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Finished Vehicle Logistics refers to all activities that occur from the moment a new consumer vehicle leaves the manufactures and until it arrives at the dealership. It deals with a variety of tasks, including port processing, shipyard management, claims management, and inspections. Finished Vehicle logistics is a highly specialized sector of the transportation industry. Increased vehicle registrations in developed and developing countries, organized vehicle transport and storage activities, the emergence of electric vehicles, and increased investment in the automotive industry are some of which drives the global finished vehicles logistics. Furthermore, the increase in demand for blockchain technology is the emerging trend projected to drive the growth of the finished vehicle logistics market during the forecast period.
COVID-19 Impact Analysis
The COVID-19 outbreak has widely disrupted the automotive industry, directly affecting the finished vehicles logistics industry. It has resulted in shut down of manufacturing facilities and a decline in the sales volume. Furthermore, because of the global trade restrictions, trade between vehicles has been impossible, declining the growth of the offline mode of the logistics industry across the globe. These expected restrictions, will adversely affect the finished vehicles logistics industry, Companies however are taking precautionary measures to combat the adverse effects of the outbreak and help people with their services.
Top Impacting Factors
Market Trends
Increase in Adoption of Blockchain Technology in Finished Vehicles Logistics
The use of blockchain technology in finished vehicle logistics systems is one of the key developments projected to drive the market growth in the coming years. Blockchain is a distributed ledger technology that can securely and permanently record transactions between parties. Blockchain basically eliminates the need for intermediaries who were previously required to function as trusted third parties to verify, record, and coordinate transactions by ‘sharing’ databases across numerous parties. Most companies are using this technology to conduct cost-saving business operations for vehicle logistics., The use of blockchain in the finished vehicles logistics industry will make the transportation process more transparent and efficient. Furthermore, blockchain can save money by enabling more agile, more automated, and error-free operations. It not only improves the visibility and predictability of logistics operations, but also accelerate the movement of goods. Some market players are implementing this technology to track each vehicle unit in real-time and manage transactions automatically. The use of blockchain technology in the finished vehicles logistics industry is projected to have a significant impact. The increase in use of these advanced technologies allow for more organized operations and is expected to drive the market growth in the coming years.
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Questions Answered in the Finished Vehicles Logistics Market Research Report:
Key Market Segments
Key Market Players