The car carrier market has demonstrated strong growth, moving from $11.37 billion in 2023 to $12.07 billion in 2024, achieving a CAGR of 6.1%. This growth is attributed to rising demand for last-mile delivery services and increasing automotive vehicle demand. By 2028, the market is expected to reach $15.47 billion, propelled by preferences for eco-friendly solutions and advancements in digital transport technologies.
Major Driver In The Car Carrier Market
The car carrier market is anticipated to expand in line with the growth of the automotive industry, which is bolstered by economic development and infrastructure improvements. Car carriers play a vital role in transporting new vehicles to dealerships and moving cars over long distances. Statistics Canada reported that the number of registered road motor vehicles in Canada reached 26.3 million in 2022, a 0.3% increase from 2021. This growth in the automotive sector is driving the demand for car carriers.
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Car Carrier Market Competitive Landscape
Miller Industries Inc., Featherlite Trailers, Big Tex Trailers, PJ Trailers, Cottrell Trailer, Kässbohrer Transport Technik GmbH, Load Trail LLC, Bravo Trailers LLC, ATC Trailers, Haulmark Trailers, H&H Trailers, Sundowner Trailers, Aluma, Cargo-Mate Trailers, Jerr-Dan carriers, Boydstun, T and E Auto Haulers, CIMC Vehicles (Group) Co. Ltd., Sure-Trac Trailers, Appalachian Trailers, Wally-Mo Inc.
Key Car Carrier Market Trend
The car carrier market is advancing with the introduction of liquefied natural gas (LNG) battery hybrid car carriers, providing a competitive edge. These vessels utilize LNG as a primary fuel source, supplemented by battery power. In January 2022, United European Car Carriers (UECC) launched its LNG battery hybrid car carrier, designed to comply with stringent emissions regulations. This environmentally friendly ship can transport up to 3,600 vehicles across ten cargo decks, significantly reducing the environmental impact of car transport.
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Car Carrier Market Segmentation
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
By Geography:The regions covered in the car carrier market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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 Car Carrier Global Market Report 2024 furnishes information about the global car carrier market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
