Expansion of the logistics industry coupled with the increase in cold chain transportation, rise in industrialization and increase in preference toward e-tailing and extra carriage capacity of the trailers drive the growth of the global heavy duty trailer market.
WILMINGTON, Del., Nov. 6, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Heavy Duty Trailer Market by Trailer Type, Axle Type, and Payload Capacity by trailer type, (Flatbed Trailers, Lowboy Trailers, Refrigerated Trailers, Dry Van Trailers, and Others), axle type (3 Axle, 3 To 5 Axle, and Above 5 Axle), and payload capacity, (Below 40,000 Lbs., 40,000 To 80,000 Lbs., and Above 80,000 Lbs.). Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global heavy duty trailer industry generated $12.93 billion in 2022, and is anticipated to generate $21.11 billion by 2032, witnessing a CAGR of 5.1% from 2023 to 2032.
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Prime determinants of growth
The global heavy-duty trailer market has experienced significant growth and transformation, driven by a combination of economic expansion, increased infrastructure development, international trade, and the demand for efficient transportation solutions across various industries. Heavy-duty trailers, designed to handle substantial loads and oversized cargo, play a pivotal role in the modern logistics and transportation landscape. Also, technological advancements, including telematics and automation, are likely to shape the industry’s future, enhancing safety and efficiency.
Leading Companies in Heavy-Duty Trailer Market: –
Fontaine Trailer
Great Dane
Lider Trailer
MAC Trailer Manufacturing
Polar Tank Trailer
Trail King Industries
Utility Trailer
Wabash National Corporation
Wilson Trailer
XL Specialized Trailers
The report provides a detailed analysis of these key players in the global heavy duty trailer market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Heavy Duty Trailer Market Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$12.93 billion |
|
Market Size in 2032 |
$21.11 billion |
|
CAGR |
5.1 % |
|
No. of Pages in Report |
325 |
|
Segments Covered |
Trailer Type, Axle Type, Payload Capacity and Region. |
|
Drivers |
Expansion of logistics industry coupled with the increasing cold chain transportation Rise in industrialization and increase in preference towards e-talling Extra carriage capacity of the trailers |
|
Opportunities |
Increase in customization and specialized trailers Increase in attention to trailer platooning |
|
Restraints |
High maintenance cost of the heavy-duty trailers Rise in environment concerns regarding refrigerated trailer |
Russia-Ukraine War Scenario
The impact of the Russia-Ukraine conflict has been notably adverse for the automotive sector, primarily affecting Ukraine and Russia but also sending ripples across neighboring nations and beyond. Disruptions in supply chains have emerged due to the close proximity of vital manufacturing and supply centers in both countries.
The conflict has led to increased demand for certain types of heavy-duty trailers, particularly those used for military logistics, humanitarian aid, and reconstruction efforts in affected areas. This demand surge has prompted some trailer manufacturers to adapt their production to cater to these specific needs.
The trailer type segment to maintain its leadership status throughout the forecast period
Based on trailer type, the flatbed trailers segment held the highest market share in 2022, and the highest CAGR of 5.1% is estimated to maintain its leadership status throughout the forecast period, due to increase in the transportation of heavy equipment and machinery across the globe owing to an increase in road freight capacity for loading larger units in trailers. However, the lowboy trailers segment is projected to attain the highest CAGR of 6.2% from 2023 to 2032, owing to manufacturers incorporating innovative features such as lightweight materials, improved suspension systems, and hydraulic loading and unloading mechanisms. These advancements enhance the trailers’ efficiency, reduce maintenance costs, and improve overall performance.
The axle type segment to maintain its leadership status throughout the forecast period
Based on axle type, the below 3 axle segments held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period, due to the gaining popularity of smaller trailers with two axles or even single axles for urban deliveries, last-mile logistics, and specialized cargo transport. These trailers are better suited to navigate congested city streets, tight loading docks, and narrow alleys, making them ideal for e-commerce deliveries and local distribution. However, the 3 to 5 axle segment is projected to attain the highest CAGR of 5.9% from 2023 to 2032, owing to a rise in demand for multi-axle trailer in vehicle transportation, wind & energy, construction, mining, and other heavy engineering equipment transportation, owing to the greater load-carrying capacity and better off-road performance compared to other axle trailers.
The payload capacity segment to maintain its lead position during the forecast period
Based on payload capacity, the 40,000 to 80,000 lbs. segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to these trailers are characterized by their sturdy construction, which includes reinforced frames, axles, and suspension systems to distribute the weight evenly and ensure stability during transportation. Industries such as construction, manufacturing, and logistics rely heavily on these trailers to move large equipment and materials, contributing to sustained market growth. However, the above 80,000 lbs. segment is expected to exhibit the largest CAGR of 5.9% from 2023 to 2032, due to the high payload capacity which makes them indispensable for efficiently moving massive loads, reducing the need for multiple trips and associated logistical costs.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period, due to the high growth of industrialization coupled with the rise in the logistics sector in Asia-Pacific. However, the North American region is expected to witness the fastest CAGR of 7.0% from 2023 to 2032, owing to growing awareness of the environmental impact of transportation and logistics activities, including those involving heavy-duty trailers.
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