Hyperloop Technology Market Size

Hyperloop Technology Market size was over USD 1.07 billion in 2023 and is projected to exceed USD 59.39 billion by 2036, witnessing over 36.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hyperloop technology is evaluated at USD 1.38 billion. Hyperloop technology is an advanced concept of facilitating transportation in a vacuum tunnel or pod. The vacuum inside the tunnel can reduce air resistance, which can significantly increase the speed of the vehicle. The growth of the market can be attributed to the increasing innovation in transportation technology. Moreover, features, such as, high speed, low-cost maintenance, and requirement of less area of land, are further estimated to boost the market growth. In addition to this, increasing investment for the development of new technology, by private as well as public companies, is also foreseen to substantially promote the hyperloop technology market growth. According to the data by the World Bank, USD 53,287,910 were invested in transport, with private participation, in low- and middle-income countries, in 2019.