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Trailer Global Market Report 2021: COVID 19 Impact and Recovery to 2030

ReportLinker
·4 min de lecture

Major companies in the trailers market include China International Marine Containers (Group) Ltd; Schmitz Cargobull AG; Bernard Krone Holding SE & Co. KG; Wabash National Corporation and Utility Trailer Manufacturing Company.

New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Trailer Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025345/?utm_source=GNW


The global trailer market is expected to grow from $51.41 billion in 2020 to $53.99 billion in 2021 at a compound annual growth rate (CAGR) of 5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $79.45 billion in 2025 at a CAGR of 10%.

The trailers market consists of sales of trailers and related services by entities (organizations, sole traders and partnerships) that manufacture trailers which are used for the transportation of goods and materials. The trailers industry includes establishments that manufacture trailers such as dry vans, refrigirated trailers, tank trailers, flatbed trailers, lowboy trailers and other trailers. The trailer market is segmented into dry vans; refrigirated trailers; tank trailers; flatbed trailers; lowboy trailers and other trailers.

Asia Pacific was the largest region in the global trailer market, accounting for 37% of the market in 2020. North America was the second largest region accounting for 33% of the global trailer market. Africa was the smallest region in the global trailer market.

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 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 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 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 lack of parts and components. Also, sales of new automobiles decreased significantly due to decline in consumer demand as many countries impose lockdowns. The outbreak is expected to continue to have a negative impact on 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.

The global population is growing and is expected to reach about 10 billion by 2050, indirectly driving the trailers market. 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.


Read the full report: https://www.reportlinker.com/p06025345/?utm_source=GNW

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