Truck trailers are widely used for the transportation of goods and commodities; they are towed by a powered vehicle with the help of hitches from one place to another. Additionally, they are primarily used by cargo companies to transport goods nationally or internationally. Truck trailers are also used for recreational purposes such as carrying fishing boats, luggage, or mobile homes.
The dramatic surge in the use of advanced technologies, the increasing disposable income of individuals, and the rising demand for fresher & healthier products are expected to drive the global truck trailer market during the forecast period, 2019–2026.
| Report Metric | Details |
|---|---|
| Base Year | 2022 |
| Study Period | 2021-2031 |
| Forecast Period | 2023-2031 |
| CAGR | 6.18% |
| Market Size | |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
| Geographies Covered |
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The growing demand for fresh, healthy, and quality food products such as fruits, vegetables, dairy products, and others around the globe are fueling the growth of the truck trailer market as the perishable nature of food products leads to high dependency on the cold chain and logistics industry. According to the International Trade Administration (ITA), global losses in the food industry amount to more than USD 750 million annually due to the lack of proper facilities, improper food safety handling procedures, and others in the cold chain. Additionally, to ensure the efficiency of products, biopharma sales worth over USD 260 billion is dependent on cold chain logistics annually.
The growing trend of supermarket retailing is projected to be a key factor driving the growth of the truck trailer market. The integration of technologies is also likely to foster the growth of the truck trailer market; for instance, the installation of remote temperature monitoring devices along with a built-in GSM system in trailers for controlling the temperature of sensitive products in the transit of pharmaceuticals. In the case of medical supplies, trailer managers can remotely monitor temperatures on a real-time basis.
Geographically, the truck trailer market is segmented into North America, Asia-Pacific, Europe, and Latin America, and the Middle East & Africa (LAMEA).
North America is expected to grow significantly in the truck trailer market during the forecast period, 2019–2026, attributed to increasing trade activity, which is creating a demand of logistics and in turn, truck trailers. Additionally, increasing disposable income is resulting in an upsurge in the demand for fresh and quality food products and subsequently, driving the market growth.
In Europe, the growth of large fleets is expected to provide impetus to the global market in the near future as the transport industry perseveres towards a digital platform ecosystem. Rapid growth in urbanization across the region is providing a flip to the demand for highly specialized vehicles such as truck trailers. Additionally, grocery delivery services, including frozen and fresh food, are expected to further drive market growth positively. According to the U.S. Department of Commerce, 27% of shoppers in the U.K. use e-commerce for grocery shopping with direct delivery services estimated to reach USD 23 billion by 2020.
Asia-Pacific is projected to witness stable growth in the truck trailer market on account of improvements in road infrastructure and relaxation of axle norms that would drive the demand for lower tonnage trucks in the region. In August 2018, the Indian government announced two amendments in the new axle load norms, along with an increase in the maximum load-carrying capacity of heavy vehicles, including trucks, by 20–25%.
The LAMEA region is expected to register substantial growth in the global market, owing to the anticipated growth of construction activities, long-distance transportation, and the logistics industry over the forecast period.
The truck trailer market is segmented by type, axle type, and region.
On the basis of type, the global market is segmented into a flatbed, dry van, refrigerated, lowboy trailers, and others.
Based on axle type, the global market is segmented into single axle, tandem axle, and three or more than three axles.
