DUBLIN, Oct. 4, 2024 (Globe Newswire) — The “Car Carrier Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The automotive industry is witnessing remarkable expansion in the car carrier market, which is projected to grow from $11.37 billion in 2023 to $12.07 billion in 2024.
This surge reflects a robust compound annual growth rate (CAGR) of 6.1%. A combination of factors, including increasing demand for personal transportation and expanding international trade in the automotive sector, are driving this upward trajectory. As the market advances, key industry players are increasing their investments in innovative and sustainable technologies to remain competitive.
Looking ahead: 2024 and beyond
Looking to the future, the car carrier market is poised to continue growing and is expected to reach $15.47 billion by 2028, registering a CAGR of 6.4%. This optimistic forecast is supported by the growing demand for fuel-efficient car carriers and the growing demand for environmentally friendly logistics solutions. The evolving market is also witnessing major trends such as the introduction of advanced technology, the emergence of self-driving car carriers, and the rise of digital platforms to facilitate logistics operations, all of which will reshape the landscape.
Expanding automotive industry footprint
The automotive industry remains an important contributor to the growth of the car carrier market, as evidenced by the increase in registered road vehicles. For example, Canadian data shows that the number of registered road vehicles is expected to increase by 0.3% in 2022, reaching a total of 26.3 million vehicles. This highlights the direct correlation between the expansion of the automotive industry and the growing demand for motor carrier services.
Green innovation drives growth
Recognizing the importance of sustainability, leading companies are driving innovations such as liquefied natural gas (LNG) battery hybrid vehicle carriers. These airlines exemplify the industry’s commitment to reducing emissions and increasing efficiency. Such initiatives not only meet stringent regulations, but also set new standards for sustainable vehicle transport.
Strategic moves that mark industry progress
Strategic acquisitions and fleet expansions by prominent companies reflect the shift towards more sustainable transport solutions. For example, the recent acquisition of a state-of-the-art LNG dual-fuel vehicle carrier strengthens a company’s fleet with one of the greenest vessels and demonstrates a forward-thinking approach to the industry’s environmental impact. It was done.
Geographical landscape and key players
North America is expected to lead the global car carrier market in 2023, with Asia Pacific emerging as the fastest growing region in the near future. A number of leading companies hold significant market shares and continue to shape the industry through innovation and strategic market positioning. These include manufacturers and distributors of open-air and enclosed vehicle carriers serving a wide range of end users, from automotive sales and service shops to transportation-related companies.
Industry outlook and market trends
The car carrier market is defined by sales of single-level, multi-level, and flatbed carriers, and market value includes factory gate revenue and related services. With reporting a complete outlook of current and future scenarios, the industry outlook remains bright. “Factory Gate” value highlights the value provided by the manufacturers and creators of these goods and services, contributing to the overall market growth trajectory.
In summary, the car carrier market is experiencing a dynamic phase of growth and innovation, with environmentally friendly and technologically advanced solutions at the forefront. This trend points to a promising and sustainable future for the automotive transportation industry worldwide.
Key attributes:
Report Attribute Details No. Number of Pages 175 Forecast Period 2024 – 2028 Estimated Market Value in 2024 (USD) 12.07 Billion Dollars Predicted Market Value by 2028 (USD) 15.47 Billion Dollars Average Annual Growth Rate 6.4% Target region world
Companies mentioned in this report include, but are not limited to:
Miller Industries Inc.Featherlite TrailerBig Tex TrailerPJ TrailerCottrell TrailerKässbohrer Transport Technik GmbHLoad Trail LLCBravo Trailer LLCATC TrailerHaulmark TrailerH&H TrailerSundowner TrailerAlumaCargo-Mate TrailerJerr-Dan CarrierBoydstunT and E Auto HaulersCIMC Vehicles (Group) Co. ure-Trac Trailer Appalachian Trailer Wally-Mo Inc.
For more information about this report, please visit https://www.researchandmarkets.com/r/6m7yo8.
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