PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490250
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490250
Trailer Wheel Market size was valued at USD 1,123.43 Million in 2023, expanding at a CAGR of 5.5% from 2024 to 2032.
Trailers are unpowered vehicles towed by powered vehicles that serve as essential tools for transporting goods and commodities domestically and internationally. They are extensively utilized by cargo companies for the transportation of goods and also find application in recreational activities such as carrying fishing boats or serving as mobile homes with limited facilities.
Trailer Wheel Market- Market Dynamics
Rise in industrialization and the rapid expansion of the transportation sector to propel market demand
The trailer wheel market is poised for significant growth driven by factors such as the rise in industrialization and the rapid expansion of the transportation sector. Increased trade volume and disposable income in emerging economies like India, China, and Brazil further contribute to market growth. Additionally, the growing demand for durable automobiles serves as a significant driver for the global trailer wheel market during the forecast period. Furthermore, the market benefits from the expansion of the logistics industry, the rise of cold chain transportation, cost reduction initiatives, and the increased carrying capacity of trailers.
Trailer Wheel Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.5% over the forecast period (2024-2032)
Based on product type segmentation, recreational trailers were predicted to show maximum market share in the year 2023
Based on material segmentation, aluminum was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Trailer Wheel Market is segmented based on Material, Product Type, Application, Wheel Size, and Region.
The market is divided into ten categories based on Product type: horse and livestock trailers, boat trailers, livestock agricultural trailers, recreational trailers, gooseneck trailers, utility trailers, box trailers, axle manufactured homes and mobile homes, and other trailers. Among these segments, recreational trailers emerged as a significant contributor to the global market in 2023. The surge in the number of middle-class consumers with growing discretionary income, particularly in emerging markets, presents substantial opportunities for RV manufacturers. Many U.S.-based manufacturers are increasingly focusing on emerging RV markets in Asia, notably China, Korea, and Japan. The preference for U.S.-made RVs is evident due to their customizable features, which are often unavailable in European models at a comparable price. European-built RVs lack slide-outs and are typically smaller and more expensive compared to their U.S. counterparts.
The market is divided into two categories based on material: steel and aluminum. In 2023, the aluminum segment commanded a significant share of the market. This segment is expected to maintain its dominance due to several factors. Aluminum trailer wheels offer corrosion resistance, durability, and lightweight properties compared to steel trailer wheels. Moreover, they enhance the appearance of trailers, making them visually appealing to consumers who prefer the sleek look of aluminum alloy wheels.
Trailer Wheel Market- Geographical Insights
From a geographical perspective, this market extends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America stands as the dominant region in the global trailer wheel market, holding a substantial revenue share in 2023. The region's dominance is attributed to the presence of prominent industry players and the rapid growth of the logistics sector. The industrialization and expansion of the logistics industry in countries like the U.S. and Canada have fueled the demand for freight transportation, consequently driving the demand for trailer wheels across the region.
To maintain competitiveness in the trailer wheel market, companies employ a variety of strategies. These include ongoing research and development efforts aimed at enhancing wheel design, materials, and manufacturing processes to ensure durability and optimal performance. Strategic collaborations with trailer manufacturers and distributors, along with effective new product development, are vital components of maintaining competitiveness in this dynamic market landscape.
In March 2024, Aperia Technologies unveiled the Halo Connect i3 for medium- and heavy-duty fleets at the American Trucking Association's Technology and Maintenance Council meeting in New Orleans, exemplifying ongoing innovation and technological advancements within the industry.
GLOBAL TRAILER WHEEL MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Burquip
Dexstar Wheel
Global Wheel
Hendrickson USA
JBH Wheels
JS Wheels
Kenda Americana Tire & Wheel
Maxion Wheels
RIMEX
The Carlstar Group LLC
Tinmy Wheel Rim Factory
Treadway
Vlukon
Others