New York, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automobiles And Heavy Equipment Global Market Report 2023" - https://www.reportlinker.com/p06419821/?utm_source=GNW
B. Hunt Transport.
The global automobile and heavy equipment trucking market will grow from $305.49 billion in 2022 to $333.13 billion in 2023 at a compound annual growth rate (CAGR) of 9.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The automobile and heavy equipment trucking market is expected to grow to $457.3 billion in 2027 at a CAGR of 8.2%.
The automobile and heavy equipment trucking market includes revenues earned by entities by providing transportation services for the movement of heavy goods such as automotive engines and related parts and construction materials.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Automobile and heavy equipment trucking is a transportation service that entails the movement of automobiles and other heavy machinery, such as for construction and mining tasks that necessitate the use of high payload capacity bearing trucks and transportation machines to move goods from one location to another.
Asia Pacific was the largest region in the automobiles and heavy equipment market in 2022.North America was the second largest region in the automobiles and heavy equipment market.
The regions covered in the automobile and heavy equipment trucking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types in the automobile and heavy equipment trucking market are business services, managed services, system integrators, and others.The business services involve over-the-road transportation of automobiles and heavy equipment by various businesses.
The market is segmented by size into heavy trucks, medium trucks, and light trucks and by application into cars and light trucks, medium and heavy trucks, farm and construction equipment, and others.
The growing demand for autonomous transportation is expected to drive the growth of the automobile and heavy equipment markets over the coming years.An autonomous vehicle utilises a fully automated driving system to enable it to react to external conditions that a human driver would handle.
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 are predicted to be commercially available in many areas by 2030.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 automobile and heavy equipment markets.
The impact of COVID-19 is expected to limit the growth of the automobile and heavy equipment markets in the coming years.The transportation industry faces severe challenges due to the 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 automobile and heavy equipment markets.
Advances in technologies are a major trend gaining popularity in the automobile and heavy equipment markets.Major companies operating in the automobile and heavy equipment markets 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.
In August 2021, Volvo AB, a Sweden-based vehicle manufacturing company, acquired JMC Heavy Duty Vehicle Co., Ltd. for an amount of SEK 1.1 billion ($0.1 billion). Volvo Trucks expands its truck manufacturing capability and product portfolio, as well as its presence in Asia Pacific, as a result of this acquisition. JMC Heavy Duty Vehicle Co., Ltd., is a China-based truck manufacturing company pioneering in the manufacturing and assembly of heavy-duty transportation trucks.
The countries covered in the automobiles and heavy equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The automobile and heavy equipment trucking market research report is one of a series of new reports that provides automobile and heavy equipment trucking market statistics, including automobile and heavy equipment trucking industry global market size, regional shares, competitors with an automobile and heavy equipment trucking market share, detailed automobile and heavy equipment trucking market segments, market trends and opportunities, and any further data you may need to thrive in the automobile and heavy equipment trucking industry. This automobile and heavy equipment trucking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06419821/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
