Overview and Scope
Automotive trailers refer to an unpowered vehicle that is designed to be towed by a powered vehicle, such as a car or truck. It is a container on wheels that is typically used for transporting goods or equipment and can also be used for recreational purposes, such as camping or boating.
Sizing and Forecast
The automotive trailer market size has grown strongly in recent years. It will grow from $23.54 billion in 2023 to $24.77 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to economic growth, global trade expansion, regulatory compliance, consumer preferences, infrastructure development, fuel prices.
The automotive trailer market size is expected to see steady growth in the next few years. It will grow to $29.47 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to autonomous vehicles, environmental regulations, data analytics and connectivity, urbanization trends, supply chain resilience. Major trends in the forecast period include technological advancements, sustainability initiatives, safety innovations, customization and lightweight materials, e-commerce boom impact.
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Segmentation & Regional Insights
The automotive trailer market covered in this report is segmented –
1) By Vehicle Type: Two-wheeler and Bike, Passenger Car, Commercial Vehicle
2) By Axle Type: Single Axle, Tandem Axle, Three or More Than Three Axle
3) By Trailer Type: Dry Van and Box, Refrigerator, Chemical and Liquid, Tipper, Flatbed, Other Types
4) By Application: Automotive, Transportation, Logistics, Other Applications
North America was the largest region in the automotive trailers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the automotive trailer market report during the forecast period. The regions covered in the automotive trailer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The expanding logistics industry is expected to propel the growth of the automotive trailers market going forward. The logistics industry refers to the process of planning, implementing, and controlling the movement of goods and services from the point of origin to the point of consumption. Automotive trailers are an important part of the logistics industry and are widely used in the industry for transporting machinery, cargo, consumer goods, and others. For instance, in 2021, according to the International Transport Forum, a France-based inter-governmental organization of transport industry professionals, the global freight trade increased by 9.8%. Furthermore, in January 2023, according to the US Department of Transportation, a US-based governmental department, the North American trans-border freights increased by 10.6% as compared to January 2022. The truck freight was valued at $77.7 billion, which was an increase of 12.7% as compared to 2022. Therefore, the expanding logistics industry is driving the growth of the automotive trailers market forward.
Key Industry Players
Major companies operating in the automotive trailer market are innovating innovative products, such as trailer air suspension, to gain a competitive edge in the market. Trailer air suspension is a type of vehicle suspension designed to provide a smooth and constant ride for semi-trailers. For instance, in August 2021, Jamna Auto Industries, an India-based Automotive industry company launched trailer air suspension. Trailer air suspension system allows for an additional one ton of load per axle, that leads to increased efficiency and profitability for businesses. Trailer air suspension contains lift axle module that can be retrofitted on old trailers in combination with mechanical suspension. It allows operators to save on tires while the trailer is running without or less load. It uses air springs to support the weight of the vehicle and provide a smooth and adjustable ride.
The automotive trailer market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
…………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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