Global Truck Trailers Market Size To Surpass USD 105 Billion by 2030 | CAGR of 7.02%Category: Automotive & Transportation
Global Truck Trailers Market Value to Surpass $105 billion by 2030
According to a research report published by Spherical Insights & Consulting, The Global Truck Trailers Market Size is to grow from USD 58.7 billion in 2021 to USD 105 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 7.02% during the forecast period. Growing trends and expansion of road infrastructure improvements are anticipated to drive up construction activities and transportation accessibility in emerging markets such as Asia Pacific and the Middle East, particularly in developing nations like India, the United Arab Emirates, and South Korea, which will further stimulate consumer demands for truck trailers market.
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Browse key industry insights spread across 200 pages with 123 market data tables and figures & charts from the report on " Global Truck Trailers Market Size, Share, and COVID-19 Impact Analysis, By Type (Flatbed, Lowboy, Dry Van, Refrigerated, Tankers, Others), By Axle Type (Single Axle, Tandem Axle, & More Than Three Axles), By Vehicle Type, By Tonnage Capacity, and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/truck-trailers-market
A truck trailer is a vehicle or truck that has been created from two or more parts and linked by metal bars to transport freight and move about more readily. The fifth-wheel axle of a truck trailer connects the trailer to the truck. Because of the growing number of small businesses and construction projects around the world, the market for truck trailers is expanding in tandem with the requirement for trucks to transport the goods. The truck trailer is projected to have enormous potential in developing countries, which rely more on road transit than other modes of transportation in affluent countries, such as air and sea transportation. Truck trailers, on the other hand, have advantages such as a larger reach to hilly terrain and rural places when compared to rail links and their capacity to convey commodities. Similarly, increased consumer purchasing power is expected to boost truck trailer manufacturing and sales throughout the forecast period. Truck trailer revenue, on the other hand, fell in 2020 compared to 2019, since countries throughout the world enacted harsh lockdowns in the third and second quarters of 2020 to prevent the spread of the COVID-19 pandemic.
The tandem axle segment accounted the largest market share over the forecast period.
On the basis of axle type, the global truck trailers market is segmented into single axle, tandem axle, and more than three axles. Among these, the tandem axle segment is dominating the market and is going to continue its dominance over the forecast period. The significant proportion of truck trailers include movable tandem axles that allow the weight distribution to be adjusted. When compared to other types, tandem axles can handle more weight and are more stable at higher speeds on the highway.
The dry van segment is dominating the market with the largest revenue share over the forecast period.
On the basis of tonnage type, the global truck trailers market is segmented into a flatbed, lowboy, dry van, refrigerated, tankers, and others. Among these, the dry van segment is dominating the market with the largest revenue share of 35% over the forecast period, owing to the wide range of adoption by various industries. Dry vans are typically used for delivering cargo that requires extensive road and weather protection. Because of their low cost and usability, such trailers are commonly used by the full truckload and less than truckload fleet management systems.
North America dominates the market with the largest market share over the forecast period.
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North America is leading the market with more than 57% market share over the forecast period. Given that the United States is one of the world's leading producers of truck trailers, the market is expected to remain dominant over the forecast period.
With recent advancements in the highway system and moderation of axle rules, Asia Pacific is predicted to experience the quickest growth rate in terms of CAGR throughout the forecast period, boosting demand for smaller tonnage trucks in the region.
Major vendors in the Global Truck Trailers Market include Doepker, Felling, Hyundai Translead, MAC Trailer, Krone Trailer, East Manufacturing, Fontaine Trailer, Fruehauf, Heil Trailer, Pitts Trailers, SAIC Iveco Hongyan, Great Dane, MAN SE, BharatBenz, Dennison Trailers Ltd, Wabash National Corporation, Utility Trailer Manufacturing Company, Böckmann Fahrzeugwerke GmbH, Schmitz Cargobull AG, Ifor Williams Trailers Ltd., Kögel Trailer GmbH & Co. KG, Miller Industries Inc., Mercedes-Benz, DAF Trucks, and many others.
Key Market Developments
- In April 2022, Utility Trailer Manufacturing Co., the industry's leading manufacturer of refrigerated trailers and a major builder of dry freight vans, flatbeds, and Tautliner® curtain sided trailers, has constructed its 200,000th trailer, a 4000D-X Composite® dry van, in Paragould, Arkansas. Target received a 4000D-X Composite® dry van with a Target logo decal on the trailer, as well as standard features including 80K flush steel logistics posts and Utility's aerodynamic side skirt.
- In April 2022, Floyd's Truck Center has been appointed as an authorized Felling Trailers dealer by Felling Trailers, Inc. Floyd's Truck Centers offer and service the entire Felling Trailers product line, which includes over 240 models ranging from 3,000 lbs. light utility to 120,000 lbs. hydraulic detachable gooseneck trailers.
- In September 2022, Hyundai Translead, North America's leading producer of dry and refrigerated trailers, announced the debut of HT LinkSense, an open-platform smart trailer solution that is fully connected with top telematics partners, at TMC21. HT LinkSense allows fleets the flexibility to select sensors and telematics providers that match their needs while removing compatibility difficulties by providing universal connectivity across sensor packages and existing telematics systems.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the Global Truck Trailers Market based on the below-mentioned segments:
Truck Trailers Market, Type Analysis
- Dry Van
Truck Trailers Market, Axle Type Analysis
- Single Axle
- Tandem Axle
- More Than Three Axles
Truck Trailers Market, Vehicle Type Analysis
- Light Duty
- Heavy Duty
- Medium Duty
Truck Trailers Market, Tonnage Capacity Analysis
Truck Trailers Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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