Press release
Car Carrier Market Size, Scope, Share, Revenue, Insights, Overview, Outlook, Analysis
Car Carrier Market Trends
As per the report, 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 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%.
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Growth In The Automotive Industry Fuels Expansion Of Car Carrier Market
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.
Innovation In Car Carrier Market Are Focusing On LNG Battery Hybrid Technology
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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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.
Contents of the report:
1. Executive Summary
2. Car Carrier Market Report Structure
3. Car Carrier Market Trends And Strategies
4. Car Carrier Market - Macro Economic Scenario
5. Car Carrier Market Size And Growth
…..
27. Car Carrier Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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