The primary mode of transportation in the early ages (after the invention of the wheel) was animal-driven carts. The Romans were the first to build paved roads. The development of cities across the world led to the growth of shipping. Some major historical inventions that shaped the modern transportation industry are:
Slow economic activity results in lower demand for freight and passenger transportation. According to the IATA, the air transport industry lost more than $4 billion amidst the 2008 global recession. Another major driver of the industry is cost, in terms of ticket prices and financing (demand) and factors of production (supply). Transportation activities heighten during the holiday seasons, impacting the performance of this industry.
The major players of the transportation industry are:
The transportation industry supports economic development by aiding the production and distribution of goods and services. Also, the industry assists in the propagation of ideas and knowledge by facilitating the movement of professionals.
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