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Finished Vehicles Logistics Market Sales, Innovations And Trends Report 2024 To 2033
Finished Vehicles Logistics Market Share
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According to The Business Research Company's, The finished vehicles logistics market size has grown strongly in recent years. It will grow from $153.33 billion in 2023 to $162.32 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to urbanization, increase in number of dealerships, government policies, growth in car-sharing and ride-hailing services, and increase in old chain logistics.
The finished vehicles logistics market size is expected to see strong growth in the next few years. It will grow to $204.68 billion in 2028 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to focusing on reducing logistics costs, rising consumer expectations, efficient inventory management practices, effective insurance, and risk management solutions. Major trends in the forecast period include advancements in fleet management technologies, adoption of digital technologies, development of autonomous trucks, advancements in last-mile delivery solutions, and utilization of data analytics.
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Market Drivers and Trends:
The rise in the production of automobiles is expected to propel the growth of the finished vehicle logistics market going forward. Automobile production is rising due to increasing global demand for vehicles, advancements in automotive technology, and expanding economies, particularly in emerging markets. The production of automobiles supports the finished vehicles logistics market by generating a steady and increasing supply of vehicles that need to be transported, stored, and delivered to dealerships and customers, thereby driving demand for logistics services and infrastructure. For instance, in January 2024, according to the Society of Motor Manufacturers and Traders, a UK-based organization, UK vehicle production reached 1,025,474 units in 2023. This includes 905,117 cars and 120,357 commercial vehicles (CVs), a 17.0% increase from the previous year. Therefore, the rise in the production of automobiles is driving the growth of the finished vehicle logistics market.
Major companies operating in the finished vehicles logistics market are adopting strategic partnerships approach to develop advanced logistics solutions. Strategic alliances help finished vehicle logistics companies combine resources and expertise, enhance research and development capabilities, expand market reach, and accelerate commercialization, ultimately driving innovation and growth in the finished vehicle logistics industry. For instance, in July 2024, CEVA Logistics, a France-based logistics company, partnered with Almajdouie Logistics, a Saudi Arabia-based logistics service company. The joint venture aims to provide comprehensive end-to-end logistics services, which are crucial for the automotive industry. With combining CEVA's global network with Almajdouie's local expertise, the partnership can offer tailored solutions that streamline the movement of finished vehicles from manufacturers to dealerships and customers across Saudi Arabia and beyond.
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Major Key Players of the Market:
United Parcel Service Inc., CEVA Logistics, DHL Supply Chain, Mediterranean Shipping Company S.A., A.P. Moller - Maersk A/S, DSV A/S, Kühne + Nagel International AG, Schenker AG, Hyundai Glovis Co. Ltd., Nippon Express Co. Ltd., Nippon Yusen Kabushiki Kaisha, Geodis SA, Mitsui O.S.K. Lines, Expeditors International of Washington Inc., XPO Inc., Sankyu Inc., GEFCO S.A., Crowley Maritime Corporation, Yusen Logistics Co. Ltd., BLG Logistics Group AG & Co. KG, Acertus, ARS Altmann AG, Omsan Lojistik A/S, Groupe Charles André
Finished Vehicles Logistics Market 2024 Key Insights:
• The finished vehicles logistics market size is expected to see strong growth in the next few years. It will grow to $204.68 billion in 2028 at a compound annual growth rate (CAGR) of 6%.
• Impact of Increased Automobile Production on Finished Vehicles Logistics Market Growth
• Strategic Partnerships Driving Innovation and Growth in Finished Vehicles Logistics
• North America was the largest region in the finished vehicles logistics market in 2023
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