Car Carrier Market Expected to Reach $26.9 Billion by 2032

According to a new report published by Allied Market Research, titled, “Car Carrier Market," The car carrier market size was valued at $13.2 billion in 2022, and is the car carrier market share is estimated to reach $26.9 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032.

Car carrier market analysis states that car carrier are the trucks used to transport passenger cars and construction machinery to site in the car carrier industry. Folk lifts, bulldozers, and excavators for on-site work have disadvantages as they run slowly on public roads. A car carrier transports these construction machineries to work sites safely and efficiently. Car carriers not just carry construction machinery but also carry trucks and passenger vehicles. In addition, the feature of car carrier is that the loading platform floor is low for loading vehicles and construction machinery, and that the front of the vehicle is lifted, and the rear of the loading platform is installed on the grand, and the loading platform slides. 

There are different types of car carrier such as the high jack type and safety loader type in the car carrier market size.  High jack type self-loader has thick jacks between the cargo bed and cabin, behind the left and right wheels. When the high Jack is extended, the front of the truck is lifted and the rear body is inclined so that the body approaches the grand, making it easier to load a vehicle. By attaching load boards to the rear part of the loading platform, one can smoothly load and offload the vehicle to and from the self-loader. The feature of the safety loader is that the front part of the vehicle is not lifted such as a normal self loader, but instead of that, the cargo bed part tilts and slides. Vehicle carriers realize efficient transportation by loading passenger cars and construction machinery efficiently. 

The car carrier industry describes the sector of the economy that deals with moving automobiles from one place to another with the use of specialist carriers. The carriers' economical and safe design allows them to move multiple automobiles at the same time. The automotive supply chain and the overall economy are key components of the car carrier market industry.

Car carriers are crucial for moving cars from the production facility to dealerships, distribution facilities, and final consumers in the automotive sector. The automobile industry cannot manufacture and provide cars to the market without the ability to use car carriers. Car carrier facilities ensure that vehicles are available when needed and cut down on waiting times, which enhances customer satisfaction and brand loyalty. By moving cars across international boundaries, the car carrier market also drives international trade in the automotive sector. Furthermore, car carriers are becoming more active in delivering vehicles straight to customers' doorsteps as a result of the growth of e-commerce platforms in the automotive sector. 

Carrier’s efforts to maximize vehicle load capacity, cut down on transit times, and minimize transportation costs all contribute to the automotive supply chain's optimization. This increases the overall profitability and efficiency of the supply chain for both logistics firms and automakers. Furthermore, some vehicles need unique transportation arrangements, such as premium cars, high-performance autos, and enormous cars. Car carriers are prepared to manage these specific transportation requirements, guaranteeing the damage-free and safe delivery of automobiles. Drivers, logisticians, maintenance technicians, and support personnel involved in vehicle transportation operations might find some operation. Furthermore, the effective transportation of automobiles boosts other sectors like manufacturing, retail, and aftermarket services, all are linked to economic growth of car carrier market trends.

Chinese car company BYD launched first car carrier for European exports. An LNG-fueled car carrier which is billed as China’s first built specifically for the export of domestically made cars set for Europe. Part of China’s rapid ascendancy toward leading the global car market the vessel is also the first fully chartered to BYD, an equally quickly emerging car manufacturer. 

China Merchants Jinling Shipyard in Weihai delivered the CMA CGM Indianapolis on December 20, 2023, the first of four dual-fuel LNG-powered car carriers that will be operated by the French shipping company.  CEVA Logistics, part of the CMA CGM Group, confirmed in May 2023 its plan to enter the segment as part of the French group’s efforts to expand operations through diversification. Eastern Pacific shipping of Singapore received the car carrier and will rent the ship to CMA CGM. Part of a larger 16-ship deal for EPS with Jinling, three sister ships are scheduled for delivery in 2024. EPS, an Idan Ofer-led shipping firm, placed the initial order in 2021 for up to six LNG-fueled vessels and also has an order for up to 10 more of the car carriers to be built by China Merchant’s shipyard in Nanjing. Delivery of the vessels will be completed by 2026. 

In December 2021, due to the COP26 summit dominating recent news headlines and an increasing requirement globally to use alternative sustainable fuels and minimize carbon emissions, share prices for Electric Vehicle (EV) manufacturers such as Tesla doubled and car carrier charter rates, particularly regarding transporting EVs, soared.  

As per car carrier market trends due to the growth and demand has come an increased awareness operationally of the risks involved with transporting EVs on ro-ro and ro-pax vessels. Many ro-ro vessel operators are already carrying EVs and alternative fuel vehicles with a cautious approach. In October this year, the Maritime and Coastguard Agency issued a consultation document regarding the safe carriage of EVs and charging facilities on ro-pax ferries, so the safety concerns are clearly being considered on a wider level throughout the maritime industry. 

Key Findings of The Study

• By type, the open-air car carrier segment is anticipated to exhibit significant growth in the near future.
• By application, the automobile sales service shop 4S segment is anticipated to exhibit significant growth in the near future.
• By region, the Asia-Pacific region is anticipated to exhibit significant growth in the near future.