5% of the world’s total gross domestic product
One of the world’s largest and most essential industries, transportation and its infrastructure are not only vital components for moving people and goods, but also play a huge role in the modern economy. The transportation sector has a huge impact on employment, directly hiring around 10 million people worldwide. It also accounts for around 5% of the world’s total gross domestic product (GDP).
However, despite its essential role in society, the transportation sector faces numerous challenges. It is one of the largest sources of CO2 emissions (along with electricity and heat generation) and faces one of the most difficult journeys to achieve decarbonisation, due to its distributed nature and the convenience of using fossil fuels.
The industry is seeing astounding and rapid development in a variety of new technologies to face this challenge. Electric Vehicles (EVs) in particular have seen massive growth over the previous decade, and development within hydrogen fuel cells and renewable fuels has also become more regular.
But what exactly are the defining technologies that will shape the future of the transportation industry, and how can we ensure that they succeed?