Truck trailers are extensively used in the transportation of goods and services. Trailers are extensively used in the cold chain and logistics industry, and thus, the increasing demand for fresh and healthier food products is stimulating the demand for truck trailers. Additionally, technological advancements such as remote temperature monitoring and built-in GSM systems, among others are more likely to impel market growth. Moreover, the advent of supermarket retailing is also expected to drive market growth during the forecast period, 2019 to 2026.
The truck trailer market is segmented by type, axle type, and region.
On the basis of type, the truck trailer market is segmented into flatbed, dry van, refrigerated, lowboy trailers, and others. Among all types of trailers, dry vans are expected to hold a major share of the market. The characteristic features of dry freight vans, which include increased productivity, superior performance, longer life cycle, and low operating costs are expected to drive the growth of the segment. Additionally, dry van trailers are the most popular choice for shipping goods as they can haul up to 45,000 pounds/26 standard pallets or cargo, which is further expected to fuel market growth. Introducing environment-friendly technologies, processes, and programs that would effectively improve manufacturing processes and minimize the carbon footprint of trailers are expected to drive the truck trailer market growth. For instance, the U.S. Environmental Protection Agency (EPA) and freight industry started a SmartWay program in 2004 to improve energy efficiency and lower greenhouse gas emissions and the air pollution of trailers. The program has enhanced freight operations along with companies offering services with EPA Certified SmartWay trailers.
Based on axle type, the truck trailer market is segmented into single axle, tandem axle, and three or more than three axles. Several types of axles types are offered on the basis of the vehicle's load capacity, such as less than 8000 lbs, between 8000 to 15000 lbs, and others. Technological advancements and rising demand for heavy-duty, fuel-efficient, and lightweight vehicles drive the demand for truck trailers, globally.
Geographically, the global truck trailer market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
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In North America, stringent emission and fuel regulations provide impetus to the growth of the truck trailer market. The early adoption of innovative technologies and expanding supply chain are among the key factors that drive market growth in the region. Additionally, stringent government regulations on weight carrying capacity and dimensions, such as the ‘Federal Size Regulations for Commercial Motor Vehicles in the U.S.’, are expected to drive the truck trailer market in North America.
In Europe, the growth of large fleets is expected to boost the demand for truck trailers. The region’s expanding fleet size drives the installation of safety features and enhanced braking technologies. The dramatic rise in urbanization across economies is expected to provoke demand for highly specialized vehicles and result in the growth of the truck trailer market.
Asia-Pacific is projected to witness stable growth in the truck trailer market on account of improvements in road infrastructure, expansion of supply chain, and government regulations on the load carrying capacity and dimensions of truck trailers.
Some of the prominent players in the global truck trailer market are Great Dane LLC (U.S.), Dennison Trailers Ltd (England), Wabash National Corporation (U.S.), Utility Trailer Manufacturing Company. (U.S.), Hyundai Motor Company (Korea), Böckmann Fahrzeugwerke GmbH (Germany), Schmitz Cargobull AG (Germany), Ifor Williams Trailers Ltd (U.K.), Kögel Trailer GmbH & Co. KG (Germany), and Miller Industries Inc. (U.S.).
Truck Trailer Market Segmentation
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