Market Size –
The car carrier market size has grown strongly in recent years. It will grow from $11.37 billion in 2023 to $12.07 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increasing demand for last mile delivery service, increasing demand for personal transportation, growing e-commerce platforms, increasing population and demand for automotive vehicles, expanding international trade in the automotive sector.
The car carrier market size is expected to see strong growth in the next few years. It will grow to $15.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to growing preference for fuel-efficient car carriers, rising automotive industry, increase in global trading activities, shifting trade patterns, growing need for environmentally friendly logistics solutions. Major trends in the forecast period include demand for eco-friendly and fuel-efficient transport solutions, adoption of advanced technologies, development and testing of autonomous car carriers, growing demand for customized and flexible transport solutions, rise of digital platforms.
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Scope Of Car Carrier Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Car Carrier Market Overview
Market Drivers –
The rising automotive industry is expected to propel the growth of the car carrier market going forward. The automotive industry is the sector that involves the manufacturing, sales, and maintenance of motor vehicles, including cars, trucks, and motorcycles. The rise in the automotive industry is due to several reasons, such as economic growth, environmental benefits, consumer benefits, global competitiveness, and infrastructure development. Automotive manufacturers use car carriers to deliver new cars to dealerships, dealerships to transfer inventory between locations, and individuals or companies to move vehicles over long distances. For instance, in June 2024, according to a report published by Statistics Canada, a Canada-based national statistical organization, in 2022, the total number of registered road motor vehicles in Canada reached 26.3 million, an increase of 0.3% compared to 2021. Therefore, the rising automotive industry is driving the growth of the car carrier market.
Market Trends –
Major companies operating in the car carrier market focus on advanced products such as liquefied natural gas (LNG) battery hybrid car carriers to gain a competitive advantage. An LNG battery hybrid car carrier is a specialized ship powered primarily by liquefied natural gas (LNG), with additional propulsion provided by batteries. For instance, in January 2022, United European Car Carriers (UECC), a Norway-based maritime transportation company, launched its LNG battery hybrid car carrier. The new car carrier is a more environmentally friendly vessel that can meet stricter emissions regulations and is equipped with cutting-edge dual-fuel LNG and battery hybrid propulsion technology that significantly reduces the environmental impact of car transport operations. It has a capacity of 3,600 vehicles spread across ten cargo decks, matching that of the other two ships in its series.
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
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Regional Insights –
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.
Key Companies –
Major companies operating in the car carrier market are 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.
Table of Contents
1. Executive Summary
2. Car Carrier Market Characteristics
3. Car Carrier Market Trends And Strategies
4. Car Carrier Market – Macro Economic Scenario
5. Global Car Carrier Market Size and Growth
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31. Car Carrier Market Other Major And Innovative Companies
32. Global Car Carrier Market Competitive Benchmarking
33. Global Car Carrier Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Car Carrier Market
35. Car Carrier Market Future Outlook and Potential Analysis
36.Appendix
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