The global transportation manufacturing market, during the historic period it grew at a compound annual growth rate (CAGR) of around 7%. This was due to increase in new vehicle sales in rapidly developing countries such as China and India owing to rise in disposable income, increased demand for hybrid electric vehicles, availability of credit and low fuel prices.
For the forecasted period, the transportation manufacturing market size is expected to be over $ 10000 billion by 2021, growing at a CAGR of nearly 6.5%. The growth rate for forecasted period is almost the same when compared to the historic period. This can be attributed to the positive economic outlook, increasing demand for transportation services owing to rapid urbanization, policy makers’ green energy funding initiative, advancements in technology and increasing consumer demand for fuel efficient vehicles.
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Digital technologies such as block chain are being adopted by aircraft manufacturing companies to monitor performance of aircraft components and systems as the process is highly specialized and complex. Block chain is a data structure used to establish a digital archive or record blocks of data which can be accessed across a network of computers. For instance, Boeing has implemented an IoT driven blockchain to collect details about every component part.
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