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Automobiles And Heavy Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Automobiles And Heavy Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6071820
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the automobiles and heavy equipment trucking market are American Rail Center Logistics; CEVA Logistics; DHL; FedEx Freight; United Parcel Service; Schneider National; C.H. Robinson; and J.B. Hunt Transport.

The global automobiles and heavy equipment market is expected to grow from $244.88 billion in 2020 to $271.59 billion in 2021 at a compound annual growth rate (CAGR) of 10.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $394.85 billion in 2025 at a CAGR of 9.8%.

The automobiles 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.

Advancing technologies is a major trend gaining popularity in the automobiles 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.

The automobiles and heavy equipment market covered in this report is segmented by type into business services; managed services; system integrator; others, by application into cars and light trucks; medium and heavy trucks; farm and construction equipment; others.

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 from combining the two businesses. The company plans to expand its footprint in the logistics sector. CEVA Logistics, a USA based logistics and supply chain company engaged in providing end to end supply chain services and solutions.

The growing demand for autonomous transportation is expected to drive the growth of the automobiles 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 their semi-autonomous truck prototype scheduled for 2025. Therefore, the growing demand for autonomous transportation drives the growth of the automobiles 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 on the growth of the automobiles and heavy equipment market.

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