With increasing trailer production, the trailer landing gear market is anticipated to witness considerable progress through 2028. Additionally, rapidly advancing transportation infrastructure across developing as well as developed economies is slated to further bolster industry expansion over the forecast period.
Recently, companies have been investing in product innovation, thereby fostering business outlook worldwide. For instance, in September 2021, Razor International, an Australian transportation service company, introduced its Smart Trailer ready Razor Drive electronic. The automated trailer landing gear control system is Bluetooth-enabled and allows drivers and fleets to remotely control electric trailer landing gear with an embedded on-board trailer telematics system.
In another instance, in August 2021, AIRman Products, a Michigan-based manufacturing company, in launched a new Deploy and Retract Technology dubbed DART to affordably replace the manual crank landing gear and enhance productivity. The automated landing gear system provides a flip switch to operate truck/trailer landing gear.
The global trailer landing gear market has been segmented based on type, sales channel, lifting capacity, and region. By type, the trailer landing gear market has been classified into automatic and manual. The automatic segment accounted for about 16% of the total market revenue in 2021 and is set to observe strong growth over 2022-2028 owing to digitization and electrification trends, along with prominent technological developments backed by large-scale investments in R&D.
With respect to sales channel, the overall trailer landing gear market has been sectioned into aftermarket and original equipment manufacturers (OEM). In 2021, the aftermarket segment secured a majority market share of approximately 74% and is projected to reach a sizable revenue by 2028.
The automotive aftermarket offers lucrative scope of application for the trailer landing gear market. To cite an instance, in May 2021, agencies in China deployed regulatory guidelines through the ???Establishment & Implementation of Vehicle Emission Inspection & Maintenance System???. Such policies are expected to stimulate the growth of the segment.
In terms of lifting capacity, the trailer landing gear market has been bifurcated into 20,000 lbs. to 50,000 lbs., less than 20,000 lbs., and above 50,000 lbs. The above 50,000 lbs. segment is estimated to attain over 55% share in the market by the end of the review period.
In the regional landscape, the Latin America trailer landing gear market accounted for around 6.7% of the overall industry revenue in 2021 and is poised to grow at a CAGR of approximately 4.5% CAGR from 2022 to 2028. Meanwhile, the Middle East & Africa trailer landing gear market is speculated to exhibit a CAGR of about 4.3% through the forecast timeline.
In July 2021, Saudi Arabia announced plans to invest USD 133.34 billion towards building airports, rails, seaports, and other infrastructure projects by the end of decade with the aim to become a global transportation and logistics hub. As a result, the booming transport sector is foreseen to offer lucrative opportunities for MEA market growth in the future.