The Latin America, Middle East and Africa Car Carrier Market would witness market growth of 9.1% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Car Carrier Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $395.1 Million by 2031. The Argentina market is registering a CAGR of 9.9% during (2024 - 2031). Additionally, The UAE market would capture a CAGR of 8.7% during (2024 - 2031).
The shift towards smart cities and connected infrastructure will also impact the car carrier market. Smart transportation systems, characterized by real-time data sharing and communication between vehicles and infrastructure, can optimize traffic flow and reduce congestion, facilitating smoother and faster vehicle transportation. Carriers with advanced connectivity features can leverage these systems to enhance route planning, minimize delays, and improve overall service quality.
The rising demand for used vehicles is significantly influencing the car carrier market. These vehicles must frequently be transported from one location to another for various purposes, including resale, auctions, and direct delivery to buyers. The expansion of online platforms for buying and selling used vehicles has intensified this demand, creating a need for reliable and efficient transportation solutions.
Brazil is experiencing an increasing demand for car carriers, which is being fueled by a substantial increase in the sales of electric and hybrid vehicles. Sales of electric vehicles in Brazil almost doubled in 2023 — reaching 93,927 through December, up from just 49,245 in 2022, according to the Brazilian Electric Vehicle Association (ABVE). With the anticipated sales surpassing 150,000 units in 2024, there is a pressing need for efficient transportation solutions to manage the distribution of these vehicles across the country and for export purposes. Thus, the demand for car carriers in the LAMEA region will expand continuously throughout the forecast period.
Free Valuable Insights: The Worldwide Car Carrier Market is Projected to reach USD 22.8 Billion by 2031, at a CAGR of 7.3%
Based on Type, the market is segmented into Open-Air Car Carrier and Enclosed Car Carrier. Based on End User, the market is segmented into Automotive Sales Service Shop 4S, Terminals, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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