Dublin, May 20, 2022 (GLOBE NEWSWIRE) -- The "Automobiles and Heavy Equipment Trucking Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global automobiles and heavy equipment trucking market is expected to grow from $275.24 billion in 2021 to $305.7 billion in 2022 at a compound annual growth rate (CAGR) of 11.1%.
The market is expected to grow to $444.54 billion in 2026 at a compound annual growth rate (CAGR) of 9.8%.
Major players in the automobiles and heavy equipment trucking market are American Rail Center Logistics, CEVA Logistics, DHL, FedEx Freight, United Parcel Service, Schneider National, C.H. Robinson, and J.B. Hunt Transport.
The countries covered in the automobiles and heavy equipment trucking market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. Asia Pacific was the largest region in the automobiles and heavy equipment trucking market in 2021. North America was the second largest region in the automobiles and heavy equipment trucking market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growing demand for autonomous transportation is expected to drive the growth of the automobile and heavy equipment trucking market going forward. To enable the automobile to react to external conditions that a human driver will handle, an autonomous vehicle utilizes a fully automated driving system. According to the Victoria Transport Policy Institute's report on autonomous vehicle implementation predictions published in June 2020, autonomous vehicles will be reliable, affordable, and safe by 2025 and is predicted to be commercially available in many areas by 2030. In 2019, Amazon started using Embark's self-driving trucks to move freight faster. Moreover, in 2020, Mercedes-Benz will release its semi-autonomous truck prototype scheduled for 2025. Therefore, the growing demand for autonomous transportation drives the growth of the automobiles and heavy equipment trucking market.
Advancing technologies is a major trend gaining popularity in the automobiles and heavy equipment trucking market. Major companies operating in the automobiles and heavy equipment trucking market are focusing on developing innovative technological solutions. For instance, in 2020, companies such as ACL Airshop are using CoreInsight Node Technology to provide advanced unit load (ULD) tracking with a Bluetooth ULD Tracking system for freight control, carrier shipment marking, air cargo monitoring, asset tracking, and reporting solutions. CoreInsight Node Technology enables producers to monitor deliveries, manage business intelligence (BI) packages, and help in activities remotely by accurately monitoring cargo with the help of ULD devices.
The impact of COVID-19 is expected to limit the growth of the automobiles and heavy equipment trucking market in the coming years. The transportation industry faces severe challenges due to coronavirus, supply chain disturbances, and national emergency delivery needs forcing fleet managers, dispatchers, and drivers to work extra hours, while transportation in other sectors, such as restaurant supply and live event equipment, has halted. According to the Center for Disease Control and Prevention, the trucking industry lost more than 88,000 jobs in April 2020, a 5.8% decline from March, out of a total of 20.5 million job losses in the USA across various industries, placing the nation's total unemployment rate at 14.7%. Additionally, a recent survey found that nearly half (48%) of carriers registered significantly lowered freight rates across the USA. Therefore, the impact of COVICD 19 restraints the growth of the automobiles and heavy equipment trucking market.
In February 2019, CMA CGM S.A., a French container transportation and shipping company acquired CEVA Logistics for $1.65 billion. This deal with CEVA Logistics will allow CMA CGM S.A. to create economies of scale by combining the two businesses. The company plans to expand its footprint in the logistics sector. CEVA Logistics is a USA-based logistics and supply chain company engaged in providing end-to-end supply chain services and solutions.
Key Topics Covered:
1. Executive Summary
2. Automobiles and Heavy Equipment Trucking Market Characteristics
3. Automobiles and Heavy Equipment Trucking Market Trends and Strategies
4. Impact of COVID-19 on Automobiles and Heavy Equipment Trucking
5. Automobiles and Heavy Equipment Trucking Market Size and Growth
5.1. Global Automobiles and Heavy Equipment Trucking Historic Market, 2016-2021, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Automobiles and Heavy Equipment Trucking Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Automobiles and Heavy Equipment Trucking Market Segmentation
6.1. Global Automobiles and Heavy Equipment Trucking Market, Segmentation by Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Business Services
- Managed Services
- System Integrator
- Other Types
6.2. Global Automobiles and Heavy Equipment Trucking Market, Segmentation by Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Cars and Light Trucks
- Medium and Heavy Trucks
- Farm and Construction Equipment
- Other Applications
6.3. Global Automobiles and Heavy Equipment Trucking Market, Segmentation by Size, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Heavy Trucks
- Medium Trucks
- Light Trucks
7. Automobiles and Heavy Equipment Trucking Market Regional and Country Analysis
7.1. Global Automobiles and Heavy Equipment Trucking Market, Split by Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Automobiles and Heavy Equipment Trucking Market, Split by Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Companies Mentioned
- American Rail Center Logistics
- C.H. Robinson
- CEVA Logistics
- DHL
- FedEx Freight
- J.B. Hunt Transport
- Schneider National
- United Parcel Service
For more information about this report visit https://www.researchandmarkets.com/r/kxyjrs
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