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Automotive Trailer Market Size Set to Grow With Exponential Value of US $28,538.5 million by 2023, Says Allied Market Research
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In 2016, the dry van & box segment dominated the global automotive trailer market in the trailer type segment, in terms of revenue. Furthermore, based on axle type, three & more than three axle led the global market, followed by tandem axle in 2016. At present, the commercial vehicle segment dominates the market. However, the two-wheeler & bicycle segment is expected to grow at a highest CAGR throughout the forecast period (2017-2023).
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 contributes to the market growth. However, high maintenance cost and reduced resale value hampers this stated growth.
Key Findings of the Automotive Trailer Market:
o The commercial vehicle segment generated the highest revenue in the global automotive trailer market in 2016.
o In 2016, three & more than three axle segment was the highest revenue contributor in the axle type segment.
o LAMEA is anticipated to exhibit the highest CAGR during the forecast period.
o In 2016, Asia-Pacific contributed the highest market share, followed by North America, Europe, and LAMEA.
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Press Release:
Global Automotive Trailer Market Expected to Reach $28,538.5 Million by 2023 - Allied Market Research | https://www.prnewswire.com/in/news-releases/global-automotive-trailer-market-expected-to-reach-285385-million-by-2023---allied-market-research-682543791.html
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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