New York, May 17, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Trailer Global Market Report 2022" - https://www.reportlinker.com/p06277690/?utm_source=GNW
The global trailer market is expected to grow from $47.0 billion in 2021 to $52.46 billion in 2022 at a compound annual growth rate (CAGR) of 11.6%. The market is expected to grow to $78.08 billion in 2026 at a compound annual growth rate (CAGR) of 10.5%.
The trailers market consists of sales of trailers and related services by entities (organizations, sole traders, and partnerships) that manufacture trailers that are used for the transportation of goods and materials. The trailers industry includes establishments that manufacture trailers such as dry vans, refrigerated trailers, tank trailers, flatbed trailers, lowboy trailers, and other trailers.
The main types in the trailers market are dry vans, refrigerated trailers, tank trailers, flatbed trailers, lowboy trailers, and other trailers.A dry van is referred to as a van that is semi-trailer that is used to protect shipments from outside elements.
The various types of axles are single axles, tandem axles, three or more than three-axle. The trailers are used in paper and paper products, pharma drugs, textile products, food and groceries, agriculture and farm products, chemicals, petroleum and petroleum products, motor vehicle and motor vehicle parts, metal and minerals, commercial machinery, other products.
Asia Pacific was the largest region in the trailer market of the trailers market in 2021.North America was the second-largest region of the trailer market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The global population is growing and is expected to reach about 10 billion by 2050, indirectly driving the trailers market.An increase in population creates more demand for food, automobiles, infrastructure, and transportation.
According to the American Trucking Association, the US trucking industry national trade association, trucks move about 71% of the nation’s freight, which is driven by population expansion in the country.Population expansion is expected to be the biggest factor in increasing the demand for transportation in countries such as India, Brazil, and African countries in the forecast period.
Companies in the market are expected to see a growth in the demand for truck trailers from manufacturers of goods such as food, automobiles, clothing, and other consumer goods in the forecast period.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the trailer market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Transportation manufacturers depend heavily on the supply of parts and components from different countries across the globe.
As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of parts and components.Also, sales of new automobiles decreased significantly due to declining in consumer demand as many countries impose lockdowns.
The outbreak harmed businesses throughout 2020 and into 2021. However, it is expected that the trailer market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Automation and sensor technology are increasingly being used in the trailers industry to increase the efficiencies of dump trailers.The automation technology allows truck drivers to automatically raise and lower the lift axes of dump trailers for easy loading and unloading processes.
The sensor technology reduces the chances of overloading the trailer with fixed axles and compromising tire wear by using intelligent algorithms.The automation and sensors control systems play a vital role in reducing operational costs for transportation companies.
Major industry players such as East Manufacturing Company are offering automatically deployed lift axles and rear suspension dumps in trailers.
The countries covered in the trailers market include Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
Read the full report: https://www.reportlinker.com/p06277690/?utm_source=GNW
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