- The transportation industry is estimated to be worth one trillion dollars, with new methods and business models driving growth.
- Human-Centered Design must be prioritized to ensure efficient, accessible, and enjoyable transportation solutions.
- Sustainability practices are essential for reducing the industry’s carbon footprint and increasing potential revenue.
- Collaboration between businesses provides opportunities to explore new technologies and share expenses.
- Customer experience must be improved through technology, better customer service, and a welcoming attitude.
Innovation is changing every industry, and transportation is not being left behind. Over the past few years, the transportation industry has experienced many changes, including changes in cars, ships, trains, airplanes, drones, and even bicycles.
The transportation industry is no longer what it used to be. With advancements in technology, new business models, and government regulations, transportation is being completely revolutionized. Business owners and entrepreneurs who want to thrive in this industry must understand how these changes impact transportation’s future. Here are five insights from industry influencers for entrepreneurs venturing into this exciting space.
The Worldwide Transportation Industry
It’s estimated that the worldwide transportation industry is worth one trillion dollars. The industry is growing with new ways of getting people and goods from one place to another. This includes transportation methods such as ride-sharing, carpooling, autonomous vehicles, trains, and alternative fuels. Here’s how leading companies worldwide are leading the change in this industry.
The transportation industry must prioritize solutions that put people first. Human-Centered Design is an approach that involves solving problems by understanding the needs of the people affected by those problems, engaging those people in the design process, and testing the solutions with those people. By using human-centered design, transportation solutions can be made more accessible, efficient, and even fun.
No one can talk about having a human-centered design without talking about SMRT, a leading transportation group in Singapore. The company’s CEO, Ngien Hoon Ping, is a prime example of leading by example. He works with governments, cities, and transportation networks to create more efficient solutions for the public. Lastly, he also works with his bottom line to ensure that the people of Singapore get the transportation service they need.
Moreover, the company’s chairman, Seah Moon Ping, is a man of dedication when it comes to the well-being of his employees. He’s created a culture of innovation and encourages employees to look for smarter solutions to improve the lives of Singaporeans.
Sustainability is King
The transportation industry is one of the most significant contributors to greenhouse gases, which have been linked to climate change. Therefore, The transportation industry must embrace sustainable practices to reduce its carbon footprint. Businesses in the industry must look to renewable energy, zero-emissions vehicles, and sustainable materials to reduce their impact on the environment. Consumers are also becoming more environmentally conscious, which means sustainable transportation solutions have significant potential for revenue growth.
Einride is a Swedish company that has been leading the charge in sustainability. The company is developing autonomous electric trucks with zero emissions and even reducing noise pollution. Moreover, the company’s goal of achieving zero-emissions freight transport by 2021 has seen them partner with major companies such as Oatly, Amazon, and Coop. By investing in sustainable technologies, Einride shows the industry that sustainability can be profitable.
Collaboration is Key
Innovation is happening so fast in the transportation industry that no one company can keep up with it all. Collaboration between companies is crucial. When companies combine their knowledge and expertise, they can create transportation solutions that are more effective, efficient, and sustainable. Collaboration also presents opportunities for businesses to expand their consumer base, explore new technologies, and share expenses.
Airbus is an example of a company that has embraced collaboration. The aerospace manufacturer partnered with Siemens to create electric and hybrid-electric aircraft while collaborating with companies such as Rolls-Royce and United Airlines to create further sustainable solutions. Collaboration between companies in the transportation industry can benefit everyone involved, including consumers.
Focus on Customer Experience
Transportation is ultimately about the passengers. Ensuring a comfortable and pleasurable travel experience is essential to the industry. Companies that invest in improving the customer experience through technology, better customer service, and a genuinely welcoming attitude will outperform those neglecting this aspect of the industry. The technology and amenities involved in transportation services are becoming increasingly important, given that experience is becoming the differentiator that sets businesses apart.
Qatar Airways is a good example of how technology and customer experience can be combined to create a better travel experience. The company recently invested in an upgraded entertainment system that allows passengers to access the latest movies, music, and games on their devices. Furthermore, Qatar Airways also offers onboard Wi-Fi and virtual reality experiences for those flying first class to make their journey more enjoyable.
Entrepreneurs must stay ahead of the curve and innovate new solutions to benefit society as the transportation industry continues to evolve. By understanding the trends shaping this sector and taking action on these insights, businesses in this space will remain competitive and succeed in a changing landscape.