According to a new report, published by KBV research, 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.
The competitive nature of the car carrier market is leading companies to differentiate their services through competitive pricing, enhanced service quality, and value-added offerings. Car carrier companies focus on providing customized solutions, flexible scheduling, and additional services such as vehicle storage and inspection. This competitive landscape encourages innovation and improvement, driving the market's growth.
The Open-Air Car Carrier segment is leading the Global Car Carrier Market by Type in 2023; thereby, achieving a market value of $14.8 billion by 2031. This type of carrier is highly favored for its cost efficiency and the ability to transport many vehicles at once, which is particularly advantageous for car manufacturers and dealerships moving vehicles over short to medium distances. Due to their lower operational costs and widespread availability, open-air carriers are often considered the industry standard for transporting new and used cars.
The Terminals segment would capture a CAGR of 7.7% during (2024 - 2031). The international automotive supply chain is significantly influenced by terminals, which encompass logistics hubs, ports, and major distribution centers. These facilities require extensive car carrier services to manage the import and export of vehicles, handle transshipment activities, and distribute cars to various regions. The significant revenue share of this segment is driven by the high volume of vehicles passing through these terminals, particularly with the ongoing globalization of the automotive industry and the increasing cross-border trade of automobiles.
Full Report: https://www.kbvresearch.com/car-carrier-market/
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. The North America region is experiencing a CAGR of 6.9% during (2024 - 2031). Additionally, The Europe region would showcase a CAGR of 7.1% during (2024 - 2031).
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