Dublin, Oct. 04, 2024 (GLOBE NEWSWIRE) -- The "Car Carrier Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The automotive industry is set to witness an impressive expansion in the car carrier market, with projections estimating a growth 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 confluence of factors, including increased demand for personal transportation and the expansion of international trade within the automotive sector, are fostering this upward trajectory. As the market advances, key industry players are increasingly investing in innovative and sustainable technologies to remain competitive.
A Look Forward: 2024 Onward
Looking toward the horizon, the car carrier market is poised for continued growth, with expectations to reach $15.47 billion by 2028, registering a CAGR of 6.4%. This optimistic forecast is supported by a growing appetite for fuel-efficient car carriers and a burgeoning demand for eco-friendly logistics solutions. The evolving market is also witnessing major trends, including the adoption of advanced technologies, the onset of autonomous car carriers, and the rise of digital platforms facilitating logistics operations, all of which are set to reshape the landscape.
The Automotive Industry's Expanding Footprint
The automotive industry remains a vital contributor to the car carrier market's growth, as evidenced by the increase in registered road motor vehicles. For example, data from Canada indicates a 0.3% increase in registered road motor vehicles in 2022, reaching 26.3 million in total. This underscores the direct correlation between the automotive industry's expansion and the heightened demand for car carrier services.
Eco-friendly Innovations Fuel Growth
Recognizing the importance of sustainability, leading companies are innovating with technologies such as liquefied natural gas (LNG) battery hybrid car carriers. These carriers exemplify the industry's commitment to reducing emissions and enhancing efficiency. Such initiatives not only meet stringent regulations but also set new standards for sustainable vehicle transport.
Strategic Moves Mark Industry Advancement
Strategic acquisitions and fleet expansions by prominent corporations reflect the shift towards more sustainable transportation solutions. For instance, the recent acquisition of a state-of-the-art LNG dual-fuel vehicle carrier bolsters one company's fleet with one of the most eco-friendly vessels available, signifying a forward-thinking approach to the industry's environmental impact.
Geographical Landscape and Key Players
In 2023, North America led the global car carrier market, while Asia-Pacific is anticipated to emerge as the fastest-growing region in the near future. An array of major companies holds significant market shares and continues to shape the industry through innovations and strategic market positioning. These include manufacturers and distributors of open-air and enclosed car carriers that service a wide range of end-users, from automotive sales and service shops to transportation-related entities.
Industry Outlook and Market Dynamics
The car carrier market is defined by the sales of single-level, multi-level, and flatbed carriers, with market values encapsulating factory gate revenues and related services. Reporting on the complete perspective of current and future scenarios, the industry outlook remains positive. The 'factory gate' values emphasize the value provided by the manufacturers and creators of these goods and services, contributing to the overall growth trajectory of the market.
In summary, the car carrier market is experiencing a dynamic phase of growth and innovation, with eco-friendly and technologically advanced solutions at the forefront. This trend points to a promising and sustainable future for the automotive transport industry globally.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $12.07 Billion |
| Forecasted Market Value (USD) by 2028 | $15.47 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/6m7yo8
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