Commercial Truck Trailer Forecast and CAGR
According to latest research by Fact.MR, commercial truck trailer is set to witness sustained growth during 2021-2031. With increase in demands for fresh and healthy food deliveries, cost reduction in road transportation modes and ease of transportation will increase demand for commercial trailers. Increase in logistic business, urbanization, manufacturing activities, need for effective transportation and widening rural area road networks shall provide incremental opportunities in the dynamic market.
What are Driving Demand for Commercial Truck Trailer?
Rapid urbanization and bulging road transportation dependency shall increase construction activities and infrastructure in the developing countries like India which further cultivates demand for trailers in market. Most of developing countries where dependency on road transportation is prominent, which includes transportation of goods, fresh food products, and transportation of raw materials for manufacturing plants subsequently enriches commercial trucks potential and stimulated market growth.
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According to Food and Agriculture Organization, nearly 40% of food products are wasted before they reach in market due to lack of temperature controlled transportation system. In food and beverage industry, most of the product requires temperature controlled transportation to sustain food health. Using refrigerated trailers in transportation will helps to reduce of food wastage and therefore will kindle down the line prominence of these commercial trucks.
As the middle-class economy is stabilizing, the demand for various cold chain goods is also increasing including dairy products, fruits, fish and fresh flowers along with pharmaceutical products which indeed drives the potential of market during long run forecast period.
COVID-19 Impact on Commercial Truck Trailer Market
COVID-19 pandemic has acted as major restraining factor on the commercial truck trailer market during financial year 2020 as of disturbed supply chain globally due to lockdowns imposed by governments of various regions. Transportation of goods across countries and manufacturing processes in varied industries had stopped because of absence of manpower in the factory areas. Also sales of new automobiles decreased significantly with declining consumer demands and contacting automobile global market.
Alike most of the manufacturers across different industries, commercial truck trailer manufacturers also suffered significant losses. For instance, one of the dominant manufacturers of commercial truck trailer in North America, has observed decrease in manufacturing output nearly 20% in 2020. At the end of financial year, relief was observed by commercial vehicles for transporting the necessary goods including raw materials, food, medical supplies and equipment which are required for sanitation and public protection somehow how stabilized the market.
North America Commercial Truck Trailer Outlook
In North America, North American Free Trade Agreement (NAFTA) permits free trade across the, US and Canada, which leads to amplified transportation operations in these region. This is projected to create a push in cargo transportation because of increased consumer spending and business activities.
North America region contains largest agriculture activities, which uses trailers for transportation of raw material delivering to respective production industries. Along with agriculture industry surge, inland transportation, construction activities and developments in infrastructure are constantly increasing demand for trailers especially in commercial trailers segment.
The North American commercial truck trailer market is currently replacing its commercial truck trailer into technologically advanced commercial truck trailers to prosper the global potential. This result North American commercial truck trailer market to portray dominating hands in the global market, in terms of value, during the forecast period.
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Europe Demand Outlook for Commercial Truck Trailer Market
Europe nearly accounts 2000 billion kilometre road network and constantly positioning its significance in the commercial truck trailer market. In this region, about 60% to 70% of transportation happens through roads. The e-commerce industry is swelling faster as compared to other regions for Europe and developments in the e-tailing sector has been witnessing well-organized retail spaces to foster global demand.
Constant growth projections have showcased evident changes in the European commercial trucks market and similar trends are likely to be witnessed during coming long run forecast period.
Who are the Key Manufacturers Commercial Truck Trailers?
Some of the leading manufacturers of commercial truck trailers include
- Hyundai Translead
- Kentucky Trailer
- MAC Trailer
- Krone Trailer and Wabash National
- East Manufacturing
- Fontaine Trailer
- Heil Trailer
- Pitts Trailers and many others
Many leading manufacturing industries are concentrating on manufacturing advanced trailers carrying highest capacity to transport heavy products and induce lesser energy consumption. Players have strategized their presence globally and adding significant potential to keep market igniting.
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