Trailer Canopy Market to Expand Substantially Owing to Technological Innovations During 2018 to 2028
On-demand customizations and vehicle innovations largely influence the trailer canopy market and contribute in its market growth. Trailer canopies are used for many purposes and their purpose has grown beyond providing shade. Major stake holders in the market have introduced many solutions in accordance with customer need. Customized trailer canopies attract customer attention. Metal based trailer canopies are the other type that are highly demanded. Manufacturers are offering different type of offers including emptied canopy, canopy with shelves & drawers and multiple compartment canopy. Manufacturers are focused to provide trailer canopy solutions that can be easily installed and are weather proof, durable and reliable. These varied types contribute in the market growth of trailer canopies.
Automotive industry leads customization demand
Latest Fact.MR report predicts the global trailer canopy market to grow at 4.2% CAGR during the forecast period 2018-2028. Ongoing expansions in the logistics industry has increased demand for trailer canopies along with commercial truck’s demand that are light weight. These growth factors are expected to propel the trailer canopy market. Trailer canopy market is highly fragmented with fluctuating raw material prices that hold the potential to inhibit the market growth.
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Automotive industry leads in demand for customized trailer canopies. Evolving utilities encourage increased rate of developments in designs. End-users have hiked the designing of these canopies. Manufacturers are offering different types of features for customizations that include dust- & waterproof material, storage cabinets & drawers, multiple doors & windows, roof racks to accommodate told boxes. Companies are also creating customized fit-out for different types of vehicles that have the scope of aftermarket modifications. This scope is basically responsible for the increasing competition in the market.
Aluminum is preferred material
Aluminum is the most sought after material for making trailer canopies. Its positive attributes like resistance to different climatic conditions makes it a viable and sustainable material for trailer canopies. It also reduces the vehicle weight and makes it more fuel-efficient. The major application areas for aluminum trailer canopies are bakkies, small trucks and trailers.
Few global players exist in the global trailer canopy market along with some domestic players. End-users prefer domestic players over the ones with international presence as domestic players provide utility-based solutions. Domestic players get the advantage of close proximity with consumers which gives them a greater inside the customer requirements and demand. Mass production is not highly practiced in trailer canopy market as the majority demand comes for customization. Import rate of trailer canopies is generally low as the domestic players suffice the customer demands/. Low imports negatively influence the supply chain and ultimately, inhibit the trailer canopy market growth.
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International trade significantly impacts the trailer canopy market as these canopies are used to transport types of goods for trade. Stringent regulations about emissions and fuel efficiency have amped up the competition in commercial trailers. Manufacturers are focused to develop light weight trailers in order to comply with the regulatory standards. Fact.MR report projects light weight vehicles to generate attractive opportunities in coming future.
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