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Transport or transportation refers to the movement of people, animals or goods from one location to another. Companies in this industry manufacture transportation equipment, including motor vehicles and parts, aircraft and other aerospace products, ships and boats rolling, and railroad stock.
The total value of the transport manufacturing market globally in 2014 was $5,775 billion. Related to a world population of more than 7 billion in 2014 this equates to about $825 per person globally. Given that World Domestic Product was approximately $78 trillion in 2014, the market makes up about 7.4% of the global economy.
Some of the largest competitors in the transport manufacturing market such as Ford and Hyundai have recently developed new technologies such as pre-collision assist and pedestrian detection technology. These technologies help in detection of blind spots and also alerts driver when he/she is not paying attention on the road. Advanced systems can also apply auto brake if driver falls asleep and does not respond to the warning. These technologies ultimately improve vehicle and pedestrian safety. One of the main themes in the automotive industry is the move to driverless cars. Driverless cars are able to sense its surrounding environment and navigate through an area without the involvement of humans using radar, GPS, computer vision technology. With this technology becoming realistic many companies are expected to be part of production and design of driverless cars. Elon Musk, CEO of Tesla Motors Inc, believes that self-driving versions of Tesla’s electric car could potentially be in the market in about three years
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