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Truck Trailer Market to Grow at 6.18% CAGR in value terms by 2026

Continuously evolving businesses to drive the Global Truck Trailer market through 2026.

According to TechSci Research report “Global Truck Trailer Market By Application Type (Logistics, Construction, Mining), By Truck Tonnage Capacity (Class1, Class2, Class3 Class4, Class5, Class6, Class7, Class8), By Trailer Type (Flat Bed Trailer, Dry Vans, Refrigerated Trailers, Multi Car Trailers, Stretch Drop Deck Trailer, Lowboy Trailer), By Vehicle Type (Light Duty, Heavy Duty, Medium Duty), By Region, Competition Forecast & Opportunities, 2026”, Global Truck Trailer Market is estimated to reach at USD504.98 billion by 2026. A truck trailer is a truck or lorry that is made in two or more sections which are joined together by metal bars, so that the vehicle can carry loads and turn more easily. Growth in the Truck Trailer market is driven by increasing urbanization, construction, and continuously improving road infrastructure. With growing number of small-scale businesses and construction activities across the globe, the demand for trucks to carry goods is constantly increasing, as a result the requirement for truck trailers is increasing with it. To satisfy such huge demand, other than the established global market leaders, unorganized business sector is largely established in the Global Truck Trailer market. The Global Truck Trailer market is majorly dominated by Asia Pacific and North America regions. These two regions account for the highest number of truck trailer sales globally, with their combined market share being well over 80% in 2020 in the Global Truck Trailer market and the trend is expected to continue in the forthcoming years as well. These two regions are comparatively dominating over other regions based on their usage of truck trailers across the globe. As compared to rail connectivity and their ability of transporting goods, truck trailers have advantages like wider reach to hilly regions and remote areas. Wider reach of trucks to hilly regions over other means of transport for transporting goods is helping the Truck Trailer market to grow in remote regions.

Browse more over 154 market data Figures and spread through 110 Pages and an in-depth TOC on “Global Truck Trailer Market.”

https://www.techsciresearch.com/report/truck-trailer-market/8143.html

Global Truck Trailer market can be segmented based on by Application Type, by Truck Tonnage Capacity, by Trailer Type, by Vehicle Type, by Company and Region. In terms of the truck trailer application, Global Truck Trailer Market is segmented into Logistics, Mining and Construction and others, with Logistics holding the dominant share in Global Truck Trailer Market in 2020.

According to the Federal Highway Administration (FHWA), trucks are divided into eight classes based on the Vehicle’s gross vehicle weight rating (GVWR) where classes 1–2 are classified as light duty trucks, 3–6 as medium duty trucks, and 7–8 as heavy-duty trucks. Global Truck Trailer market can be segmented based on Truck Tonnage Capacity from class1 to class 8. As majority of truck market is dominated by light trucks, so Class 1 segment is leading the Global Truck Trailer Market and is anticipated to be the leading segment in the forthcoming years as well.

In terms of trailer type, Global Truck Trailer Market is segmented into Flat Bed Trailer, Dry Vans, Refrigerated Trailers, Multi Car Trailers, Stretch Drop Deck Trailer, Lowboy Trailer, where flat bed type of truck trailer accounted for the largest market share in terms of flat bed trailer units sold in 2020. While dry vans type of truck trailer is giving neck to neck competition to the flat bed type of truck trailer, dry vans type of truck trailer is anticipated to maintain its dominance in the forecast period. The increasing demand for transporting goods and continuously improving road infrastructure, leading to better road connectivity will drive the sales of dry vans type of truck trailers globally in the forecast period.

In terms of vehicle type, Global Truck Trailer Market is segmented into Light Duty, Medium Duty and Heavy Duty. As most truck sales come from the type of trucks which are used to carry fast moving consumer goods, and these goods are light weight to medium weight in nature, so majority of truck trailer market share was taken by Light Duty trucks in year 2020.

In addition to that, by region Global Truck Trailer Market is segmented into Asia Pacific, North America, Europe, South America, Middle East and Africa. Majority of demand for truck trailers comes from Asia Pacific and North America, making them leaders of the mainstream market.

 In 2020, truck trailer sales declined in comparison to 2019 as countries around the world underwent strict lockdown in the second and third quarter of 2020 as a measure to counter the spread of the COVID-19 pandemic. The lockdown resulted in the temporary closing down of all factories, including Truck Trailer manufacturing facilities, resulting in production loss for truck trailer market. Furthermore, the governments of most of the COVID-19 affected countries infused social distancing norms that limited the number of workers working at any given point in the same facility. Such measures hampered the workflow of truck trailer manufacturing facilities temporarily. Nevertheless, the market is showing positive signs of recovery and is anticipated to recover in around two years.

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Some of the major players operating globally in truck trailer market are China International Marine Containers (Group) ltd., Wabash National Corporation, Schmitz Cargobull, Great Dane LLC, Hyundai Translead Inc., Utility Trailer Manufacturing company, Krone Commercial Vehicle Group, STI HOLDINGS INC, Kogel Trailer GmbH, Wielton, etc. Apart from these companies are also increasing their marketing activities and enriching their product portfolio to increase their customer outreach.

“In 2020, North America accounted for the largest share i.e., 55.95% in Global Truck Trailer market. The region is expected to maintain its dominance over the next five years as well, with the United States being one of the leading truck trailer manufacturing countries globally. However, Asia-Pacific is giving neck to neck competition. Moreover, increase in construction and logistics is boosting demand for truck trailers globally.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Press Release : https://www.techsciresearch.com/news/6736-truck-trailer-market.html

“Global Truck Trailer Market By Application Type (Logistics, Construction, Mining), By Truck Tonnage Capacity (Class1, Class2, Class3 Class4, Class5, Class6, Class7, Class8), By Trailer Type (Flat Bed Trailer, Dry Vans, Refrigerated Trailers, Multi Car Trailers, Stretch Drop Deck Trailer, Low boy Trailer), By Vehicle Type (Light Duty, Heavy Duty, Medium Duty), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of Global Truck Trailer market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Truck Trailer market.

 

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