USD 235 million
Report ID: SQSG20X2003 | Region: Global | Published Date: April, 2023 | Pages: 278 | Tables: 61 | Figures: 75
Trailer Landing Gear Market size was valued at USD 235 million in 2021 and is poised to grow from USD 246.75 million in 2022 to USD 382.79 million by 2030, growing at a CAGR of 5% in the forecast period (2023-2030).
Due to its robustness and longer operational life, the manual landing gear market is expected to reach a value of around US$ 150 million in 2021. Due to the durability and affordability of stainless steel, manual landing gears are traditionally made primarily of it. Extruded aluminum and polyester-coated HSLA steel are two examples of the low-weight and affordable alternatives that various manufacturers have been working to create over the past few years.
The growth in trailer production to fulfill demand in logistics and transportation will drive a 5.2 % growth in the trailer landing gear market size by OEM segment through 2028. Landing gears are installed by OEMs when creating new trailers, and these parts are provided to garages and workshops for repair needs. Because these goods are produced in accordance with the car manufacturer's specifications, the likelihood of failure is very low. To boost sales and foster the expansion of the business, manufacturers work with auto repair shops.
The market for trailer landing gear with a lifting capability of under 20,000 lbs. is anticipated to expand significantly—by more than 4.5 %—through 2028. Lower payload trailers typically use landing gears with a lifting capacity of fewer than 20,000 lbs. Companies are working to create lightweight landing gears for electric heavy-duty trucks.
From 2022 to 2028, the European trailer landing gear market is projected to expand at a CAGR of roughly 4.9 %. In 2021, trailer landing gears were in high demand in several European nations, including Poland, Germany, the UK, and the United Kingdom. Due to the COVID-19 pandemic's forced lockdowns throughout Europe, the region's supply systems have been disrupted. Due to lockdowns in several European nations, including the UK, France, and Italy, the COVID-19 pandemic is now affecting the market, which is projected to slow down demand in 2020.
US Trailer Landing Gear Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 235 million
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Trailer Landing Gear Market has been segmented based on type, sales channel, and region. Based on type, the Trailer Landing Gear Market is segmented into automatic and manual. Based on the sales channel, the Trailer Landing Gear Market is segmented into OEM and aftermarket. Based on region, the trailer landing gear market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Trailer Landing Gear Market Analysis by Sales channel
OEM segment now holds the largest share of the global market, due to a growth in the production of fuel-efficient, lightweight trailers with landing gears. In order to create new trucks and trailers, manufacturers are also concentrating on creating sophisticated and automated trailer landing gears. Because aftermarket manufacturers are producing high-quality and lightweight trailer landing gears for the current trailers and vehicles on the market, the aftermarket is consequently experiencing a substantial rise in the global market. Old trailers are choosing aftermarket items in the market because of the rise in demand for trailers for a variety of uses.
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North America holds the largest market share in the global trailer landing gear, and it is anticipated that it will continue to dominate the market throughout the projection period. This supremacy is attributable to the region's extensive semi-trailer and trailer fleet, as well as the region's well-developed road transportation infrastructure. Additionally, the region's high demand for lightweight, fuel-efficient trailer components and the expansion of the industrial sector is projected to drive up the price of trailer landing gears. Additionally, one of the key factors propelling the trailer landing gear market in the North American area is the rising manufacturing of commercial vehicles in this region. Because of its substantial agricultural land and strong vehicle production and sales, Asia Pacific owns the second-largest proportion of the global market.
Due to their extensive road networks and high demand for logistics, developing nations like China and India are the main drivers of the market's expansion.
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Trailer Landing Gear Market Driver
Trailer Landing Gear Market Restraint
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To support their business capacities and meet the growing demand, industry participants are primarily focused on the development of electric & manual landing gear product portfolios and technologies. The main initiatives are improving the product landscape, forming strategic alliances, and growing. Automation and digital manufacturing equipment are helping certain manufacturers run more efficiently.
Top Players in the Global Trailer Landing Gear Market
Trailer Landing Gear Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, and sales channel, OEM dominated the global trailer landing gear market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, North America dominated the global trailer landing gear market owing to the region's well-developed road transportation infrastructure.
|Market size value in 2021||USD 235 million|
|Market size value in 2030||USD 246.75 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Trailer Landing Gear Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Trailer Landing Gear Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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