Automobiles And Heavy Equipment Global Market Report 2024

The automobiles and heavy equipment market size has grown strongly in recent years. It will grow from $340.78 billion in 2023 to $373.67 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth observed during the historical period can be attributed to several key factors. These include the ongoing processes of industrialization and urbanization, which have driven the need for efficient transportation services. Additionally, the rising demand for personal transportation solutions has played a significant role in this growth. Government policies and regulations aimed at enhancing transportation infrastructure and services have also contributed to the expansion of the market. Moreover, the increase in disposable income and overall economic growth have further fueled the demand for automobile and heavy equipment trucking services.

The automobiles and heavy equipment market size is expected to see strong growth in the next few years. It will grow to $527.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The anticipated growth in the forecast period is driven by several key factors. These include the increasing demand for electric and hybrid vehicles, reflecting a broader shift toward sustainable transportation solutions. The adoption of automation and robotics technology within the industry is expected to enhance efficiency and productivity. A growing emphasis on sustainability and energy efficiency is encouraging innovations in the sector. Private sector investment and the growth of the real estate sector are contributing to the expansion of automobile and heavy equipment trucking services. Additionally, several notable trends are expected to shape the industry's future, including the application of artificial intelligence, technological advancements, the implementation of supply chain traceability measures, the use of high-resolution imaging radar technology, and the widespread adoption of automated software solutions.

The increasing demand for autonomous transportation is poised to be a driving force behind the growth of the automobile and heavy equipment trucking markets in the coming years. Autonomous vehicles, equipped with fully automated driving systems, have the capability to respond to external conditions and navigate routes without human intervention. For example, as of January 2022, data from G2.com Inc., a US-based corporation specializing in information technology and the internet, reveals that the global autonomous vehicle industry is experiencing a remarkable annual growth rate of 16%. More than 1,400 self-driving trucks, cars, and other vehicles are currently undergoing evaluations and trials. This surge in the demand for autonomous transportation is a significant factor propelling the expansion of the automobile and heavy equipment trucking markets.

The primary segments within the automobile and heavy equipment trucking market encompass distinct service categories, including business services, managed services, system integrators, and various others. Business services pertain to the provision of over-the-road transportation solutions for automobiles and heavy machinery by a wide array of enterprises. The market is further classified by the size of trucks, differentiating among heavy trucks, medium trucks, and light trucks. Additionally, the market is categorized by application, spanning the transportation of cars and light trucks, medium and heavy trucks, farm and construction equipment, and other related segments.

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.

The rising number of freight transportation projects is anticipated to be a key driver for the growth of the automobile and heavy equipment trucking market in the coming years. Freight transportation projects encompass the movement of large, heavy, complex, or high-value equipment and cargo, whether by land, sea, or air, including break bulk cargoes. The increasing prevalence of such projects is contributing to the expansion of the industry and creating a higher demand for heavy-duty trucking services. Ensuring the availability of secure, accessible, and safe truck parking facilities is essential for the efficient transportation of goods and cargo. For example, data from the United States Bureau of Transportation Statistics, a US-based organization specializing in data collection, analysis, and dissemination in the field of transportation, reported that in August 2022, the Freight Transportation Services Index (TSI), which measures the volume of freight moved by the for-hire transportation sector, increased by 1.7% in June, reaching an all-time high and marking the second consecutive month of growth. Over the course of the year from June 2021 to June 2022, the index rose by 4.6%. Consequently, the proliferation of freight transportation projects is a driving force behind the growth of the automobile and heavy equipment trucking market.

The growth of the automobile and heavy equipment trucking markets in the forecast period is expected to be constrained by the lingering impact of COVID-19. The transportation industry continues to grapple with significant challenges arising from the COVID-19 pandemic, including disruptions in supply chains and surges in demand for emergency deliveries. This has necessitated longer working hours for fleet managers, dispatchers, and drivers, while other segments of the transportation industry, such as restaurant supply and live event equipment, have experienced standstills. To provide context, in April 2020, the trucking industry witnessed the loss of over 88,000 jobs, constituting a 5.8% decline compared to the preceding month, within the backdrop of a total of 20.5 million job losses in the USA spanning various industries. This led to a nationwide unemployment rate of 14.7%. Moreover, a recent survey indicated that nearly half (48%) of carriers had significantly reduced freight rates across the USA. Consequently, the lingering repercussions of the COVID-19 pandemic continue to impede the growth of the automobile and heavy equipment trucking markets.

