Surge in demand for light car trailers for recreational activities is projected to propel the market during the forecast period, North America accounted for a dominant market share in 2021 due to rise in sales of luxury and premium vehicles
Wilmington, Delaware, United States, Jan. 25, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – According to a TMR study, the global light car trailers market is estimated to grow at a CAGR of 2.5% during the forecast period from 2022 to 2031.
Light car trailers are connected to the back of any vehicle that is used to move lightweight vehicles. Light car trailers are used to move automobiles from one location to another when the route’s terrain is not suitable for driving.
Light car trailers are available in both single-axle and multi-axle types. Some of the different types of light car trailers that have gained popularity across the world include motorcycle light car trailers, snowmobile light car trailers, watercraft light car trailers, and passenger vehicle light car trailers.
New product launches are helping well-established players generate significant revenue and gain an edge over other players. In March 2022, East Manufacturing Co. announced the launch of a new round-bottom light car trailer suitable for use in agricultural applications and carrying gravel load and sand.
Prominent players in the light car trailers market are collaborating with other companies to expand their market presence and increase revenue share.
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Light Car Trailers Market- Key Findings of Study
- Rise in Demand for Open Light Car Trailers: Based on design, the global market is bifurcated into open light car trailers and enclosed light car trailers. The open car trailer segment accounted for a dominant share in terms of revenue in 2021 and is estimated to account for a significant share in the coming years. Improved flexibility, reduced weight, ease of manoeuvring, and an ability to make tight bends are likely to fuel the demand for open light car trailers and stimulate the segment growth.
- Increase in Demand for Utility Light Car Trailers: In terms of type, the global market is bifurcated into utility light car trailers and recreational light car trailers. The utility light car trailers segment accounted for a dominant market share in 2021. Utility light car trailers are easy to load and unload and are available in different sizes, which fueled the demand for light car trailers and triggered the growth in the segment.
Light Car Trailers Market-Key Drivers
- Continuous growth in the automotive industry is driving the global light car trailers market
- Growing demand for light car trailers for recreational activities is likely to help expand market size during the forecast period
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Light Car Trailers Market-Regional Landscape
- North America accounted for a dominant market share in 2021. Increase in sales of luxury automobiles and rise in disposable income among consumers in countries such as the U.S. and Canada drives the market in the region
- Asia Pacific is expected to offer business opportunities for companies during the forecast period due to rise in international trade among countries such as South Korea and Japan
Light Car Trailers Market-Key Players
The global market is fragmented and has several international and local players. If new players enter the market during the forecast period, it is likely to intensify the competition.
Few key players operating in the market include East Manufacturing Co., Doepkar Industries, Aluma Limited, ATC Trailers, and Pace American.
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The global market has been segmented based on:
- Type
- Utility Light Car Trailers
- Recreational Light Car Trailer
- Axle Type
- Single Axle Light Car Trailers
- Multi Axle Light Car Trailers
- Product Type
- Motorcycle Light Car Trailers
- Snowmobile Light Car Trailers
- Watercraft Light Car Trailers
- Passenger Vehicle Light Car Trailers
- Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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