Trailer Canopy Market is Foreseen to Record an Average 4.2% Value CAGR Over the Forecast Period, 2018 to 2028
Solely led by consumer preference, trailer canopy market will continue to be influenced by key trends such as customization and vehicle innovations. Use of trailer canopy has extended beyond the purpose of shading to almost mimicking a mini warehouse or commercial storage. Key companies operating in the trailer canopy market have introduced a slew of novel solutions, which fall in line with evolving requirements of end-users.
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Custom-made trailer canopy, and metal-based (steel or aluminum) trailer canopy, have been attracting end-users’ interest, who are being lured by manufacturers key offerings such as emptied canopy, multiple compartment canopy, and canopy with shelves & drawers. Additionally, growing focus of manufacturers in providing easy-to-install, reliable, weatherproof and durable trailer canopy will significantly rub off on growth of the trailer canopy market.
Trailer canopy market is foreseen to record an average 4.2% value CAGR over the forecast period, 2018 to 2028, according to a new Fact.MR report. The report states that expansion of the logistics industry, which entails demand for customized trailer canopy, coupled with rising demand for lightweight commercial trucks will continue to underpin growth of the trailer canopy market in the forthcoming years. However, highly fragmented nature of the trailer canopy market, wherein raw material prices illustrate increased fluctuations, along with high cost of trailer canopy will continue to impede growth of the market.
The automotive industry has been witnessing an uptake in demand for customized solutions, and this trend is rubbing off on popular accessories such as trailer canopy. As trailer canopy design & development is witnessing transformation in tandem with the evolving utility, end-user demand for customized trailer canopy has been witnessing a hike recently.
Customized canopy offerings of manufacturers, with features including dust- & waterproof material, multiple doors & windows, storage cabinets & drawers, and roof racks for containing tool boxes, fall in line with such evolving designs & developments. Trailer canopy manufacturing companies are also concentrating on the provision of custom canopy fit-outs for vehicles that need aftermarket modifications, thereby retaining their competitiveness in the trailer canopy market.
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Among various material employed for manufacturing trailer canopy, aluminum has been sought-after among companies operating in the trailer canopy market. Excellent material qualities of aluminum, along with its resilience in robust climatic conditions, has meant that aluminum is a lucrative material for the production of trailer canopy, as it aids in reducing the overall vehicle weight and enhancing the fuel efficiency. Trailer canopy based on aluminum majorly seek adoption in bakkies, trailers and small trucks.
The trailer canopy market contains only a handful of international established players, however occupancy of numerous domestic players worldwide has been inhibiting the import penetration. End-users tend to prefer trailer canopy manufactured by domestic players over international players, in case of specific utility-based purchases.
The upward trend of customization in the trailer canopy market has confined the mass production of this vehicle component. This further favors well for domestic manufacturers than their international competitors, as they are in close proximity to potential customers and gain intelligence on evolving requirements faster. This has further lowered the import penetration rate of trailer canopy. Lower import penetration of trailer canopy has negatively impacted the supply chain of the trailer canopy market, thereby inhibiting the growth prospects.
Trailer canopy is being considered as a labor intensive and flimsy vehicle component. Albeit design and technology advancements have enhanced structure of the trailer canopy, high cost is a key aspect that has been inhibiting the consumer investment in trailer canopy. Customers continuously seek cost-effective solutions, as a trailer canopy caters to both storage and transportation requirements alike. This, coupled with various counterfeit product offerings by domestic players, will continue to constrain growth of the trailer canopy market.
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