Market Research Future (MRFR) has published on the "Automotive Trailer Market”
MRFR recognizes the following companies as the key players in the global Automotive Trailer market—BöCKMANN FAHRZEUGWERKE GMBH, China International Marine Containers (Group) Co., Ltd., Dennison Trailers Ltd, Great Dane, Humbaur GmbH, HYUNDAI MOTOR GROUP, IFOR WILLIAMS TRAILERS LTD., SCHMITZ CARGOBULL AKTIENGESELLSCHAFT, Utility Trailer Manufacturing Company, Wabash National Corporation
The global Automotive Trailer market is accounted to register a CAGR of 4.50% during the forecast period and is estimated to reach USD 31.0 billion by 2032.
The primary market factors accelerating market expansion are the increase in cold chain transportation and the development of the logistics sector, which has decreased the cost of transportation. Due to its greater cost advantages over other modes, road transportation is the method that is most frequently used in the logistics industry. Consequently, one of the key end markets for automobile trailers is logistics. The demand for logistics and supply chain services is rising as a result of the rapid expansion of the industrial, agricultural, electronics, textile, and garment industries.
The global automotive trailer market has been segmented based vehicle type, trailer type, and axle type.
On the basis of vehicle type, the market is segmented into two-wheeler and bike, passenger car, and commercial vehicle. In 2022, the commercial vehicle segment dominated the market for automotive trailers. As there is a greater need for the delivery of nutritious food, as road transportation methods become more accessible and affordable, and as transportation is made easier, the demand for commercial trailers will increase.
Based on trailer type, the global automotive trailer market has been segmented into dry van and box, refrigerator, chemical and liquid, tipper, flatbed, and others. In 2022, the dry van & box category held the largest share of the global automotive trailer market as a consequence of the expansion of the logistics industry and the increased demand for non-perishable goods such furniture, electronics, clothing, auto parts, and other things.
Based on axle type, the global automotive trailer market has been segmented into single axle, tandem axle, and three or more than three axle. The tandem axle market segment had the largest global market in 2022. Tandem axles are becoming notably more common as a result of strict government rules to minimize pollutants and fuel consumption, which pave the way for the creation of effective and lightweight cars.
The global Automotive Trailer market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Automotive Trailer market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Automotive Trailer market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Automotive Trailer market comprises of Middle East, Africa, and Latin America.
The Asia Pacific Automotive Trailer market area will dominate this market. This is a result of the fact that Asian countries show a promising GDP growth along with a sizable presence of auto component and system manufacturers.
Moreover, the Europe market has been persistently growing over the forecast period. The biggest private R&D (Research and Development) investors in Europe made the vehicle trailer industry viable.
The largest market share for Automotive Trailer was maintained by the North American regional sector. This was caused by the choice of the manufacturers to add tie-down pockets to the sides of the trailers for better cargo security. Additionally, the trailers have a sizable deck area, removable fenders, and a high load-bearing capacity.
Furthermore, the rest of the world's Automotive Trailer market is divided into the Middle East, Africa, and Latin America. The market for automobile trailers in LAMEA (Latin America, the Middle East, and Africa) is expanding and offers a variety of trailers for moving materials and goods. The region's expanding need for logistics and transportation services, fueled by economic expansion and rising commerce, is the main factor driving the industry.
Key Findings of the Study