Trailer Landing Gear Market Size & Share 2022 to 2028
Market Size by Type (Automatic, Manual), by Sales Channel (OEM, Aftermarket), by Lifting Capacity (Less than 20, 000 lbs., 20, 000 lbs. to 50, 000 lbs., Above 50, 000 lbs.) & Forecast.
Report ID: GMI5250
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Published Date: April 2022
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Trailer Landing Gear Market Size
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.
Trailer Landing Gear Market Analysis
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.
Trailer Landing Gear Market Share
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
This market research report on trailer landing gear includes in-depth coverage of the industry with estimates & forecast in terms of volume in thousand units & revenue in USD billion from 2018 to 2028 for the following segments:
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Market, By Type
Market, By Sales Channel
Market, By Lifting Capacity
Market, By Region
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