Wilmington, Delaware, May 27, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Car Carrier Market by Type (Open-Air Car Carrier and Enclosed Car Carrier), and End User (Automotive Sales Service Shop 4S, Terminals, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the car carrier market size was valued at $13.2 billion in 2022 and is estimated to reach $26.9 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032.
According to the report, the global car carrier industry generated $13.2 billion in 2022 and is anticipated to generate $26.9 billion by 2032, witnessing a CAGR of 7.5% from 2023 to 2032.
Prime Determinants of Growth
Increase in population and demand for automotive vehicles and rapid technological advancements in the automotive industry are the two significant factors driving the growth of the car carrier market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $13.2 Billion |
| Market Size In 2032 | $26.9 Billion |
| CAGR | 7.5% |
| No. Of Pages In Report | 400 |
| Segments Covered | Type, End User, And Region. |
| Drivers | Increase In Population And Demand For Automotive Vehicles |
| Rapid Technological Advancements In The Automotive Industry | |
| Opportunities | Rise In Globalization In Automotive Supply Chains |
| Growth In E-Commerce Platforms | |
| Restraints | Change In Government Regulations |
| Fluctuating Fuels Prices |
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The open-air carrier segment to maintain its leadership status throughout the forecast period
By type, the open-air carrier held the highest market share in 2022, accounting for more than two-thirds of the car carrier market revenue. This is because the open-air car carrier offers more affordable and common applications to ship vehicles over long distances. However, the enclosed car carrier segment is projected to manifest the fastest CAGR of 8.0% from 2023 to 2032, as it is offering more protection for luxury, classic, and latest vehicles despite being more expensive.
The automobiles sales service shop 4S segment to maintain its leadership status throughout the forecast period
By end user, the automobile sales service shop 4S segment held the highest market share in 2022, accounting for more than half of the car carrier market revenue. This is due to the large sales of automobiles in the global market. However, the others segment is projected to manifest the fastest CAGR of 9.1% from 2023 to 2032. The others segment includes car manufacturers, car dealers, and online car providers. The segment requires a reliable and efficient transportation system to deliver vehicles to different locations across the globe.
The Asia-Pacific region to maintain its leadership status throughout the forecast period
By region, the Asia-Pacific region held the highest market share in 2022, accounting for more than two-thirds of the car carrier market revenue. This is due to the high production of heavy-duty trucks in the region. However, the Middle East and Africa region is projected to manifest the fastest CAGR of 11.7% from 2023 to 2032, due to heavy investment by the region in infrastructure such as transportation networks, logistics facilities, ports, and roads.
Leading Market Players:
- Miller Industries
- Boydstun
- Cottrell
- Landoll
- Kentucky Trailers
- Delavan
- Wally-Mo Trailer
- Infinity Trailer
- Tec Equipment Inc.
- Dongfeng Trucks.
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The report provides a detailed analysis of these key players in the global car carrier market. These players have adopted different strategies such as collaboration and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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