Flatbed Trailers Market Forecast and CAGR
According to study, the flatbed trailers market is projected to witness growth of over 3% CAGR during the forecast period 2021- 2031. Demand for Flatbed Trailers will witness steady recovery in short-term period. These trailers are used on a large scale for transportation of goods and have high cargo carrying capacity. The growth of flatbed trailers market is attributed to the increase in transportation & logistics industry.
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What is Driving Demand for Flatbed Trailers?
Flatbed trailers are used to transport heavy goods. Increase in road freight capacity for loading larger units in trailers is a driving factor for the market. These trailers come in different sizes according to the vehicle type and end user industry.
Over the forecast period, the market is likely to grow because of increasing demand for medium and heavy trucks in the coming years due to growth in industrialization and increasing use in the logistics sector. The sales for Trailer’s replacement parts as well as trailers for industrial use is likely to grow because of availability of replacement parts on E- commerce platforms for end- users with affordable prices.
These trailers are available to load cargo of various tonnage. These trailers are made long in length as they have to accommodate heavy machinery and have rugged features. These factors are also driving the trailer market.
Automotive Recovery Likely to Augment Flatbed Trailers Sales
COVID-19 has had a huge impact on the global sales of cng lng commercial vehicles. Production of vehicles declined in 2020 as the manufacturing facilities were closed due to lockdown. This also resulted in decline in sales for medium and heavy duty commercial vehicles in this year that impacted the overall industry.
The use of these trailers is not only limited to logistics industry, as it is used in construction or any general manufacturing and are useful for any important fleet operation. Increase in construction activities has boosted the trailer market as well.
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US and Canada Flatbed Trailers Market Outlook
US is one of the most lucrative markets for flatbed trailers. US and Canada have many manufacturers for trailers as they have a large construction industry in those countries due to growing urbanization. The manufacturing plants were closed in 2020 due to COVID-19 pandemic and hence the demand declined in that year. The automotive industry is slowly beginning to recover from the losses and is trying to regain lost business.
Manufacturers in this region provide customized trailers to their customers which is a major driver for the market in US and Canada. Manufacturers are providing light weight and high strength materials with high quality paint for the trailers. These features provided by manufacturers is a major growth driver for the trailer market in US.
Asia Pacific Demand Outlook for Flatbed Trailers
Many countries in Asia Pacific region have witnessed a decline in economic activities due to COVID- 19, which has impacted the automotive industry as well. But the market is slowly recovering with the resume of manufacturing factories for vehicles and vehicle components in many countries. The trailer market will grow gradually in the forecasted years because of surge in construction activities in many developed and developing countries.
Countries like China, Japan and India will accelerate the growth of flatbed trailers market in the Asia Pacific region in coming years due to growing production of commercial vehicles in the region. Countries in Asia Pacific region have increased construction activities with increase in urbanization and high growing population which is driving the demand for automotive trailers axel in the region.
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Who are the Key Manufacturers and Suppliers of Flatbed Trailers?
Some of the leading manufacturers and suppliers include
- China International Marine Containers Co. Ltd.
- Dennison Trailers Ltd.
- Humbaur GmbH
- Wabash National Corporation
- Utility Trailer Manufacturing Company
- Ifor Williams Trailers Ltd.
- Others
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