Trailer Landing Gear Market Size

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.

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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.