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Trailer Landing Gear Market size exceeded USD 235 million in 2021 and will exhibit over 5% CAGR from 2022 to 2028. Rising trailer production and economic growth in emerging & well-developed countries along with road transportation are likely to escalate the industry growth.
The economy in Asia Pacific is highly impelled by the automotive sector owing to the increasing presence of industry players in the region. Aftermarket and OEM parts sales have observed a noticeable growth over the past few years.
The increasing truck and trailer production to meet the rising demand has fueled the market growth. Increasing automotive production in Mexico led by the availability of resources along with favorable trade policies is focusing on the development of the economic state of the country, which will induce a positive effect on vehicle part manufacturers. The increasing demand of aftermarket service for trailer landing gears will require a modern distribution channel to suffice customer requirements.
The COVID-19 pandemic has affected the supply chain of the trailer landing gear industry significantly. Starting from China, automotive manufacturers and suppliers around the world went under a temporary shutdown. Trade and travel restrictions, such as closed borders, further created a shortage of required parts and limited the distribution of supplies in the automotive production value chain.
Due to lockdown norms, automotive parts suppliers and OEMs were compelled to shut down their production units. This factor was enhanced by the need to secure liquidity and minimize overproduction by decreasing sales. Furthermore, the trailer landing gear market is likely to recover gradually post-pandemic owing to the removal of trade restrictions globally and the rising trailer demand for road transportation.
Report Attribute | Details |
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Base Year: | 2021 |
Trailer Landing Gear Market Size in 2021: | 235.1 Million (USD) |
Forecast Period: | 2022 to 2028 |
Forecast Period 2023 - 2032 CAGR: | 5 |
2023 Value Projection: | 345.8 Million (USD) |
Historical Data for: | 2018 to 2021 |
No of Pages: | 220 |
Tables, Charts & Figures: | 219 |
Segments Covered: | Type, Sales Channel, Lifting Capacity, Region |
Growth Drivers: |
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Pitfalls Challenges: |
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The aftermarket segment is poised to reach USD 250 million by 2028 propelled by growing application in semi-trailers and drawbar trailers that operate with higher freight weight. The ongoing COVID-19 pandemic has significantly impacted automotive production including trailer production in 2020 and despite forced lockdowns and trailer production halts worldwide, the automotive industry has witnessed significant growth. The OEM segment will account for a low market share. The increasing trailer fleet will however create a decent growth opportunity.
The manual landing gear type segment is predicted to generate a revenue of about USD 200 million by 2028. Additionally, the automatic landing gear segment will represent a significantly higher growth potential in the global trailer landing gear market as the automotive industry is changing toward automation. The growing global road transport and logistics industries will augment the demand for manual landing gears.
The above 50,000 lbs. lifting capacity trailer landing gear segment will dominate with more than 55% of the market share by 2028. A wide variety of semi-trailer types are available in the commercial vehicle segment, depending on freight and load. Tanker trailers are typically used to transport liquid and are manufactured from aluminum or stainless steel. The maximum gross weight of a tanker trailer can be up to 80,000 lbs. as it carries asphalt, chemical, petroleum or fuel, and others. In addition, rising trade and minimizing transportation costs, higher load capacity trailers are used, will boost the above 50,000 lbs. lifting capacity gears.
The North America trailer landing gear market demand is likely to account for about350 thousand units by 2028 driven by the advancements in product manufacturing technologies. The growing consumer inclination toward semi-trailers is estimated to spur revenue generation. Trucking holds approx. 70% of the revenue share out of all freight transported in the U.S. and is the preferred method of shipping most goods.
The U.S. market development can be attributed to the large automotive sector and increased trailer sales. For instance, in 2021, trailer sales increased by approx. 13.6% in the U.S. Prominent players across the region are focusing on the development of new landing gears with advanced power drive technology.
Industry participants majorly focus on the development of electric & manual landing gear product portfolios and technologies to support their business capabilities and cater to the rising demand. Enhancement of the product landscape, strategic partnerships, and expansion are the key initiatives. Several manufacturers are improving their workflow efficiency through digital manufacturing machinery and automation.
Some of the key trailer landing gear market players include
Market, By Type
Market, By Sales Channel
Market, By Lifting Capacity
Market, By Region
AXN Heavy Duty, Butler Products Corp., Fuwa Group, H.D. Trailers Pvt. Ltd., SAF-HOLLAND, and Sinotruck Howo Sales Co., Ltd., among several others, are the main players in the market.
North America trailer landing gear industry will witness a demand for more than 350,000 units by 2028 due to the innovations in product manufacturing technologies.
The aftermarket trailer landing gears segment will generate more than USD 250 million by 2028 as the products are being widely used in semi-trailers and drawbar trailers that operate with a heavier freight weight.
The manual trailer landing gear segment will generate over USD 200 million in the global market by 2028 as these components possess several advantages, such as non-dependence on any extra power source like batteries to lift the trailer up or down, and cost-efficiency.
The market size of trailer landing gear exceeded USD 235 million in 2021 and is predicted to observe 5% CAGR during 2022 to 2028, says this GMI report.