Automotive Trailer Market Size Projected to Reach USD 31.1 Billion by 2032, at a 4.50% CAGR

Dec 25, 2023

New York, US, June 08, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), " Automotive Trailer Market Research Report Information By Vehicle Type, By Trailer Type, By Axle Type, and By Region – Market Forecast Till 2032", The global automotive trailer market will touch USD 31.1 billion at a 4.50% CAGR by 2032, as per the recent Market Research Future report.

Increasing Use in Cold Chain Logistics to Boost Automotive Trailer Market Growth

The transportation of temperature-sensitive commodities, such as perishable food items, medications, and other sensitive materials, while preserving particular temperature conditions throughout the supply chain, is made possible by the use of automotive trailers. Temperature control, refrigeration and freezing, insulation, monitoring and data logging, increased transport distance, and effective load optimization are a few important uses of car trailers in cold chain logistics. Thus the increasing use of automotive trailers in cold chain logistics will boost market growth over the

Key Players

Eminent industry players profiled in the automotive trailer market report includes,

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Opportunities

Technological Advances to offer Robust Opportunities

Automobile trailers are being updated and changed by technologies like telematics, digitization, & autonomous driving. Advanced caravan telematics and AI-based optimization will reduce carbon emissions, traffic congestion, utilization, and total running expenses, among other benefits of the evolution of digital technology. Additionally, installing cutting-edge equipment in refrigerated trailers, such as temperature recorders with built-in GSM/GPS modems and remote temperature monitoring, helps fleet managers and trailer owners monitor their trailers in real-time.

Restraints and Challenges

High Maintenance Cost to act as Market Challenge

The high maintenance cost of trailers, the availability of alternative medium of cargo transport like air, railway and marine transport, surge in environmental concerns, and reduced resale value may act as market restraints over the forecast period.

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Automotive Trailer Market Segmentation

The global automotive trailer market is bifurcated based on vehicle type, trailer type, and axle type.

By vehicle type, commercial vehicles will lead the market over the forecast period. As there is a greater need for the distribution of nutritious food, as road transportation methods become more accessible and inexpensive, and as transportation has been made easier, the need for commercial trailers will increase. Growing logistical commerce, urbanization, industrial activity, the demand for effective transport, and the development of rural area road networks will all lead to new possibilities in this dynamic business.

By trailer type, dry van & box will domineer the market in the projected period due to the increase in demand for non-perishable goods including furniture, electronics, clothing, automobile components, and other products, along with the expanding logistics industry. Both the dry chain & the vehicle are completely enclosed to safeguard the payload from the elements. Thus, shippers like employing vehicle trailers to transport non-perishable commodities, which stimulates the expansion of the global automobile industry.

By axle type, tandem axle will spearhead the market over the forecast period. Tandem axles are becoming notably more common as a result of strict government rules to minimize pollutants and fuel consumption that pave the way for the creation of effective and lightweight cars.

Automotive Trailer Market COVID-19 Analysis

The COVID-19's effect on the automobile trailer industry is uncertain and it is anticipated that it will be in effect for several years. Governments all around the world were driven by the COVID-19 breakout to enact strict lockdown measures and restrict the import and export of raw materials and parts for the maximum of 2020 & handful months of 2021. Thus, the supply of crucial raw materials needed to make vehicle trailers suddenly decreased.

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Additionally, the widespread lockout led factories that make vehicle trailer systems to partially or entirely cease operations. The COVID-19 pandemic's negative effects led to widespread delays in operations and projects involving the large-scale manufacture of automobile trailer systems.

Automotive Trailer Market Regional Analysis

APAC to Lead Automotive Trailer Market

This market will be dominated by the APAC region. This is for the Asian countries show a promising GDP development together with a sizable presence of auto component and system manufacturers. Additionally, the rapid adoption of passenger automobiles and commercial vehicles for the rising disposable income is directly affecting the market growth in emerging Asian countries like China, India, Malaysia, and others. In addition, the Indian market for automotive trailers had the highest growth rate in the Asia-Pacific region, while China's Automotive Trailer industry had the greatest market share. The expansion of the automobile sector in this area has been facilitated by the rising population, urbanization, and industrialization. In order to move commodities and automobiles, there is a considerable demand for automotive trailers. The recent fast economic expansion in the Asia-Pacific area has expanded industrial activity, construction projects, and logistical operations. Due to the need for effective material and good transportation, caravan demand has increased. Other factors driving market expansion include the presence of significant trailer manufacturers and industry and company knowledge of the advantages of employing trailers for goods transportation.

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North America to Have Admirable Growth in Automotive Trailer Market

From 2023 to 2032, the North American automotive caravan market is anticipated to increase significantly. This was caused by the choice of the manufacturers for adding the tie-down pockets to sides of trailers for better cargo security. Additionally, the trailers have a sizable deck space, removable fenders, and a strong load-bearing capacity. These advancements in automotive trailers are expected to create new opportunities for market expansion within this sector. Additionally, the North American automotive trailer market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion.

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