Soaring Chinese Auto Exports Push Car Carrier Orders Years Into the Future

China's automobile exports have surged recently, driving a sharp increase in demand for specialized car carrier vessels, with shipping schedules already booked years in advance. In 2024, charter rates for car carriers rose by 65% year-on-year. Due to tight shipping capacity, some automakers have resorted to shipping vehicles in standard containers to Europe, Australia, and Latin America. According to research firm Mobility Global, China’s auto exports are projected to exceed 10 million units in 2024—far surpassing the fewer than 600,000 units exported in 2019. Data from the European Automobile Manufacturers' Association shows that in the first half of 2024, SAIC Motor recorded a 19% year-on-year increase in new vehicle registrations in the EU, while BYD saw registrations more than double. To address the shipping shortage, BYD launched its first dedicated car carrier in 2024 and currently operates eight such vessels, with more specialized carriers expected to enter service in the coming years.