Persistence Market Research has published a new market research report titled “Truck Landing Gear Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026,” which examines the Truck Landing Gear market and provides useful insights for the next eight years. According to the report, the market is anticipated to witness rise in demand and first fit installation in newly manufactured trailers. The projected valuation of the global Truck Landing Gear market in 2018 is US$ 252.5 Mn and the market is expected to exhibit a CAGR of 4.7% and reach US$ 364.3 Mn by 2026. The Truck Landing Gear market is expected to create incremental $ opportunity worth US$ 111.8 Mn over the forecast period.
Global Truck Landing Gear Market Dynamics
Growing transportation using trucks & trailers and booming heavy duty truck production are the two major factors projected to boost the global truck landing gear market growth during the period of forecast. Moreover, the automotive industry is rapidly shifting towards light weight and fuel efficient vehicles, which is another the prominent factor anticipated to give a boost to the global truck landing gear market over the slated time period.
In addition, growing support from government regulations, such as AAR, TUV and StVZO, are also anticipated to hike the demand for truck landing gears. Furthermore, regulations pertaining the total length and load capacity of truck landing gears are also likely to create demand in the global truck landing gear market during the stipulated time period.
On the flip side, manually operated truck landing gears are creating hurdles in the truck landing gear market. During uplifting and down lifting, these truck landing gears can lead to health issues, such as back pain. Therefore, the truck landing gear manufacturers are focused on the launch of automatic truck landing gears. Though the cost of automatic truck landing gears is high, their output is also higher than that of manual truck landing gears.
Global Truck Landing Gear Market Forecast
By lifting capacity, in terms of revenue, the 20,000 lbs to 50,000 lbs segment is projected to hold considerable share in the truck landing gear market on account of the significantly growing demand for this type across the globe. In brief, the more than 50,000 lbs segment is projected to account for nearly half of the market share as compared to 20,000 lbs and 50,000 lbs segment. Moreover, the lifting capacity segment is projected to create incremental $ opportunity worth US$ 111.8 Mn in the global truck landing gear market during the forecast period.
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Based on operation, the manual segment holds leading share in the global truck landing gear market as manual truck landing gears are cheaper and do not require any extra power source, such as batteries to uplift and down lift the truck landing gear. However, in growth terms, the automatic segment will represent significant potential in the global truck landing gear market as the automotive industry in inclining towards automation.
By sales channel, the OEM segment is projected to dominate in the global truck landing gear market throughout the forecast period. In terms of value share, the aftermarket segment is expected to account for ~12.7% share in 2018 and by 2026, the segment is anticipated to hold ~81.7% share in the overall market’s absolute $ opportunity over the slated time period.
Among the regional markets, Europe is projected to dominate the global truck landing gear market and is projected to grow at a CAGR of 3.0% in the global market. China is projected to grow at a CAGR of 5.9% in the global truck landing gear market and will be followed by Europe. In China, the government is highly focused on improving overall vehicle efficiency through the use of light weight materials as well as by imposing government regulations pertaining to safety of trailers. This will augment the growth of the truck landing gear market in the country over the forecast period. The Latin America region is anticipated to grow at a noteworthy CAGR in the global truck landing gear market during the forecast period. Moreover, South East Asia & Pacific region is projected to witness 5.2% CAGR in the global truck landing gear market as major manufacturers are shifting their trailer components manufacturing plants to Australia.
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Global Truck Landing Gear Market Competitive Landscape
Some of the leading players manufacturing Truck Landing Gear and featured in this study on Truck Landing Gear are JOST Werke AG, SAF-HOLLAND S.A., Guangdong Fuwa Engineering Group Co., Ltd., Butler Products Corp., BPW Bergische Achsen KG, York Transport Equipment (Asia) Pte Ltd., AXN Heavy Duty, LLC, H. D. Trailers Pvt. Ltd., Sinotruck Howo Sales Co.,Ltd., Zhenjiang Baohua Semi-Trailer Parts Co., Ltd., haacon hebetechnik gmbh, and Yangzhou Tongyi Machinery Co., Ltd.