Global Truck Trailers Market Insights Forecasts to 2030
- The Truck Trailers Market Size was valued at USD 58.7 billion in 2021.
- The market is growing at a CAGR of 7.02% from 2022 to 2030
- The Worldwide Truck Trailers Market is expected to reach USD 105 billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period
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The Global Truck Trailers Market Size is expected to reach USD 105 billion by 2030, at a CAGR of 7.02% during the forecast period 2022 to 2030.
A truck trailer is a truck or lorry that has been made up of two or even more segments that are connected by metal bars to allow the vehicle to transport freight and manoeuvre more readily. A fifth-wheel axle connects a Truck trailer to the trailer. A Truck trailer, in other terms, is a trailer without a front axle. Truck trailers are commonly employed in the transportation of products and commodities and are towed from one location to another by a motorized vehicle using hitches. Furthermore, they are generally employed by cargo businesses to move commodities on a national or international scale. Besides carrying goods like luggage or mobile houses, truck trailers are often employed for leisure activities like transporting fishing boats.
Given the rising number of small businesses and building projects around the world, the demand for truck trailers is increasing alongside the demand for trucks to transport goods. To meet the such massive demand, the informal business community has mainly established itself in the global truck trailer market, in addition to the established global market players. Alternatively, when compared to rail connectivity as well as their ability to transport commodities, truck trailers have advantages such as a greater reach to mountainous terrain and rural locations. The greater reach of trucks to mountainous terrain over other modes of transportation for moving goods is assisting the truck trailer market to expand in distant regions.
COVID-19 Impact Truck Trailers Market
Truck trailer revenue decreased in 2020 compared to 2019, as nations throughout the globe imposed severe lockdowns in the third and second quarters of 2020 to prevent the spread of the COVID-19 pandemic. Due to a shortage of workers in the production regions, transportation of goods between countries and production processes in several industries had ceased. With decreasing customer demand and a declining vehicle global market, sales of new vehicles have also declined dramatically.
Key Market Drivers
The rapid development and expanding road transportation infrastructure are expected to increase the construction activities and transportation connectivity in the developing regions such as the Asia Pacific and the Middle East, especially in the emerging economies including India, UAE, and South Korea which further boost the demand for truck trailers in the market. The truck trailer is expected to have huge potential in developing nations, which has a higher dependency on road transportation than other practices in developed nations such as air and water transportation. It is used to transport goods such as fresh food products, and transportation of raw materials for manufacturing plants.
The rising trend of convenience store retailing is expected to be a major driver of the truck trailer market's growth. The assimilation of technology, for example, the installation of remote temperature monitoring devices together with a built-in GSM system in trailers for managing the temperature of delicate pharmaceutical products in transport, is projected to stimulate the expansion of the truck trailer industry. In addition, trailer managers may remotely monitor the temperatures of medical goods in real-time.
Furthermore, owing to rising consumer spending power, production and sales of truck trailers are anticipated to increase throughout the projection period. Also, major companies are investing in replacing existing fleets with modern and newer truck trailer variants, which are likely to generate profitable chances for market expansion.
Global Truck Trailers Market Report Coverage
|Market Size in 2021:||USD 58.7 Billion|
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||7.02%|
|2030 Value Projection:||USD 105 Billion|
|Historical Data for:||2017 - 2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||123|
|Segments covered:||By Type, By Axle Type, By Vehicle Type, By Tonnage Capacity, By Region|
|Companies Covered:||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|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Axle Type Insights
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 majority of truck trailers are equipped with movable tandem axles to allow adjusting the weight distribution. The cargo trailer usually has tandem axles at the rear, each of which has dual wheels or eight tires on the trailer, four per axle. The tandem axles are capable of handling more weight and are stable at higher speed on highway as compared to other variations. As a result, the tandem axle segment is expected to develop further during the forecast period.
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. The dry vans are mostly utilized for transporting freight that demands for extreme road and climate conditions protection. Such trailers are widely employed by the full truckload and less than truckload fleet management systems given their cost-efficiency and utility. Increased demand for goods transportation and continuously developing road infrastructure, resulting in improved road connectivity, will boost global sales of dry van truck trailers throughout the forecast period.
Furthermore, the flatbed type has the second largest market after the dry van in the truck trailer market. Flatbeds are made up of only a load floor, removable side rails, and a bulkhead in front to protect the tractor if the weight shifts. They can transport nearly anything that can be piled and tied down. The flatbed types are more economical as it pays the driver more per mile as well as loading/unloading is usually faster when compared to other types of trailers.
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. The region is expected to maintain its dominance over the next five years as well, with the United States being one of the leading truck trailer manufacturing countries globally. The rising trade activity is increasing the demand for logistics and the need to change the existing fleet management system in the region. To increase worldwide market demand, the North American truck trailer market is now replacing its existing transportation network with technologically improved truck trailers.
Asia Pacific is expected to witness the fastest growth rate in terms of CAGR during the forecast period owing to advancement in the highway system and moderation of axle regulations is expected to boost the demand for lower tonnage trucks in the region. Rising demand from expanding markets such as China, Japan, India, and South Korea is driving the region's truck trailer market expansion. Also, increased cooperative trade and increased trade volumes among the region's nations have increased the demand for road freight transportation.
List of Key Market Players
- Hyundai Translead
- MAC Trailer
- Krone Trailer
- East Manufacturing
- Fontaine Trailer
- Heil Trailer
- Pitts Trailers
- SAIC Iveco Hongyan
- Great Dane
- MAN SE
- 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.
- DAF Trucks
Key Market Developments
- On January 2023, Utility Trailer Manufacturing Co. welcomes Royal Truck & Utility Trailer to its dealer network. In addition, Royal Truck & Utility Trailer completed the acquisition of Hudsonville Trailer in Grand Rapids, Michigan.
- On November 2022, Schmitz Cargobull, Europe's leading manufacturer of semi-trailers, added a new product to its General Cargo portfolio. The new S.CS FREEPOST curtainsider semi-trailer has been specially developed to meet the requirements of the UK and Irish markets, without the need for sliding posts, and is manufactured at the Schmitz Cargobull UK production plant in Manchester.
- In April 2022, MAC Trailer Enterprises, Inc. announced the acquisition of BulletTM Trailer to expand their aluminum dump trailer product line. This facility is now known as MAC Bullet Manufacturing, Inc. and can be found at 410 Factory Road in Sunnyside, Washington.
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
Frequently Asked Questions (FAQ)
What is the market size of the truck trailers market?The Global Truck Trailers Market is expected to grow from USD 58.7 Billion in 2021 to USD 105 Billion by 2030, at a CAGR of 7.02% during the forecast period 2021-2030.
Which are the key companies in the market?MAC Trailer, Krone Trailer, East Manufacturing, Fontaine Trailer, Fruehauf, Heil Trailer, Pitts Trailers, SAIC Iveco Hongyan, Great Dane, Utility Trailer Manufacturing Company, Böckmann Fahrzeugwerke GmbH, Schmitz Cargobull AG, Ifor Williams Trailers Ltd., Kögel Trailer GmbH & Co. KG
Which region is dominating the truck trailers market?North America is dominating the truck trailers market with more than 57% market share.
Which segment holds the largest market share of the truck trailer market?The Dry van segment based on type holds the maximum market share of the truck trailers market.
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