IMARC Group's report titled "Finished Vehicles Logistics Market Report by Activity (Transport (Rail, Road, Air, Sea), Warehouse, Value-added Services), Vehicle Type (Passenger Vehicle, Commercial Vehicle, Hybrid Electric Vehicle, Battery Electric Vehicle), Distribution Channel (OEMS (Original Equipment Manufacturers), Aftermarket), and Region 2024-2032", The global finished vehicles logistics market size reached US$ 143.62 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 213 Billion by 2032, exhibiting a growth rate (CAGR) of 4.48% during 2024-2032.
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Factors Affecting the Growth of the Finished Vehicles Logistics Industry:
- Technological Advancements:
Innovations, such as real time tracking systems, telematics, and automation solutions, enhance visibility, efficiency, and safety. Real time tracking enables precise monitoring of vehicle shipments, allowing logistics providers to proactively address issues and optimize delivery schedules. Telematics technology provides valuable data on vehicle performance, enabling predictive maintenance and optimizing fleet operations. Automation solutions, including robotic process automation and autonomous vehicles, streamline warehouse operations and improve order fulfillment accuracy. Furthermore, logistics providers are investing in digitalization and automation to remain competitive and meet the evolving needs of the automotive industry.
- Rising Focus on Enhanced Efficiency:
Automotive manufacturers are constantly seeking to streamline their supply chains and reduce operational costs to remain competitive in the industry. Outsourcing logistics operations to specialized providers offers opportunities for cost savings and operational efficiencies. Moreover, manufacturers can focus on their core competencies while benefiting from economies of scale and optimized transportation solutions by leveraging the expertise and infrastructure of logistics partners. Besides this, advancements in technology, such as real-time tracking and route optimization software, enable logistics providers to improve efficiency, reduce idle time, and minimize fuel consumption, contributing to overall cost savings.
- Globalization and Trade:
Automotive manufacturers are increasingly operating on a global scale and establishing production facilities in various countries to access new markets and leverage cost efficiencies. This globalization necessitates complex logistics networks to transport vehicles from manufacturing plants to distribution centers and dealerships worldwide. Moreover, trade agreements and regulations influence the flow of finished vehicles across borders. Apart from this, logistics providers are adapting to changing trade dynamics, investing in cross-border capabilities, and enhancing their expertise in navigating international regulations to remain competitive in the market.
Leading Companies Operating in the Global Finished Vehicles Logistics Industry:
- Cummins Inc. (Stamford-Avk)
- Mecc Alte SpA
- Leroy-Somer, Inc.
- Valeo Service SAS
- DENSO Europe BV
- Hyundai Electric & Energy Systems Co., Ltd
Finished Vehicles Logistics Market Report Segmentation:
By Activity:
- Transport (Rail, Road, Air, Sea)
- Warehouse
- Value-added Services
Transport (rail, road, air, sea) represents the largest segment, which can be attributed to the rising focus on flexibility.
By Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
- Hybrid Electric Vehicle
- Battery Electric Vehicle
Commercial vehicle holds the biggest market share on account of the increasing need for efficient transportation and delivery systems.
By Distribution Channel:
- OEMs (Original Equipment Manufacturers)
- Aftermarket
OEMs (original equipment manufacturers) account for the largest market share due to their integral role in the automotive supply chain.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys a leading position in the finished vehicles logistics market, driven by the thriving automotive sector.
Global Finished Vehicles Logistics Market Trends:
The expansion of the automotive industry drives the demand for finished vehicle logistics services. There is a rise in the vehicle production and sales across the globe. In addition, manufacturers require efficient transportation and distribution networks to deliver their products to dealerships and individuals. Logistics providers are focusing on optimizing their operations, investing in modern technologies, and expanding their network capacity.
Apart from this, the growing adoption of eco-friendly transportation solutions, such as electric or hybrid vehicles, on account of increasing environmental concerns among the masses worldwide is positively influencing the market.
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