“Global Car Carrier Market to reach a market value of USD 22.8 Billion by 2031 growing at a CAGR of 7.3%”
The Global Car Carrier Market size is expected to reach $22.8 billion by 2031, rising at a market growth of 7.3% CAGR during the forecast period.
In the United States, the automotive industry saw significant growth in 2023, with light vehicle sales reaching nearly 15.5 million units, according to the National Automobile Dealers Association (NADA). Major automotive manufacturers and a well-established logistics infrastructure have supported North America's market expansion. Therefore, the North America region acquired $3,668.95 million revenue in the market in 2032. The region's focus on enhancing supply chain efficiency and adopting innovative transportation solutions has driven this notable growth rate. The increasing demand for car carriers in the region has been influenced by the advancements in automotive technology and the increase in demand for electric vehicles (EVs).
With burgeoning demand for automobiles worldwide, manufacturers are ramping up their production volumes to meet consumer needs and capitalize on market opportunities. This surge in manufacturing output necessitates robust transportation solutions that can efficiently move vehicles from production sites to distribution hubs, dealerships, and end customers. Hence, the market is poised to grow as the automotive sector continues evolving with technological advancements and shifting towards electric and autonomous vehicles.
Additionally, many automotive manufacturers now produce vehicles in one country and export them to others, a trend driven by the advantages of cost-effective production, diverse market access, and strategic distribution networks. As a result, the need for sophisticated logistics and transportation solutions has become more critical, driving the demand for car carriers capable of handling the complex requirements of international trade. Thus, the globalization of the automotive industry has led to a significant increase in the cross-border trade of vehicles, driving the demand for reliable and efficient car carrier services.
However, Inadequate transportation infrastructure encompasses various factors, such as poor road conditions, limited accessibility to key distribution hubs, and traffic congestion. The smooth and timely conveyance of vehicles can be significantly impeded by each of these issues, resulting in numerous operational inefficiencies. Vehicle conveyance can be impeded by poor road conditions, such as uneven surfaces, potholes, and inadequate maintenance. This can result in lost sales opportunities and diminished customer trust. Hence, infrastructure limitations present a substantial barrier to the efficient functioning of the car carrier market.
On the basis of end user, the market is classified into automotive sales service shop 4S, terminals, and others. The automotive sales service shop 4S segment acquired 51% revenue share in the market in 2023. These 4S shops, which encompass sales, spare parts, service, and survey, are integral to the automotive retail and service ecosystem. Their demand for reliable and efficient car transport solutions is high, as they need to move new vehicles frequently from manufacturers to showrooms and handle customers' cars for servicing and maintenance purposes.
Based on type, the market is characterized into open-air car carrier and enclosed car carrier. The enclosed car carrier segment procured 33% revenue share in the market in 2023. Enclosed car carriers are designed to provide superior protection for vehicles, shielding them from adverse weather conditions, road debris, and other potential damages during transit. This segment is particularly popular among customers transporting high-value, classic, or luxury cars where maintaining the vehicle's condition is paramount.
Free Valuable Insights: Global Car Carrier Market size to reach USD 22.8 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment witnessed 43% revenue share in the market in 2023. The automotive industry's accelerated expansion in countries such as China, Japan, South Korea, and India is the primary factor contributing to this dominance. The region's significant vehicle production volumes, burgeoning consumer base, and increasing vehicle exports have driven the high demand for car carrier services.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 13.1 Billion |
| Market size forecast in 2031 | USD 22.8 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.3% from 2024 to 2031 |
| Number of Pages | 164 |
| Number of Tables | 250 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, End User, Region |
| Country scope |
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| Companies Included | Infinity Trailers, Miller Industries, Inc, Dongfeng Motor Company, Cottrell, Inc., Kentucky Trailers (Berkshire Hathaway, Inc.), Landoll Corporation, Boydstun Equipment Manufacturing, Sun Country Trailers, Wally-Mo Inc, Kaufman Trailers |
By Type
By End User
By Geography
This Market size is expected to reach $22.8 billion by 2031.
Increasing Automotive Production And Sales are driving the Market in coming years, however, Inadequate Transportation Infrastructure restraints the growth of the Market.
Infinity Trailers, Miller Industries, Inc, Dongfeng Motor Company, Cottrell, Inc., Kentucky Trailers (Berkshire Hathaway, Inc.), Landoll Corporation, Boydstun Equipment Manufacturing, Sun Country Trailers, Wally-Mo Inc, Kaufman Trailers
The expected CAGR of this Market is 7.3% from 2023 to 2031.
The Open-Air Car Carrier segment is leading the Market by Type in 2023; thereby, achieving a market value of $14.8 billion by 2031.
The Asia Pacific region dominated the Global Car Carrier Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $4,169.4 million by 2031.
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