Trailer Wheel Market Expected To Create Lucrative Opportunities by 2031

Rise in industrialization and rapid growth of the transportation industry, increase in trade volume and proportion, considerable increase in disposable income in emerging economies such as India, China, and Brazil, collectively, continue to offer an indirect propel to the trailer wheel market. Furthermore, an increase in the demand for durability of automobiles is a key factor that is projected to drive the global trailer wheel market during the forecast period. The global trailer wheel market is also driven by the growth of the logistics industry coupled with the increase in cold chain transportation, reduction in cost, and extra carriage capacity of the trailers.

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Overview of Global Trailer Wheel Market

According to the latest report published by Transparency Market Research, the global trailer wheel market is projected to grow owing to technological advancements carried out by key players operating in the trailer wheel market. For instance, Hendrickson introduced Watchman advanced wheel-end sensor technology for trailers that operate on the vehicle area network developed by Sensata Technologies in 2019. The initial product offering would include trailer tire pressure monitoring, wheel-end temperature, and wheel-end vibration data that would be communicated to the fleet through the tractor telematics system pulling the trailer. Hendrickson is working with the Society of Automotive Engineers (SAE) to develop standards for the industry in the communication of data and fault codes for trailer wheel-end information.

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Road transportation is the most utilized mode of transportation in the logistics sector, as it offers better cost advantages over other modes. Thus, logistics is one of the key end-use industries for trailers. Additionally, rapid rise of manufacturing, agricultural, construction, and other industries increases the demand for logistics and supply chain services. Moreover, most companies rely on third-party logistics companies to reduce investments in fleet and workforce, and availability of various types of container, tank, and flatbeds as per the requirement of companies. Therefore, wheels are an important part of the trailer.

Moreover, dependence of e-commerce companies on logistics service providers to ensure transportation of goods through warehouses and distribution hubs has increased, owing to the significant increase in e-commerce activities. Thus, logistics companies, primarily less than truckload (LTL) and full truckload (FTL) freight shipping companies, are increasingly adopting trailers due to versatility being offered in terms of load carrying capacity. Additionally, trailers offer the lowest cost of transportation per ton per km, as compared to rigid truck, which is further enhancing its adoption for logistics operations. Therefore, it increases the demand for wheels, such as steel and aluminum, which, in turn, boosts the trailer wheel market across the globe.

Rise in Demand for Fifth Wheel Trailers to Fuel Market Growth

Fifth wheel trailers are gaining popularity as spacious recreational vehicles (RVs), complemented by their high ceilings, split-level design, and greater number of slide-out rooms. Fifth wheel trailers have gained widespread acceptance worldwide among consumers as well as for commercial purposes despite being frowned upon due to their size after their initial introduction in the market. Easy handling and enhanced comfort offered by fifth wheel trailers are key factors that boost their demand and sales across the globe.

Leading manufacturers of fifth wheel trailers have been focusing on efficient equilibrium of weight of these vehicles with towing capacities of trucks. The development of lightweight fifth wheel trailers that offer increased fuel-efficiency has also been one of the key development areas of leading fifth wheel trailer manufacturers. All these factors are anticipated to propel the demand for trailer wheels and consequently, boost the trailer wheel market across the globe.

Regional Outlook for Global Trailer Wheel Market

North America dominates the global trailer wheel market, and the region accounted for a key share of the market, in terms of revenue share, in 2021. North America is expected to hold more than 44.38% share of the global market, owing to the presence of prominent players across the region. Moreover, rapid industrialization and rise of the logistics industry are other factors boosting the trailer wheel market in the region. Industrial growth in countries such as the U.S. and Canada has fuelled the demand for freight transportation in these countries. This, in turn, is likely to propel the demand for trailer wheels across the region.

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Asia Pacific holds a significant share of the global trailer wheel market due to increase in disposable income, tough competition, and rise in population across the region. The growth of the trailer wheel market in Asia Pacific can be primarily attributed to the rising demand for semi-trailers and emergence as well as adoption of new technologies in wheel manufacturing.

Analysis of Key Players in Trailer Wheel Market

The global trailer wheel market is fragmented with several manufacturers controlling the market share, and key companies viewing the potential to increase the pace of growth by the way of using newer technologies in the manufacturing trailer wheels. Diversification of product portfolios and mergers & acquisitions are significant strategies adopted by key players. Some of the key manufacturers identified in the trailer wheel market across the globe are Burquip, Dexstar Wheel, Global Wheel, Hendrickson USA, L.L.C, JBH Wheels, JS Wheels, Kenda Americana Tire & Wheel, Maxion Wheels, RIMEX, The Carlstar Group LLC, Tinmy Wheel Rim Factory, Treadway, Vlukon, and Wheels India Limited.

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