Overview and Scope
Automobile and heavy equipment trucking is a transportation service that entails the movement of automobiles and other heavy machinery, such as for construction and mining tasks that necessitate the use of high payload capacity bearing trucks and transportation machines to move goods from one location to another.
Sizing and Forecast
The automobiles and heavy equipment market size has grown strongly in recent years. It will grow from <b>$340.78 billion in 2023 to $373.67 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. </b> The growth in the historic period can be attributed to industrialization and urbanization, increasing demand for personal transportation, government policies and regulations, rising disposable income and economic growth.
The automobiles and heavy equipment market size is expected to see strong growth in the next few years. It will grow to <b>$527.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. </b> The growth in the forecast period can be attributed to growing demand for electric and hybrid vehicles, adoption of automation and robotics technology, increasing focus on sustainability and energy efficiency, private sector investment and real estate sector growth. Major trends in the forecast period include use of artificial intelligence, advances in technology, supply chain traceability, use of high-resolution imaging radar technology and adoption of automated software solutions.
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Segmentation & Regional Insights
The automobiles and heavy equipment market covered in this report is segmented –
1) By Type: Business Services, Managed Services, System Integrator, Other Types
2) By Size: Heavy Trucks, Medium Trucks, Light Trucks
3) By Application: Cars And Light Trucks, Medium And Heavy Trucks, Farm And Construction Equipment, Other Applications
<b>Asia-Pacific</b> was the largest region in the automobiles and heavy equipment market in 2023. <b>North America</b> was the second largest region in the automobiles and heavy equipment market. The regions covered in the automobiles and heavy equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing demand for autonomous transportation is expected to drive the growth of the automobile and heavy equipment trucking markets over the forecast period. An autonomous vehicle utilises a fully automated driving system to enable it to react to external conditions that a human driver would handle. For instance, in January 2022, according to G2.com Inc., a US- corporation specializing in information technology and the internet, the global autonomous vehicle business is increasing at a pace of 16% per year, and over 1,400 self-driving trucks, cars, and other vehicles are being evaluated. Therefore, the growing demand for autonomous transportation drives the growth of the automobile and heavy equipment trucking markets.
Key Industry Players
Major companies operating in the automobiles and heavy equipment market include <b>American Rail Center Logistics, CEVA Logistics, DHL, FedEx Corporation, United Parcel Service Inc., Schneider National Inc., C.H. Robinson, J.B. Hunt Transport Services Inc., Toyota Motor Corporation, Volkswagen Group, Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, Honda Motor Co. Ltd., Bayerische Motoren Werke AG, Nissan Motor Co. Ltd., Fiat Chrysler Automobiles NV, Hyundai Motor Group, Tata Motors Limited, Mitsubishi Motors Corporation, Volvo Group, Isuzu Motors Limited, Mazda Motor Corporation, Suzuki Motor Corporation, Scania AB, PACCAR Inc., Navistar Inc., CNH Industrial NV, Caterpillar Inc., Komatsu Ltd., Deere and Company, Hitachi Construction Machinery Co. Ltd., Liebherr Group, Terex Corporation, Manitowoc Company Inc.</b>
The automobiles and heavy equipment market report table of contents includes:
1. Executive Summary
2.Automobiles And Heavy Equipment Market Characteristics
3. Automobiles And Heavy Equipment Market Trends And Strategies
4.Automobiles And Heavy Equipment Market analysis
5. Automobiles And Heavy Equipment Market Size And Growth
6. Automobiles And Heavy Equipment Segmentation
7.Automobiles And Heavy Equipment Regional And Country Analysis
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27.Automobiles And Heavy Equipment Competitive Landscape And Company Profiles
28.Automobiles And Heavy Equipment Key Mergers And Acquisitions
29.Automobiles And Heavy Equipment Future Outlook and Potential Analysis
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