Truck Trailer Market to Grow at 6.18% CAGR in value terms by 2026
Continuously evolving businesses to drive the Global Truck
Trailer market through 2026.
According to TechSci Research report “Global Truck Trailer Market By Application Type (Logistics,
Construction, Mining), By Truck Tonnage Capacity (Class1, Class2, Class3
Class4, Class5, Class6, Class7, Class8), By Trailer Type (Flat Bed Trailer, Dry
Vans, Refrigerated Trailers, Multi Car Trailers, Stretch Drop Deck Trailer,
Lowboy Trailer), By Vehicle Type (Light Duty, Heavy Duty, Medium Duty), By Region,
Competition
Forecast & Opportunities, 2026”, Global
Truck Trailer Market is estimated to reach at USD504.98 billion by 2026. A truck trailer is a truck or lorry that is made in
two or more sections which are joined together by metal bars, so that the
vehicle can carry loads and turn more easily. Growth in the Truck Trailer market
is driven by increasing urbanization, construction, and continuously improving
road infrastructure. With growing number of small-scale businesses and construction
activities across the globe, the demand for trucks to carry goods is constantly
increasing, as a result the requirement for truck trailers is increasing with
it. To satisfy such huge demand, other than the established global market
leaders, unorganized business sector is largely established in the Global Truck
Trailer market. The Global Truck Trailer market is majorly dominated by Asia
Pacific and North America regions. These two regions account for the highest
number of truck trailer sales globally, with their combined market share being well
over 80% in 2020 in the Global Truck Trailer market and the trend is expected
to continue in the forthcoming years as well. These two regions are comparatively
dominating over other regions based on their usage of truck trailers across the
globe. As
compared to rail connectivity and their ability of transporting goods, truck
trailers have advantages like wider reach to hilly regions and remote areas.
Wider reach of trucks to hilly regions over other means of transport for
transporting goods is helping the Truck Trailer market to grow in remote
regions.
Browse more over 154 market data Figures and
spread through 110 Pages and an in-depth TOC on “Global Truck Trailer
Market."
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Global Truck Trailer market can be segmented based on by Application Type, by
Truck Tonnage Capacity, by Trailer Type, by Vehicle Type, by Company and Region. In
terms of the truck trailer application, Global Truck Trailer Market is segmented
into Logistics, Mining and Construction and others, with Logistics holding the
dominant share in Global Truck Trailer Market in 2020.
According to the Federal Highway Administration (FHWA), trucks are
divided into eight classes based on the Vehicle’s
gross vehicle weight rating (GVWR) where classes
1–2 are classified as light duty trucks, 3–6 as medium duty trucks, and 7–8 as heavy-duty
trucks. Global Truck Trailer market can be segmented based on Truck Tonnage
Capacity from class1 to class 8. As majority of truck market is dominated by
light trucks, so Class 1 segment is leading the Global Truck Trailer Market and
is anticipated to be the leading segment in the forthcoming years as well.
In terms of trailer type, Global Truck Trailer Market is segmented into Flat
Bed Trailer, Dry Vans, Refrigerated Trailers, Multi Car Trailers, Stretch Drop
Deck Trailer, Lowboy Trailer, where flat bed type of truck trailer accounted
for the largest market share in terms of flat bed trailer units sold in 2020. While
dry vans type of truck trailer is giving neck to neck competition to the flat
bed type of truck trailer, dry vans type of truck trailer is anticipated to maintain
its dominance in the forecast period. The increasing demand for transporting
goods and continuously improving road infrastructure, leading to better road
connectivity will drive the sales of dry vans type of truck trailers globally
in the forecast period.
In terms of vehicle type, Global Truck Trailer Market is segmented into Light
Duty, Medium Duty and Heavy Duty. As most truck sales come from the type of
trucks which are used to carry fast moving consumer goods, and these goods are
light weight to medium weight in nature, so majority of truck trailer market
share was taken by Light Duty trucks in year 2020.
In addition to that, by region Global Truck Trailer Market is segmented into
Asia Pacific, North America, Europe, South America, Middle East and Africa.
Majority of demand for truck trailers comes from Asia Pacific and North America,
making them leaders of the mainstream market.
In 2020, truck trailer sales
declined in comparison to 2019 as countries
around the world underwent strict lockdown in the second and third quarter of
2020 as a measure to counter the spread of the COVID-19 pandemic. The lockdown
resulted in the temporary closing down of all factories, including Truck
Trailer manufacturing facilities, resulting in production loss for truck
trailer market. Furthermore, the governments of most of the COVID-19 affected
countries infused social distancing norms that limited the number of workers
working at any given point in the same facility. Such measures hampered the
workflow of truck trailer manufacturing facilities temporarily. Nevertheless,
the market is showing positive signs of recovery and is anticipated to recover
in around two years.
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Some of the major players
operating globally in truck trailer market are China International Marine Containers
(Group) ltd., Wabash National Corporation, Schmitz Cargobull, Great Dane LLC, Hyundai
Translead Inc., Utility Trailer Manufacturing company, Krone Commercial Vehicle
Group, STI HOLDINGS INC, Kogel Trailer GmbH, Wielton, etc. Apart
from these companies are also increasing their marketing activities and
enriching their product portfolio to increase their customer outreach.
“In 2020, North America accounted for the largest share i.e., 55.95% in Global
Truck Trailer market. 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. However, Asia-Pacific is giving neck
to neck competition. Moreover, increase in construction and logistics is
boosting demand for truck trailers globally.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Truck Trailer Market By
Application Type (Logistics,
Construction, Mining), By Truck Tonnage Capacity
(Class1, Class2, Class3 Class4, Class5, Class6, Class7, Class8), By Trailer
Type (Flat Bed Trailer, Dry Vans, Refrigerated Trailers, Multi Car Trailers,
Stretch Drop Deck Trailer, Low boy Trailer), By Vehicle Type (Light
Duty, Heavy Duty, Medium Duty), By Region, Competition Forecast &
Opportunities, 2026”, has evaluated the future growth
potential of Global Truck Trailer market and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in Global
Truck Trailer market.
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