Economic growth, widespread infrastructure development and growing urbanization globally, to drive the Global Tractors and Trailers Market through 2022
According to TechSci Research report, “Global Tractors and Trailers Market, By Trailer Type (Flat Bed Trailer, Dry Vans, Refrigerated Trailers, Lowboy Trailers, Stretch Drop Deck Trailer, Multi Car Trailers and Others), By Size, By Company and By Geography, Forecast & Opportunities, 2023’’, the global Truck Trailer market is predicted to grow at a CAGR of over 4 %, in value terms, over the next five years, due to continuous improvement of road infrastructure, long distance transportation and high growth rate of construction activities in leading and emerging countries. As the infrastructure development increases the demand for truck trailer also increases as these are mainly used for transportation, construction and mining sectors.
Moreover, the increasing application of tractors in the agricultural sector will fuel the growth of the Global Tractors and Trailers market during forecast period. Additionally, the growing sales of two-wheeler and four-wheelers globally, is likely to propel the need for truck trailers for transportation of the vehicles over long distance and will continue to drive the global truck and trailer market by 2023. The growing penetration of the cold chain industry that requires refrigerated trucks to enable transportation of food items at the desired temperatures is anticipated to drive the growth of the market during the forecast period.
Based on the trailer type, the Dry van segment holds the largest share in the Global Tractors and Trailers market and is anticipated to grow with the highest CAGR during the forecast period, owing to its wide applications across various end-use industries such agriculture, construction, automotive etc. Dry Vans are widely used by Less Than Truckload (LTL) and FTL (Full Truckload) operators due to their versatility and cost efficiency.
Mahindra and Mahindra, Daimler AG, Tata Motors, Mercedes-Benz, Ashok Leyland, Ford etc, are major companies operating in Tractors and Trailers, globally.
Browse 40 market data Tables and 285 Figures spread through 341 Pages and an in-depth TOC on " Global Tractors and Trailers Market "
Additionally, with government support and policies to encourage farming, the tractors and trailers market is also undergoing significant growth. Apart from agricultural activities, tractors and trailers also find application in industrial and other commercial sectors. With automakers coming up with latest technology equipped tractors and trailer, the market is poised to grow at a healthy rate.
Global tractors and trailers market is segmented based on trailer type, application, horsepower and region. Based on application, the market is segmented into industrial, agriculture and others. The agriculture segment dominates the global market in terms of revenue and is expected to continue its dominance over the next five years. Increasing number of agricultural activities and demand for food grains are leading to high demand of tractors and trailers.
Regionally, Asia Pacific is expected to dominate the global tractors and trailers market owing to increasing agricultural activities in the region. Countries like China and India are leading agricultural producers and hence there is high demand for tractors and trailers to load and unload the food grains in these countries.
Some of the leading players in the global tractors and trailers market are Escorts, Mahindra Tractors, John Deere, Massey Ferguson, Sonalika Tractors, New Holland, CNH, Kubota, ACE Tractors, Captain Tractors and Force Motors, among others. Key market players are focusing on increasing the production to meet the growing demand for tractors and trailers. They are also undergoing other growth strategies like merger and acquisitions to increase their market share, globally.
Asia-Pacific lead the Tractors and Trailers market in 2016 owing to the widespread adoption of Tractors and Trailers across various end-use industries like agriculture, automotive, construction and mining etc. The market in APAC is projected to grow at the highest rate between 2017 to 2022 on the back of increasing regional transport, growing advancements in design and demand for good trailers to ensure the safety of products that are transported in in constituent regions like China and India.
“The expanding cold chain industry is expected to have a positive impact on the growth of Trucks and Trailers Market due to increased demand for Refrigerated Trailers that allow food to be transported at the required temperatures. Moreover, the growing need to ensure safety of transported goods and items while transporting regionally is expected to boost Tractors and Trailers market through 2022.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.