Global Automotive Trailer Market will witness a CAGR of 3.8% through 2023 | Key Players- China International Marine Containers Co., Ltd, Schmitz Cargobull Aktiengesellschaft, Wabash National Corporation

According to a recent report published by Allied Market Research, titled, Global Automotive Trailer Market by Trailer Type, Axle Type, Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global automotive trailer market was valued at $21,895.0 million in 2016, and is projected to reach at $28,538.5 million by 2023, growing at a CAGR of 3.8% from 2017 to 2023.

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At present, Asia-Pacific dominates the market, followed by North America. In 2016, China dominated the Asia-Pacific market and Germany led the overall market in Europe. However, in North America, the U.S. currently dominates the market.

The reduction in cost in terms of fuel consumption & emission, and their environment-friendly nature of the automotive trailers make way for the growth of the market. In addition, extra carriage capacity of the automotive trailers also contribute to the market growth. However, high maintenance cost and reduced resale value hampers this stated growth.

Key Findings of the Automotive Trailer Market:
• The commercial vehicle segment generated the highest revenue in the global automotive trailer market in 2016.
• In 2016, three & more than three axle segment was the highest revenue contributor in the axle type segment.
• LAMEA is anticipated to exhibit the highest CAGR during the forecast period.
• In 2016, Asia-Pacific contributed the highest market share, followed by North America, Europe, and LAMEA.

Reduction in Cost

One of the major benefits of automotive trailers is that it offers cost benefits. It also serves as an ideal solution to increase the carriage capacity, as it costs half of the price as that of the new vehicle. Moreover, some trailers fall within the range of $5,000‐$10,000, which provides superior edge in terms of cost. Thus, all these factors together supplement the growth of the global automotive trailer market.

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Extra Carriage Capacity of the Trailers

Automotive trailers have large cargo carrying capacity. Regardless of the size of the trailer, it increases the carrying capacity, as every inch of space from floor to ceiling can be brought to utilization. Moreover, transportation of goods and commodities such as perishable foods, construction materials, heavy loads, and loose materials through trailers serves as an affordable option as compared to renting or leasing a truck, which fuels the growth of the automotive trailer market globally.

By Trailer Type
• Dry Van & Box
• Refrigerator
• Chemical & Liquid
• Tipper
• Flatbed
• Others (Bottom Dump and Cargo)

By Axle Type
• Single Axle
• Tandem Axle
• Three or More Than Three Axle

By Vehicle Type
• Two-wheeler & Bike
• Passenger Car
• Commercial Vehicle

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This release was published on openPR.