Press release
Trailer Wheel Market Insights about Your Competitors and Their Marketing Approach 2022-2031
The global trailer wheel market was valued over US$ 0.9 Bn in 2021. It is estimated to grow at a CAGR of 5.2% from 2022 to 2031. The global trailer wheel market is expected to surpass value of US$ 1.5 Bn by the end of 2031.Trailers are unpowered vehicles towed by powered vehicles with the help of a hitch. These trailers are used for transportation of goods and commodities from one place to another. They are majorly used by cargo companies to transfer their goods either nationally or internationally. Moreover, they are used for recreational purposes such as to carry luggage, such as fishing boats, or as mobile homes with limited facilities.
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A trailer wheel is a circular frame made of hard material, such as steel and aluminum, which may be solid or partly solid that is capable of turning on an axle. Various types of wheels are fitted to trailers; many of them especially for trailer use. According to the Ministry of Road Transport and Highways Government of India, trailer wheels have a load carrying capacity of 49 tons in case of rigid vehicles, and 55 tons in case of semi-articulated trailers and truck trailers except modular hydraulic trailers.
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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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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.
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.
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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.
Each of these players has been profiled in the trailer wheel market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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