What Is The Definition Of The Global Car Carrier Market?
A car carrier is a specialized trailer used for transporting multiple cars simultaneously from one location to another. These trailers are designed to efficiently and securely transport vehicles over long distances, whether for personal relocation, dealership transfers, or customer delivery.
Car Carrier Global Market Report 2024 provides data on the global car carrier market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The car carrier market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global Car Carrier Market Projected?
The car carrier market has grown significantly, increasing from $11.37 billion in 2023 to $12.07 billion in 2024, at a CAGR of 6.1%. Historical growth drivers include rising demand for last-mile delivery services, personal transportation needs, the expansion of e-commerce platforms, population growth, and the surge in automotive trade. The market is expected to reach $15.47 billion by 2028 at a CAGR of 6.4%, supported by the preference for fuel-efficient carriers, growth in the automotive industry, increased global trade activities, shifting trade patterns, and eco-friendly logistics solutions. Key trends involve demand for fuel-efficient and eco-friendly transport, adoption of advanced technologies, autonomous car carriers, flexible transport solutions, and the rise of digital platforms.
What Are The Primary Growth Drivers In The Car Carrier Market?
The expansion of the automotive industry is expected to drive the growth of the car carrier market. The automotive sector, which involves the production, sale, and maintenance of motor vehicles, is growing due to factors such as economic improvements, environmental benefits, consumer demand, and infrastructure developments. Car carriers are used to transport new cars from manufacturers to dealerships or between locations and to move vehicles over long distances. According to Statistics Canada, in 2022, the number of registered road motor vehicles in Canada increased by 0.3%, reaching 26.3 million. This expansion in the automotive sector is boosting the car carrier market.
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What Is The Segmentation Of The Global Car Carrier Market?
The car carrier market covered in this report is segmented –
1) By Type: Open-Air Car Carrier, Enclosed Car Carrier
2) By Material: Steel, Aluminum, Fiber, Plastic
3) By Vehicle Type: Passenger Cars, Sports Utility Vehicles (SUVs), Commercial Vehicles
4) By End-User: Automotive Sales Service Shop 4S, Terminals, Other End-Users
What Emerging Trends Are Shaping The Template Car Carrier Market Landscape?
Prominent players in the car carrier market are focusing on advanced solutions such as LNG battery hybrid car carriers to gain a competitive edge. These specialized vessels use liquefied natural gas (LNG) as their primary power source, supplemented by battery propulsion. For instance, in January 2022, United European Car Carriers (UECC), a Norway-based maritime company, launched an LNG battery hybrid car carrier. Equipped with cutting-edge dual-fuel technology, it significantly reduces emissions while maintaining a capacity of 3,600 vehicles across ten cargo decks, matching the specifications of other ships in its series.
Which Region Has The Fastest Expansion In The Car Carrier Market?
North America was the largest region in the car carrier market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the car carrier market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
