Albany, NY -- (SBWIRE) -- 04/15/2019 -- 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.
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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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