华利安：2025年第三季度全球交通科技行业更新报告（英文版）（43页）.pdf

1、Q3 2025Sector Coverage ReportTransportation Technology UpdateIntroduction2012025 YTD Review and Outlook 902M&A and Financing Activity Within Transportation Technology1403Public Markets Update 3104About Houlihan Lokey 36Inside the UpdateDespite a brief spring correction triggered by the“Liberation Da

2、y”tariff announcement,technology stocks have delivered strong year-to-date gains,fueled by sustained optimism around AI-driven investment and productivity enhancements.However,key risks persist:ongoing trade negotiations,a tightening labor market,the potential resurgence of inflation,and increased v

3、ulnerability stemming from concentrated leadership in the tech sector.While the anticipated M&A boom has yet to fully materialize,with tariff-related uncertainty delaying some transactions(particularly in transportation technology),improving market sentiment and growing private equity activity sugge

4、st that deal momentum is building.Our Transportation Technology team is actively engaged across several transactions and recently announced the sale of Zubie to TSD Mobility Solutions,a subsidiary of Reynolds&Reynolds.We look forward to connecting with you to share insights and innovations across th

5、e eight core sectors we cover:automotive,aviation,maritime,off-road,transit and mobility,rail,supply chain and logistics,and trucking.We are pleased to issue Houlihan Lokeys Transportation Technology Update,which offers our views on Q3 2025 and perspectives on key ongoing themes shaping the close of

6、 2025 and opening of 2026.Best regards,Shane KaiserManaging Director,Head of Transportation TechnologyHoulihan Lokeys Transportation Technology Practice3Featured TransactionsTombstones included herein represent transactions closed from 2021 forward.U.S.Transportation Technology TeamShane KaiserManag