The Global Automotive Trailer Market size is expected to reach $27.3 billion by 2028, rising at a market growth of 4.2% CAGR during the forecast period.
Automotive trailers can be referred to as unpowered vehicles that are towed by a motorized vehicle using a hitch or a hook. These trailers are utilized to transfer items from one location to another. The majority of freight companies employ them to transport their goods domestically or internationally. In addition, they are utilized for recreational purposes, including transporting luggage, fishing boats, and as mobile residences with basic amenities.
Some trailers are designed for personal (or small company) usage with virtually any motorized vehicle with an appropriate hitch, while others are part of big cargo-transporting trucks called semi-trailer trucks. Enclosed toy trailers and motorbike trailers can be pulled by a pickup truck or van, which often do not require a specific license in addition to a valid driver's license.
Specialized trailers, such as open-air motorcycle trailers and bicycle trailers, are significantly smaller, are accessible to small vehicles, and have a drawbar and a single axle. Other trailers, like utility trailers, travel trailers, and campers, are available with single or multiple axles to accommodate a range of tow vehicle sizes.
There are also extremely specialized trailers, including generator trailers, pusher trailers, and others, which are used to power the towing vehicle. Others are specifically designed to accommodate complete kitchens as well as other specialized equipment required by carnival vendors. There are also boat trailers available.
The spread of the COVID-19 infection has had a detrimental impact on the automotive trailer market due to limits on commuting and the anticipated dismal financial performance of market players during the pandemic. The economic and financial impact of the outbreak is apparent as organizations prepare cost-cutting strategies. To enhance cash flow, organizations owning vehicle assets are contemplating sale and leaseback options. The majority of market players in the trailer industry suffered financial losses due to the outbreak.
The road is the most popular form of transportation within the logistics industry due to its superior cost benefits over other modes. Consequently, logistics is one of the most important end-use industries for automobile trailers. Moreover, the rapid growth of the manufacturing, agricultural, electronics, and textile & garment industries raises demand for logistics & supply chain solutions. In addition, the majority of businesses rely on third-party logistics providers to reduce fleet investments, reduce labor costs, and increase the availability of different types of tanks, containers, and flatbeds based on their needs.
One of the major factors that are driving the growth of the automotive trailer market is the cost-effectiveness of this technology. Automotive trailers are an excellent alternative to purchasing new vehicles because they cost significantly less than the cost of acquisition of a new vehicle yet provide an appropriate way to expand carriage capacity. In addition, the price of some trailers can range diversely, which gives them a significant advantage in terms of cost. In addition, the modern trailers that are being introduced into the automotive trailer sector come equipped with cutting-edge technology.
One of the biggest factors that are hampering the growth of the automotive trailer market is the environmental risks related to the use of this machinery. During the process of their operation, refrigerated units are known to discharge harmful compounds into the atmosphere. These substances include chlorofluorocarbons (CFCs). These toxic gases pose a significant risk to the long-term health of the environment. They are not dangerous while they are contained within refrigerators; nevertheless, issues arise when they are allowed to leave the refrigerator.
On the basis of Vehicle Type, the Automotive Trailer Market is segregated into Two-wheeler and Bike, Passenger Car, and Commercial Vehicle. In 2021, the commercial vehicles segment acquired the largest revenue share of the automotive trailer market. The rise in the growth of the segment is attributed to the rapid expansion of the transportation and logistics industry all over the world. Trailers are significantly being utilized within the transportation and logistics sector.
By Axel Type, the Automotive Trailer Market is categorized into Single Axle, Tandem Axle, and Three or More Than Three Axle. In 2021, the single axel segment registered a significant revenue share of the automotive trailer market. This type of vehicle is typically utilized for local deliveries. The usage of a single-drive axle is facilitated by decreasing the truck's carrying capacity. By removing one of the driving axles, the truck becomes shorter, allowing it to tow a longer trailer, and it is able to turn much more tightly, which is a must when traversing city streets.
Based on Trailer Type, the Automotive Trailer Market is segmented into Dry Van and Box, Refrigerator, Chemical and Liquid, Tipper, Flatbed, and Others. In 2021, the dry van & box segment procured the biggest revenue share of the automotive trailer market. The growth of this segment in the market is bolstered due to the rising demand for non-perishable goods, including household goods, electronics, apparel, automotive components, etc., as well as the growth of the logistics industry. The dry chain and van are fully enclosed in order to protect cargo from the weather.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 20.6 Billion |
| Market size forecast in 2028 | USD 27.3 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 4.2% from 2022 to 2028 |
| Number of Pages | 212 |
| Number of Tables | 379 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Vehicle Type, Axle Type, Trailer Type, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the Automotive Trailer Market is analyzed across North America, Europe, Asia-pacific, and LAMEA. In 2021, Asia-pacific accounted for the largest revenue share of the automotive trailer market. The high growth of the segment is majorly attributed to the rising adoption of trailers in China. Moreover, the Chinese market is estimated to grow further as a result of an increase in R&D efforts, technological advancements by key players, and the quick adoption of novel technologies in the production of modern, dependable, and efficient car trailers.
Free Valuable Insights: Global Automotive Trailer Market size to reach USD 27.3 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hyundai Motor Company, Wabash National Corporation, Böckmann Fahrzeugwerke GmbH, China International Marine Containers (Group) Ltd., Dennison Trailers Ltd., Great Dane Trailers, Humbaur GmbH, Ifor Williams Trailers Ltd. and Schmitz Cargobull AG.
By Vehicle Type
By Axle Type
By Trailer Type
By Geography
The global Automotive Trailer Market size is expected to reach $27.3 billion by 2028.
Expansion of the logistics industry along with cold chain transportation are driving the market in coming years, however, An increasing number of concerns related to environment due to the use of refrigerators in trailers restraints the growth of the market.
Hyundai Motor Company, Wabash National Corporation, Böckmann Fahrzeugwerke GmbH, China International Marine Containers (Group) Ltd., Dennison Trailers Ltd., Great Dane Trailers, Humbaur GmbH, Ifor Williams Trailers Ltd. and Schmitz Cargobull AG.
The expected CAGR of the Automotive Trailer Market is 4.2% from 2022 to 2028.
The Tandem Axle market is leading the Global Automotive Trailer Market by Axle Type in 2021; thereby, achieving a market value of $10.7 billion by 2028.
The Asia Pacific market dominated the Global Automotive Trailer Market by Region in 2021; thereby, achieving a market value of $10.1 billion by 2028.
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