The sea-based vehicle carrier is a vessel specially designed to conduct maritime car trade. The sea-based vehicle carrier has multiple decks of parking spaces and loading spaces. Sea-based vehicle carriers are measured in car equivalent units (CEU) with the largest sea-base vehicle carrier Hoegh Target having a capacity of 8,500 CEU.
Accelerated production of vehicles due to rise in consumption is expected to boost seaborne trade, which in turn is likely to drive the sea-based vehicle carrier market. Demand for foreign vehicles is a major driver of the sea-based vehicle carrier market. Low cost manufacturing and tax benefits in BRICS countries have been instrumental in the establishment of the automotive sector in these countries. Demand for China-manufactured vehicles is increasing in Europe and North America, which in turn is boosting the sea-based vehicle carrier market in these regions. Asia to Europe seaborne trade routes have high operational fleets of sea-based vehicle carrier with Japan, South Korea, and China being major exporters of vehicles to the EU. Automakers such as Hyundai KIA Automotive Group hold 20% stake of EUKOR and CIDCO Shipping Company Limited, thereby establishing their logistics under its own shareholding. Automakers such as General Motors, Ford Motor Company, and Daimler AG have formed long-term strategic co-operation with sea-based vehicle carrier Wallenius Wilhelmsen and HOEGH. Strategic partnerships allow the sea-based vehicle carriers to operate their fleet as per manufacturing expansion plans.
Development of vessel designs to accommodate more vehicles and operational efficiency are prompting more automakers to rely on sea-based vehicle carriers, thus boosting their market.
The sea-based vehicle carrier market is highly consolidated with key players. Piracy threat and damage to vehicles during transportation act as restraining factors to the sea-based vehicle carrier market.
The global sea-based vehicle carrier market can be segmented based on vessel type, CEU type, application, and region. By vessel type the sea-based vehicle carrier market is segmented under pure car carrying (PCC), pure car/ truck carrying (PCTC), and large car/truck carrying (LCTCs). The PCTCs are capable to carry cars, SUVS, LCVs and Lorries due to its lift-able decks. The demand of PCCs is being replaced by PCTCs as they can accommodate combination of vehicle. The LCTCs type of sea-based carriers have wider stern and a side ramp to load heavy duty commercial and off-road vehicles.
Based on CEU type, the sea-based vehicle carrier market can be classified into < 3,500 CEU and > 3500 CEU. The >3,500 CEU segment is expanding at a considerable pace. Older vessels are being disintegrated and replaced by newer larger vessels owing to rising investments and technological advancements.
In terms of application, the sea-based vehicle carrier market can be segregated into domestic and international. The international segment accounted for a major share of the market, in terms of revenue.
Based on region, the sea-based vehicle carrier market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Key players operating in the global sea-based vehicle carrier market include NYK Line, MSC, Sinotrans Logistics, A.P. Moller –Maersk, “K”- Line Logistics, and CEVA Logistics.
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