Global Tractors and Trailers Market to Witness Growth at a CAGR of 4%
Economic growth, widespread infrastructure
development and growing urbanization globally, to drive the Global Tractors and
Trailers Market through 2022
According to TechSci Research
report, “Global
Tractors and Trailers Market, By
Trailer Type (Flat Bed Trailer, Dry Vans, Refrigerated Trailers, Lowboy
Trailers, Stretch Drop Deck Trailer, Multi Car Trailers and Others), By Size,
By Company and By Geography, Forecast & Opportunities, 2023’’, the global Truck Trailer market is predicted to grow at a
CAGR of over 4 %, in value terms, over the next five years, due to continuous
improvement of road infrastructure, long distance transportation and high
growth rate of construction activities in leading and emerging countries. As
the infrastructure development increases the demand for truck trailer also
increases as these are mainly used for transportation, construction and mining
sectors.
Moreover, the increasing application of tractors in the agricultural
sector will fuel the growth of the Global Tractors and Trailers market during
forecast period. Additionally,
the growing sales of two-wheeler and four-wheelers globally, is likely to
propel the need for truck trailers for transportation of the vehicles over long
distance and will continue to drive the global truck and trailer market by 2023. The growing
penetration of the cold chain industry that requires refrigerated trucks to
enable transportation of food items at the desired temperatures is anticipated
to drive the growth of the market during the forecast period.
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Based on the trailer type, the Dry van segment holds the largest share
in the Global Tractors and Trailers market and is anticipated to grow with the
highest CAGR during the forecast period, owing to its wide applications across
various end-use industries such agriculture, construction, automotive etc. Dry
Vans are widely used by Less Than Truckload (LTL) and FTL (Full Truckload)
operators due to their versatility and cost efficiency.
Mahindra and Mahindra, Daimler AG, Tata Motors, Mercedes-Benz,
Ashok Leyland, Ford etc, are major companies operating in Tractors and Trailers, globally.
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Asia-Pacific lead the Tractors and Trailers market in
2016 owing to the widespread adoption of Tractors and Trailers across various
end-use industries like agriculture, automotive, construction and mining etc. The
market in APAC is projected to grow at the highest rate between 2017 to 2022 on
the back of increasing regional transport, growing advancements in design and
demand for good trailers to ensure the safety of products that are transported
in in constituent regions like China and India.
“The expanding cold chain industry is expected to have a positive impact
on the growth of Trucks and Trailers Market due to increased demand for
Refrigerated Trailers that allow food to be transported at the required
temperatures. Moreover, the growing need to ensure safety of transported goods
and items while transporting regionally is expected to boost Tractors and Trailers market through 2022.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global
Tractors and Trailers Market, By Trailer Type (Flat Bed Trailer, Dry Vans,
Refrigerated Trailers, Lowboy Trailers, Stretch Drop Deck Trailer, Multi Car
Trailers and Others), By Size, By Company and By Geography, Forecast &
Opportunities, 2023’’
has evaluated the future growth potential of Global Tractors and Trailers market
and provides statistics and information on market size, structure and future market
growth. The report offers decision makers superior market intelligence, thereby
enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market
inclinations along with indispensable drivers, challenges and opportunities in Global
Tractors and Trailers Market.
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