The rise of industrialization and the rapid growth of the transport industry, the increase in the volume and proportion of trade, the considerable increase in disposable income in emerging economies such as India, China and the Brazil, collectively, continue to offer indirect propulsion to the trailer wheel market. Additionally, an increase in the demand for durability of automobiles is a key factor that is expected to drive the global trailer wheel market during the forecast period. The global trailer wheel market is also driven by the growth in the logistics industry associated with the increase in cold chain transport, reduction in cost and additional transport capacity of trailers.
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Overview of the global trailer wheel market
According to the latest report published by Transparency Market Research, the global trailer wheels market is expected to grow thanks to the technological advancements made by the major players operating in the trailer wheels market. For example, Hendrickson introduced Watchman advanced wheel-end sensor technology for trailers that operate on the vehicle network developed by Sensata Technologies in 2019. The initial product offering would include tire pressure monitoring of the trailer, wheel tip temperature and wheel vibration. this would be communicated to the fleet through the telematics system of the tractor pulling the trailer. Hendrickson is working with the Society of Automotive Engineers (SAE) to develop industry standards in reporting data and fault codes for trailer wheel information.
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Road transport is the most widely used mode of transport in the logistics sector, as it offers better cost advantages compared to other modes. Thus, logistics is one of the major end-use industries for trailers. Moreover, the rapid rise of manufacturing, agricultural, construction and other industries is increasing the demand for logistics and supply chain services. Additionally, most companies rely on third-party logistics companies to reduce fleet and labor investments, as well as the availability of various types of containers, tanks and trays as per customer requirements. businesses. Therefore, the wheels are an important part of the trailer.
Additionally, the dependence of e-commerce companies on logistics service providers to transport goods through warehouses and distribution centers has increased, due to the significant increase in e-commerce activities. electronic. Thus, logistics companies, primarily Less than Truckload (LTL) and Full Truckload (FTL) freight shipping companies, are increasingly adopting trailers due to the versatility offered in terms of load capacity. Additionally, trailers offer the lowest transportation cost per ton per km, compared to rigid trucks, which further enhances its adoption for logistics operations. Hence, this increases the demand for wheels, such as steel and aluminum, which, in turn, drives the market for trailer wheels across the globe.
Rising demand for fifth wheel trailers to fuel market growth
Fifth-wheel trailers are gaining popularity as spacious recreational vehicles (RVs), complemented by their high ceilings, split-level design, and more sliding parts. Fifth wheel trailers have been widely accepted worldwide by consumers as well as for commercial purposes, although they were frowned upon due to their size after their initial market introduction. The easy handling and improved comfort offered by fifth wheel trailers are key factors driving their demand and sales across the globe.
Major fifth wheel manufacturers have focused on effectively balancing the weight of these vehicles with the towing capabilities of trucks. The development of lightweight fifth wheel trailers that offer better fuel efficiency has also been one of the main areas of development for leading fifth wheel manufacturers. All these factors are expected to propel the demand for trailer wheels and hence drive the market for trailer wheels across the globe.
Regional outlook for the global trailer wheel market
North America dominates the global trailer wheel market, and the region accounted for a key share of the market, in terms of revenue share, in 2021. North America is expected to hold more than 44.38% of the global market , due to the presence of leading players in the region. Additionally, rapid industrialization and booming logistics industry are other factors driving the trailer wheel market in the region. Industrial growth in countries like the United States and Canada has fueled the demand for freight transportation in these countries. This, in turn, is likely to propel the demand for trailer wheels across the region.
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Asia-Pacific holds a major share in the global trailer wheel market due to increasing disposable income, fierce competition and increasing population in the region. The growth of the Asia-Pacific trailer wheel market can be primarily attributed to the growing demand for semi-trailers and the emergence as well as adoption of new technologies in wheel manufacturing.
Trailer Wheel Market Key Player Analysis
The global trailer wheel market is fragmented with several manufacturers controlling the market share and key companies eyeing the potential to increase the rate of growth by utilizing newer technologies in the manufacture of trailer wheels. Diversification of product portfolios and mergers and acquisitions are important strategies adopted by major players. Some of the key manufacturers identified in the global trailer wheel market are Burquip, Dexstar Wheel, Global Wheel, Hendrickson USA, LLC, JBH Wheels, JS Wheels, Kenda Americana Tire & Wheel, Maxion Wheels, RIMEX, The Carlstar Group LLC, Tinmy Wheel Rim Factory, Treadway, Vlukon and Wheels India Limited.
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