LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global sea-based vehicle carrier market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global sea-based vehicle carrier market will grow at a CAGR of over 5% during the forecast period. The oligopolistic market structure, driven by consolidation in the shipping industry is a major factor driving the market’s growth.
The major shipping companies have come together to form alliances and thereby, cut down the excess capacity in vessels as well as lower the cost of scrapping the ships lying idle in ports. Such moves toward consolidation are pushing the government to formulate policies for the shipping industry to safeguard the interest of ship owners, small vendors, and ports.
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In this report, Technavio highlights the increased demand for EVs as one of the key emerging trends in the global sea-based vehicle carrier market:
Increased demand for EVs
Along with the growth of the automobile industry worldwide, it is noted that the relatively new EV market is also growing rapidly. The share of EVs in the overall automobile market has grown exponentially during 2015-2017. China registered the highest growth in the sales of plug-in hybrid EVs (PHEVs) in 2016 and registered an almost 100% growth over 2015. Also, in the US, in 2017, the EV market also recorded sizeable increase with a 40%-50% YoY growth over 2016 with the top EV manufacturers are Chevrolet, Tesla, Toyota, and Ford. The popularity of EVs and hybrid vehicles has spurred manufacturers such as Volvo, to announce the launch of battery-powered models.
According to a senior analyst at Technavio for transportation and distribution research, “The growing market for EVs and hybrid vehicles is expected to propel the global sea-borne vehicle carrier market during the forecast period. However, EVs and hybrid vehicles are costlier and more difficult to transport than other vehicles due to their heavier weight lithium-ion batteries, therefore, require more expertise while loading and offloading. Thus, the requirement of expertise in the handling of EV and hybrid vehicles enables shipping companies to generate more revenue while transporting such vehicles.”
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Global sea-based vehicle carrier market segmentation
This market research report segments the global sea-based vehicle carrier market by product (Ro-Ro ships and Lo-Lo ships) and key regions (the Americas, APAC, and EMEA).
In 2017, APAC accounted for the largest share, of over 45% of the market. The market in APAC is expected to grow at a rapid rate during the forecast period due to the growing automobile industry in leading countries such as China, India, and Japan. APAC was followed by the Americas and EMEA in terms of market share.
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