PORTLAND, Oregon and PUNE, India, May 14, 2018 /PRNewswire/ --
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.
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.
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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:
- 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.
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The key players profiled in the report include China International Marine Containers Co., Ltd, Schmitz Cargobull Aktiengesellschaft, Wabash National Corporation, Great Dane, Dennison Trailers Ltd., Utility Trailer Manufacturing Company, Hyundai Motor Group, Humbaur GmbH, Ifor Williams Trailers Ltd., and Bckmann Fahrzeugwerke GmbH.
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SOURCE Allied Market Research