New York, April 04, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automobiles And Heavy Equipment Global Market Report 2022” – https://www.reportlinker.com/p06250369/?utm_source=GNW
B. Hunt Transport.
The global automobiles and heavy equipment 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%.
The automobile and heavy equipment trucking market consists of sales of automobiles and heavy equipment trucking services and related goods by entities (organizations, sole traders, and partnerships) that provide over-the-road transportation of automobiles and heavy equipment. Only goods and services traded between entities or sold to end consumers are included.
The main types in the automobiles 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.
Asia Pacific was the largest region in the automobiles and heavy equipment market in 2021.North America was the second largest region in the automobiles and heavy equipment 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 market over the coming years.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 automobile and heavy equipment market.
The impact of COVID-19 is expected to limit the growth of the automobiles and heavy equipment 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 market.
Advancing technologies is a major trend gaining popularity in the automobile and heavy equipment market.Major companies operating in the automobile and heavy equipment 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.
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.
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.
Read the full report: https://www.reportlinker.com/p06250369/?utm_source=GNW
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