Portland, OR, Nov. 15, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global automotive trailer market was accounted for $20.15 billion in 2020, and is estimated to reach $29.79 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030.
Increase in adoption of the lightweight transmission system and surge in demand for automatic transmission have boosted the growth of the global automotive trailer market. However, high costs and rise in adoption of engine downscaling techniques by OEM hinder the market growth. On the contrary, rise in vehicle production in developing countries and developments in spool valve technologies are expected to unlock new opportunities for the market players in the future.
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Covid-19 Scenario of Automotive Trailer Industry:
- The Covid-19 outbreak and followed lockdown imposed commuting limitations, which negatively affected the demand for automotive vehicles. Moreover, weak financial performance across the globe and negative demand patterns from end-users hindered the market.
- The prolonged lockdown reduced the manufacturing operation of the original equipment manufacturers due to the financial slump and lack of workforce in the last three quarters of 2020.
The report divides the global automotive trailer market on the basis of trailer type, axle type, vehicle type, and region.
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Based on trailer type, the dry van & box segment held the largest share in 2020, accounting for around one-third of the market. However, the chemicals & liquid segment is projected to manifest the highest CAGR of 5.7% during the forecast period.
On the basis of axle type, the tandem axle segment held the lion’s share in 2020, contributing to nearly two-fifths of the market. However, the three or more than three-axle segment is estimated to portray the highest CAGR of 5.0% from 2021 to 2030.
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The global automotive trailer market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2020, accounting for more than half of the market. However, the market across LAMEA is anticipated to showcase the highest CAGR of 6.1% during the forecast period.
The global automotive trailer market includes an in-depth analysis of the prime market players such as Argo-Hytos Inc., Christian Bürkert Gmbh & Co. KG, Bosch Rexroth AG, Eaton Corporation plc, Dymax, Eagle Industry Co., Ltd., HAWE Hydraulik SE, GMB Corporation, HYDAC International GmbH, Parker-Hannifin Corporation.
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