Automobile and heavy equipment trucking markets are witnessing a significant trend marked by notable technological advancements. Leading companies in these markets are dedicating their efforts to the development of innovative technological solutions. A pertinent example of this trend is evident from the collaboration between J.B. Hunt Transport, Inc., a prominent US-based company specializing in heavy equipment and automobile trucking, and key industry players such as General Motors, OneH2, and Navistar, Inc. The alliance has introduced a comprehensive solution geared towards the installation of a zero-emission long-distance system. Within this framework, General Motors plays a pivotal role by providing state-of-the-art Hydrotec Fuel Cell Power Cubes. Concurrently, OneH2 is responsible for the production and delivery of hydrogen through a modular, mobile, and scalable approach. J.B. Hunt Transport, Inc. is poised to test this integrated solution on dedicated routes. Notably, General Motors, a distinguished US-based automotive manufacturing company, plays a crucial part in this endeavor, alongside OneH2, a US-based company specializing in customized hydrogen fuel solutions, and Navistar, Inc., a US-based entity known for its International-branded vehicles and diesel engines.

Major players in the automobile and heavy equipment trucking market are placing a strong emphasis on strategic partnerships to enhance their ability to meet the demands of their existing clientele. One notable partnership is exemplified by the collaboration between J.B. Hunt Transport Services, Inc. and KeepTruckin, which focuses on integrating their respective technological solutions within the transportation and logistics sector. The collaboration involves the integration of J.B. Hunt 360° and KeepTruckin's Smart Load Board, with the overarching goal of enhancing visibility and capacity, streamlining carrier operations, and fostering innovation in the industry. In practice, this collaboration facilitates the availability of freight within J.B. Hunt 360 through KeepTruckin's Smart Load Board, a feature that represents the latest addition to KeepTruckin's highly regarded fleet management platform. This partnership underscores the commitment of both J.B. Hunt Transport Services, Inc., a reputable US-based logistics and transportation company, and KeepTruckin, a leading player in the field of fleet management technology, to revolutionize the transportation and logistics landscape.

In August 2021, Volvo AB, a prominent vehicle manufacturing company headquartered in Sweden, completed the acquisition of JMC Heavy Duty Vehicle Co., Ltd. for a total transaction value of SEK 1.1 billion (equivalent to $0.1 billion). This strategic acquisition has enabled Volvo Trucks to significantly enhance its manufacturing capabilities and broaden its product portfolio. Furthermore, it has expanded Volvo's footprint in the Asia-Pacific region. JMC Heavy Duty Vehicle Co., Ltd., based in China, is a company known for its expertise in the manufacturing and assembly of heavy-duty transportation trucks. This acquisition marks a crucial step for Volvo AB in strengthening its position in the global heavy-duty vehicle market.

Major companies operating in the automobiles and heavy equipment market include American Rail Center Logistics, CEVA Logistics, DHL, FedEx Corporation, United Parcel Service Inc., Schneider National Inc., C.H. Robinson, J.B. Hunt Transport Services Inc., Toyota Motor Corporation, Volkswagen Group, Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, Honda Motor Co. Ltd., Bayerische Motoren Werke AG, Nissan Motor Co. Ltd., Fiat Chrysler Automobiles NV, Hyundai Motor Group, Tata Motors Limited, Mitsubishi Motors Corporation, Volvo Group, Isuzu Motors Limited, Mazda Motor Corporation, Suzuki Motor Corporation, Scania AB, PACCAR Inc., Navistar Inc., CNH Industrial NV, Caterpillar Inc., Komatsu Ltd., Deere and Company, Hitachi Construction Machinery Co. Ltd., Liebherr Group, Terex Corporation, Manitowoc Company Inc.

Asia-Pacific was the largest region in the automobiles and heavy equipment market in 2023. North America was the second largest region in the automobiles and heavy equipment market. The regions covered in the automobiles and heavy equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the automobiles and heavy equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

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.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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