According to a new report published by UnivDatos Markets Insights, the Light Car Trailer Market was valued at more than USD XXX billion in 2020 and is expected to grow at a CAGR of around 3.36% from 2022-2028. The analysis has been segmented into Type (Utility Light Car Trailers and Recreational Light Car Trailers); Axle (Single Axle Light Car Trailers and Multi Axle Light Car Trailers); Design (Open Light Car Trailers and Enclosed Light Car Trailers); Product (Motorcycle Light Car Trailers, Snowmobile Light Car Trailers, Watercraft Light Car Trailers and Passenger Vehicle Light Car Trailers); Region/Country.
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The Light Car Trailer Market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Light Car Trailer Market. The Light Car Trailer Market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Light Car Trailer Market at the global and regional levels.
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Market Overview
A light car trailer can be defined as a type of trailer or semi-trailer intended for efficient truck delivery of customer vehicles. An unpressurized vehicle towed by a powered car is known as a trailer. Light car trailers are used to transport more lightweight automobiles behind a vehicle or truck. Light vehicle trailers are widely utilized for leisure reasons and are popular among fitness enthusiasts and vacationers. Several factors such as rise in tourism industry and increasing interest of individuals to travel around the world is driving the market growth. Other factors include large carrying capacity, affordable transportation of goods and commodities. Additionally, rising demand for luxury while travelling and expanding personal car sales are other factors anticipated to fuel market expansion.
COVID-19 Impact
COVID-19 has impacted numerous businesses, especially the manufacturing sector, in the most negative way in every nation. The automotive industry was also widely affected due to production stoppage and supply chain disturbance. The light car trailer market also saw the same effects because of the decreasing automobile demand and the traveling restriction the government implemented. However, as the lockdown and restrictions were slowly lifted and with the relief funds presented by the government of various countries, many industries started to get back on track and recover from the pandemic. Irrespective of the aluminum price fluctuations and the supply chain’s slow recovery rate, there were vital signs of recovery for the light car trailer market.
The global Light Car Trailer Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on type, the market is segmented into utility light car trailer and recreational light car trailer. Recreational light car trailer segment is expected to expand at a significant CAGR of over 4% during the forecast period. Recreational trailers offer a larger floor space while reducing the overall trailer weight because of an aluminum body. Besides, manufacturers are adding aesthetic features, such as LED lighting, loading lights on the ramp, and lights on the entry door as part of their efforts to enhance safety. The improved design and advanced features guarantee a more luxurious experience, hence fueling the growth of the segment.
· Based on axle, the market is divided into single axle light car trailers and multi-axle light car trailers. In 2020, the Single axle light car trailers held the largest share of over 50.0%. This is due to their lesser weight than multi-axle thus making it easier to maneuver and more economical. Additionally, single-axle light car trailers are very cost-effective, have lower ownership and maintenance costs, and require less fuel; thus, these features increase single-axle lightweight car trailers' preference over others.
· Based on design, the light car trailer market is segmented into enclosed trailer and open trailer. The enclosed trailer segment is anticipated to expand at a CAGR of around 3.9% over the forecast period. Increasing application of enclosed light car trailers for the safe and secure transportation of cargo from sunlight and inclement weather conditions is majorly contributing to the growth of the enclosed segment. Additionally, the lock-up feature of an enclosed cargo trailer offers improved security during transport, which is further fueling the growth of the enclosed light car trailers market.
· Based on product, motorcycle light car trailers held the largest share of over 20.0% in 2020 owing to a rise in demand for motorbikes, which is indirectly increasing the demand for motorcycle light car trailers. The motorcycle trailer is of two kinds: open and closed. The enclosed trailer provides a more secure way of locking up, keeping it out of sight while protecting it from all kinds of weather.
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Light Car Trailer Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America held the largest revenue share of over 35.0% in 2020 owing to the increase in automobile sales, growing tourist spots, and rising preference for solo travel throughout the North American region. Furthermore, prominent players such as Aluma Ltd.; ATC Trailers Holdings, Inc.; Felling Trailers, Inc.; and Haulmark Industries are focused on developing advanced trailers. For instance, the manufacturers are incorporating tie-down pockets on the sides of the trailers for better cargo security. The trailers are also designed to have a high load-bearing capacity, more expansive decks, and removable fenders. These car trailer advancements are expected to create new growth opportunities for the market in this region. All these factors are anticipated to enhance the demand for Light Car Trailers in the automotive sector, thus, contributing to the growth of the Light Car Trailer market. Further, a few of the leading market players operating in North America are Aluma Ltd., Felling Trailers, Inc., Kaufman Trailers, Inc., etc.
The major players targeting the market include:
· Aluma
· ATC Trailers
· Felling Trailers
· Haulmark
· Kaufman Trailers
· PaceAmerican.com
· Woodford Trailers Ltd
· SylvanSport, LLC
· Sundowner Trailer Corporation
· Diamond C Trailer Mfg.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Light Car Trailer Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Light Car Trailer Market?
• Which factors are influencing the Light Car Trailer Market over the forecast period?
• What are the global challenges, threats, and risks in the Light Car Trailer Market?
• Which factors are propelling and restraining the Light Car Trailer Market?
• What are the demanding global regions of the Light Car Trailer Market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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