Finished Vehicle Logistics Market to Grow at a 4.1% CAGR from 2023 to 2031, Reaching US$ 220.3 billion: TMR Report

WILMINGTON, DE / ACCESSWIRE / July 10, 2023 / Transparency Market Research Inc. - The global finished vehicle logistics market is projected to grow at a 4.1% CAGR from 2023 to 2031. A market valuation of US$ 220.3 billion is expected by the end of the forecast period.

Automakers' growing use of software-based systems for logistical processes yields significant benefits, including improved supply chain transparency and operational efficiency. General Motors, for instance, embraced Outbound Logistics Software early on, which enhanced in-vehicle delivery visibility, optimized truck utilization, and facilitated increased deliveries to dealers during the pandemic. Consequently, digitalization of operations is expected to drive market growth in the forecast period.

Automobiles, being luxury items, require customized service delivery. Distribution logistics serves as the vital link between manufacturers and customers. Digitization is crucial for transparency, tailored assistance, and control systems throughout the supply chain. Digital tools like barcodes, OCR, and RFID systems enable automatic identification and data transmission. Geopositioning and satellites track location, elevation, and performance metrics, facilitating monitoring and analysis of vehicle logistics. Automated control systems offer recommendations based on the current situation. These factors are expected to drive demand for finished vehicle logistic services during the forecast period.

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Market Snapshot:

Key Takeaways from the Market Report

• The global finished vehicle logistics market is expected to be worth US$ 159.69 billion as of 2023.
• From 2023 to 2031, the market is projected to grow with a CAGR of 4.1%.
• In terms of activity, transport is expected to dominate the market in 2023 while growing at a CAGR of 4.9% during the forecast period.
• By vehicle type, passenger vehicles are expected to generate demand for finished vehicle logistic service with a CAGR of 5.5% during the forecast period.
• As per TMR projections, the demand for finished vehicle logistics in China is expected to grow at a CAGR of 4.5% throughout the forecast period.

Finished Vehicle Logistics Market: Growth Drivers & Trends

• The demand for finished vehicle logistics is expected to rise due to increasing vehicle registrations in developing and developed countries, along with organized transportation and warehousing activities in the automotive sector, as well as growing investments in the automotive industry. Growing demand for finished vehicles from developing economies is expected to drive market growth.
• Increasing disposable income of consumers is expected to fuel market expansion. The proliferation of car sales via online channels and auctions is anticipated to drive market growth.
• The emerging markets are witnessing the development of advanced logistics and transportation infrastructure which is expected to drive market growth. Rising demand for electric vehicles is expected to generate significant demand for vehicles logistics, thereby driving market growth.

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Finished Vehicle Logistics Market: Regional Analysis

• Asia Pacific is projected to dominate the global industry by accumulating over 42% market share in 2023. The demand for finished vehicle logistics in the region is expected to rise with a CAGR of 4.4% during the forecast period. The region has emerged as a major hub for automobile manufacturing.
• Countries like China, Japan, South Korea, and India are witnessing a substantial increase in vehicle production, catering to both domestic and international markets. Rising disposable income among consumers in the region is driving the demand for automobiles, thereby driving the need for efficient and reliable finished vehicle logistics to transport vehicles from manufacturing plants to dealerships or end customers.
• The European market is expected to grow at a CAGR of 4% during the forecast period. Increasing automobile volumes transported from ports and plants to railroads and trucking companies is driving growth in the market. European automotive logistics firms are forming partnerships with China and utilizing the Europe-China railway route for transporting both car components and finished vehicles.
• Germany, being a major producer of premium cars, dominates the market and is expected to hold a leading market share throughout the forecast period. With approximately 70% of OEM manufacturers of premium cars and SUVs located in Germany, the country plays a significant role in the market.

Finished Vehicle Logistics Market: Prominent Players

The global market for finished vehicle logistics is characterized by several regional and global entities. Some key finished vehicle logistics providers profiled by TMR include:

• APL (American President Lines)
• ARC (American Roll-On Roll-Off Carrier)
• CMA CGM
• Crowley Maritime Corporation
• CSAV (Compnia Sud Americana de Vapores)
• Glovis
• Grimaldi Group
• Hoegh Autoliners
• K Line
• Mitsui O.S.K. Lines (MOL)
• MOL (Mitsui O.S.K. Lines)
• MSC (Mediterranean Shipping Company)
• Nippon Yusen Kabushiki Kaisha (NYK Line)
• NYK Group
• UECC (United European Car Carriers)
• Wilhelmsen

Prominent developments in the finished vehicle logistics market domain by key players are as follows:

• Omsan Logistics and METRANS, a prominent European logistics company, joined forces in November 2022 to establish a trade route connecting Turkey and Slovakia. Wilhelmsen Port Services has successfully acquired Vopak Agencies, a deal that was initially announced on October 13, 2022.
• In April 2022, PODS Enterprises, LLC, a prominent provider of portable moving and storage solutions, formed a strategic agreement with ACERTUS, a comprehensive automobile logistics platform.

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Finished Vehicle Logistics Market- Key Segments

Activity

• Warehouse
• Transport
• Roadway
• Railway
• Maritime
• Airway

Logistics Service

• Inbound
• Outbound
• Reverse
• Aftermarket

Customer Type

• Individual Customer
• Corporate Customer

Geography

• Domestic
• International

Vehicle Type

• Passenger Vehicle
• Hatchback
• Sedan
• Utility Vehicle
• Light Commercial Vehicle
• Heavy Duty Truck
• Bus & Coach

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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