a key factor in America's economic growth. The value of goods moved by transportation companies, both within and across national borders, totaled more than $29 trillion in 2012.
Within the transportation sector there are a number of distinct sub-sectors that provide services to different markets. For instance, airlines, railroad companies, shipping lines, trucking companies, and logistics companies are all important parts of the sector that deal with moving people and goods. In addition, public transportation agencies such as urban transportation systems, intercity and rural bus lines operate to provide accessible transportation to people in remote and rural areas.
Transportation infrastructure is also important part of the transportation sector and includes roads, bridges, railways, airports and ports. Governments often play a role in regulating and supporting the sector's infrastructure, as well as providing financial incentives or direct funding for needed investments in roads and other infrastructure.
In the US, the transportation sector is overseen by the Department of Transportation which is responsible for overseeing the sector and federal highway and aviation systems. The DOT sets safety and operational standards for airlines, trucking, and railroad companies and also ensures that consumers are protected from unfair practices.
The transportation industry is undergoing rapid change as it adapts to the rapid changes in technology and consumer habits. Automation, connected and shared transportation models, driverless vehicles, new legislation, and environmental concerns all present the sector with an ever-evolving set of challenges and opportunities. New technologies, such as drones, blockchain platforms, and digital mapping, are also having an impact on the sector's operations.
Overall, the transportation sector plays a key role in the global economy and is constantly evolving as it seeks to meet consumer demands and keep up with the latest technology trends. With its various sub-sectors and infrastructure, it is an integral component of our economy, and all of us rely on it to some extent.