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Global Automotive Trailer Market Size was valued at USD 20.8 Billion in 2022. The Automotive Trailer market industry is projected to grow from USD 21.7 Billion in 2023 to USD 31.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.60% during the forecast period (2023 - 2032). The cost of transportation has decreased as a result of the expansion of cold chain transportation and the growth of the logistics industry, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Due to its superior cost advantages over other modes, road transportation is the way that is most frequently utilized in the logistics industry. Consequently, one of the key end markets for automotive 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 majority of businesses also rely on outside logistics companies to reduce fleet investments, employee reductions, and to make sure that different kinds of flatbeds, tanks, and containers are available as needed. The dependence of e-commerce businesses on logistics service providers to ensure the transit of goods through warehouse and distribution hub has also grown as a result of the tremendous expansion of e-commerce activities. Logistics firms, particularly the less than truckload (LTL) and full truckload (FTL) freight transportation companies, are progressively buying vehicle trailers due to the variety offered in terms of load-carrying capacity. Additionally, trailers have the lowest cost of transportation per ton and km when compared to rigid trucks, which is increasing their use in logistics operations.
Additionally, the increased need for perishable items including pharmaceuticals, poultry, fresh flowers, fish, dairy products, fruits, and vegetables worldwide is driving up the demand for cold chain logistics. Due to increased disposable income in emerging countries, people are now able to spend more on high-end, fresh, and organic items. Governments in numerous countries are also modernizing the cold chain industry's infrastructure in order to fulfill the increased demand.
For instance, the government of India provided major financial support for investments in the cold chain, including processing, as part of its "Scheme of Cold Chain, Value Addition and Preservation Infrastructure" plan, which considerably raised demand for reefer trailers. As a result of the expansion of the logistics and cold chain industries, the market for automobile trailers is likely to grow throughout the course of the projected period. Thus, driving the Automotive Trailer market revenue.
The global Automotive Trailer market segmentation, based on Vehicle Type, includes 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 distribution 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. Growing logistical trade, urbanization, industrial activity, the demand for effective transportation, and the development of rural area road networks will all lead to new prospects in this dynamic business.
The global Automotive Trailer market segmentation, based on Trailer Type, includes 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. Both the dry chain and the vehicle are completely enclosed to safeguard the payload from the elements. As a result, shippers favor employing vehicle trailers to transport non-perishable commodities, which stimulates the growth of the global automobile industry.
The global Automotive Trailer market segmentation, based on Axle Type, includes 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.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. 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. Additionally, the rapid adoption of passenger automobiles and commercial vehicles due to rising disposable income is directly affecting the market growth in emerging Asian countries like China, India, Malaysia, and others. Moreover, In the Asia-Pacific region, the Indian Automotive Trailer market had the quickest rate of growth while China's Automotive Trailer market had the greatest market share.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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The second-biggest market share for automotive trailers in Europe is held by this region, which also has the highest private R&D (Research and Development) investors. Due to the rise in road fatalities in the UK and the existence of government rules on road safety, it is also projected that there would be a rise in the market for automobile trailers. Further, In the European region, the German Automotive Trailer market had the biggest market share, and the U.K. Automotive Trailer market had the quickest rate of growth.
The North America Automotive Trailer Market is expected to register significant growth from 2023 to 2032. 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 space, removable fenders, and a strong load-bearing capacity. These advancements in automotive trailers are expected to create new opportunities for market expansion in this sector. Further, In the North American area, the U.S. Automotive Trailer market had the biggest market share, while the Canada Automotive Trailer market had the quickest rate of expansion.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Automotive Trailer market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Automotive Trailer sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Automotive Trailer industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Automotive Trailer sector. Major players in the Automotive Trailer market, including 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, are attempting to increase market demand by investing in research and development operations.
Schmitz Cargobull AG, a German company, manufactures semi-trailers, trailers, and car bodies. Although the company's head office is in Horstmar, its registered office is in the nearby city of Altenberge in the German state of North Rhine-Westphalia. The S. KO PACE SMART, a fully modular dry-freight semi-trailer with features specifically designed for U.K. and Irish operators, will go on sale at Schmitz Cargobull's U.K. facility in November 2021. Carbon emissions from the trailer will be reduced, and fuel prices will decrease.
Trailers are manufactured and sold by Great Dane LP. The business also offers platform trailers, dry freight, and refrigerated trailers in addition to fiberglass composite and temperature-controlled truck bodywork. Great Dane serves clients in North and South America. In November 2021, Great Dane LLC planned to expand with a USD 50 million investment in Vigo County, United States. This development will cost money for new machinery in addition to expanding its manufacturing site.
· 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
July 2021: Felling Trailers, a producer of light vehicle trailers, tweaked the wheel's fender design and used it to their ground-level tilt-loading trailers. By reducing the risk of wear and tear on the trailers, the new design also helps to reduce the cost of light vehicle trailer maintenance.
March 2022: In addition to being used for agricultural purposes, the new round-bottom Horizon trailer from East Manufacturing Company can also move loads of sand, gravel, and stone. The producer of aluminum trailers showcased its products at the Transportation Technology Exhibition and 2022 Annual Meeting of the Technology & Maintenance Council.
June 2021: Felling Trailers has completed the acquisition of the assets of Larson Cable Trailers, a pioneer in fiber-optic cable handling trailer technology. The entire workforce of Larson Cable Trailers joined Felling Trailers, which decided to maintain Huron, South Dakota, as its operational hub. The company plans to boost investment and add more staff to suit the growing demand for Larson goods.
· Two-wheeler and Bike
· Passenger Car
· Commercial Vehicle
· Dry Van and Box
· Refrigerator
· Chemical and Liquid
· Tipper
· Flatbed
· Others
· Single Axle
· Tandem Axle
· Three or More Than Three Axle
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 20.8 Billion |
|
Market Size 2023 |
USD 21.7 Billion |
|
Market Size 2032 |
USD 31.2 Billion |
|
Compound Annual Growth Rate (CAGR) |
4.60% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Vehicle Type, Trailer Type, Axle Type, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
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 |
|
Key Market Opportunities |
Rapid technological developments in automotive trailers |
|
Key Market Dynamics |
The expansion of the logistics industry and the rise in cold chain transportation drop in transportation costs |
The global Automotive Trailer market size was valued at USD 20.8 Billion in 2022.
The global market is projected to grow at a CAGR of 4.60% during the forecast period, 2023-2032.
Asia Pacific had the largest share in the global market
The key players in the market are 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 Commercial Vehicle Type dominated the market in 2022.
The Dry Van and Box Trailer Type had the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65296
Published on :
Sep 2023
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