Sea-based Vehicle Carrier Market Opportunity Analysis and Industry Forecast

Sea-based Vehicle Carrier: Introduction

The sea-based vehicle carrier is a vessel specially designed to conduct maritime car trade. The sea-based vehicle carrier has multiple decks of parking space and loading space. Sea-based vehicle carriers are measured in car equivalent units (CEU) with the largest sea-base vehicle carrier, Hoegh Target, having a capacity of 8,500 CEU.

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Vessels are specially designed for efficient transport of cars (pure car carriers) or a variety of cars, trucks, tractors and buses (pure car/truck carriers). Cargo access/transfer equipment of typical car carrier consists of a stern quarter ramp, side ramps, internal ramps with covers and hoist able decks. Vehicles drive directly into the ship and via internal ramp system to various decks.

Key Drivers of Global Sea-based Vehicle Carrier Market:

Rise in production of vehicles due to an increase in consumption and development of vessel designs to accommodate more vehicles and enhance operational efficiency are prompting more automakers to rely on sea-based vehicle carriers, which in turn is likely to drive the sea-based vehicle carrier market

Demand for foreign vehicles is a major driver of the sea-based vehicle carrier market. Low cost manufacturing and tax benefits in BRICS countries have been instrumental in the establishment of the automotive sector in these countries. Demand for China-manufactured vehicles is increasing in Europe and North America, which in turn is boosting the sea-based vehicle carrier market in these regions. Asia to Europe seaborne trade routes have high operational fleets of sea-based vehicle carrier with Japan, South Korea, and China being major exporters of vehicles to the EU.

Automakers such as Hyundai, KIA Automotive Group hold 20% stake of EUKOR and CIDCO Shipping Company Limited, thereby establishing their logistics under its own shareholding. Automakers such as General Motors, Ford Motor Company, and Daimler AG have formed long-term strategic co-operation with sea-based vehicle carrier Wallenius Wilhelm Sen and HOEGH. Strategic partnerships enable sea-based vehicle carriers to operate their fleet as per manufacturing expansion plans. This, is turn, boosts the sea-based vehicle carrier market across the globe.

Global Sea-based Vehicle Carrier Market to hamper market:

The sea-based vehicle carrier market is highly consolidated with key players. Piracy threat and damage to vehicles during transportation and high initial investment required for manufacturing sea-based vehicles and higher investment in research and development act as restraining factors to the sea-based vehicle carrier market.

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COVID–19 Impact:

The COVID-19 crisis is affecting economies and industries in various countries due to lockdowns, travel bans and business lockdowns. The global materials industry is suffering serious disruptions such as supply chain breaks, office shutdowns, and others. For instance, China is a global manufacturing hub and raw material supplier of various industries; it is also one of the worst affected countries. The lockdown of various plants and factories in China is restricting the global supply chains and disrupting manufacturing, delivery schedules, and various material sales. Various companies announced possible delays in product deliveries and slump in future sales of their products. All these factors are anticipated to hamper the global sea-based vehicle carrier market.

North America to Hold Significant Share of Global Sea-based Vehicle Carrier Market:
Rate of adoption of technology in North America is higher than that in other regions, as manufacturers of the sea-based vehicle carrier industry in the region emphasize more on the research and development of components. High penetration of sea-based vehicle carriers in several countries across the region, including Germany and the U. K., is likely to boost the market for sea-based vehicle carrier in the region.

Key Players Operating in Global Market:
The global sea-based vehicle carrier market is consulted with top manufacturers across the global market. A few of the key players operating and potential in the global sea-based vehicle carrier market are:

NYK Line
MSC
Sinotrans Logistics
A.P. Moller –Maersk
K Line Logistics
CEVA Logistics
Marvest GmbH

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This release was published on openPR.