Selbyville, Delaware, April 20, 2022 (GLOBE NEWSWIRE) —
The trailer landing gear market is expected to surpass USD 345 million by 2028, as reported in a research study by Global Market Insights Inc. Robust demand from the logistics & transportation and automotive industries globally fueling the business growth.
The COVID-19 pandemic has significantly affected the supply chain of the trailer landing gear industry. Governments of various countries have imposed lockdown measures including the temporary shutdown of production facilities to combat the situation. Countries that are heavily impacted by the outbreak, in particular the U.S., China, Japan, India, and Germany, account for a significant share of the global automotive industry. China’s Hubei province, the pandemic’s epicenter, is one of the country’s key automotive production centers.
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The manual landing gear segment valued at around USD 150 million in 2021 due to its durability and higher operational life. Conventionally, manual landing gears are majorly produced from stainless steel owing to the durability and cost-effectiveness of the metal. In the last few years, several manufacturers are focusing on research & development to produce low weight and cost-effective alternatives such as extruded aluminum and polyester coated HSLA steel.
The trailer landing gear market size by OEM segment will showcase 5.2% gains through 2028 led by increasing trailer production to meet logistics & transportation demand. OEMs install landing gears while manufacturing new trailers and supply these components to garages & workshops for replacement purposes. These products are manufactured as per specifications laid by the vehicle manufacturers, resulting in minimal failure chances. Manufacturers collaborate with vehicle repairing outlets to increase their sales, thus supporting the industry growth.
The less than 20,000 lbs. lifting capacity trailer landing gear market is estimated to record a considerable growth of over 4.5% till 2028. Less than 20,000 lbs. lifting capacity landing gears are majorly used in lower payload trailers. Companies are developing lightweight landing gears for weight reduction in electric heavy-duty trucks.
Europe trailer landing gear market is anticipated to grow at a CAGR of about 4.9% from 2022 to 2028. European countries including Germany, the UK, France, and Poland witnessed significant demand for trailer landing gears in 2021. The COVID-19 pandemic has forced lockdowns across Europe, disrupting supply chains in the region due to limited permissible transportation. However, the ongoing COVID-19 pandemic is likely to slow down the market owing to lockdowns across various European countries including the UK, France, and Italy, these factors, in turn, have impacted the demand in 2020.
Some major findings of the trailer landing gear market report include:
- The market growth can be attributed to the growing transportation sector and increasing trailer population.
- Technology advancements and innovations coupled with growth in the automotive sector across North America & Europe will enhance the industry revenue.
- The COVID-19 crisis has impacted the global automotive & transportation industries and disrupted the supply chain of the global trailer landing gear market.
- Based on the lifting capacity segment, above 50,000 lbs. landing gear is projected to hold a major market share by 2028.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Trailer landing gear industry 3600 synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 Type trends
2.1.3 Sales channel trends
2.1.4 Lifting capacity trends
2.1.5 Regional trends
Chapter 3 Trailer Landing Gear Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2018 – 2028
3.3 COVID 19 impact on industry landscape
3.4 Industry ecosystem analysis
3.5 Cost structure analysis
3.6 Technology landscape
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth driver
184.108.40.206 Growing demand for electric powered trailer landing gear
220.127.116.11 Increasing trailer production in Asia Pacific
3.8.2 Industry pitfalls & challenges
18.104.22.168 Inconsistent quality of end-product
3.9 Innovation & sustainability
3.10 Growth potential analysis, 2021
3.11 Porter’s analysis
3.12 Company market share analysis, 2021
3.13 PESTEL analysis
3.14 COVID-19 impact on trailer landing gear market
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.