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A light car trailer is an unpowered vehicle that is attached to a powered vehicle with the help of a hitch. These trailers are used to provide additional space for transportation of stores and commodities from one place to another. It is also used to transfer cargo goods, bicycle, and fishing boats either nationally or internationally. Light car trailers are gaining significant popularity among consumer after the trailers acted as recreational vehicles and mobile homes for the occupants. They provide a significant option for off road destinations with the facility of add things like built in beds that make the journey comfortable.
The market for light car trailers is expected to reach rise at a CAGR of 3.8 percent during the forecast period. Growing inclination towards campsite holiday is one of the major factors driving the growth of the Light Car Trailers Market.
There is rapid growth in tourism industry due to rising disposable income of the people and growing interest among people to explore the world. This in turn drives the growth of the light car trailers market. Also, trailers have a large carrying capacity irrespective of their size as every inch of space can be utilized. In addition, it offers affordable transportation of goods and commodities such as cargo products, perishable goods, construction and loose materials, which in turn fuels the growth of the market. Moreover, increasing sale of personal car and rising demand of luxury while moving around are factors also expected to propel the growth of the market. The major manufacturers are focused in various R&D activities for the development of innovative car trailers which has also driven the growth of the market. For instance, in June 18, 2019, ATC Trailers had launched new ATC Sprint Series trailers for sprint racing game. This trailer offers the racers to personalize their set up from door steps and provides various sizes for flooring and carpeting.
However, due to Covid-19 various countries across the world had to impose lockdown and other restrictions which in turn has affected towards the income level of the people further slowing down the sales of vehicles. This pandemic has also affected the tourism industry. Implementation of safety measures by government to combat the virus such as social distancing, work from home, self-quarantine and curb the crowding have significantly impacted the tourism business. Hence, the effect of Covid-19 on automotive and tourism industry also hampers the growth of the Light Car Trailers market.
LIGHT CAR TRAILERS MARKET SEGMENTATION:
The popularity of light car trailers has significantly increased in the developed countries. Currently, North America and Europe are dominating the light car trailers market. This is attributed to the factors such as presence of developed automotive infrastructure, increasing tourism places and rising preference of solo trips.
However, Asia pacific is also expected to witness rapid growth in terms of market share during the forecast period. In addition, rapidly growing tourism industry, rising disposable income and increasing inclination towards luxurious items fuels the market growth in this region. On the otherhand, Latin America and Middle East are expected to show a steady growth owing to the significant economic growth in this region.
According to the type, the global light car trailers market is divided into utility light car trailers and recreational light car trailers. Utility light car trailers segment is expected to hold a dominant share of the global market. This is attributed to the emergence of innovations related to the utility light car trailers. For instance, in October 2019, Phillips Industries launched an ultra-compact, high-output LED system for dry and refrigerated van trailers. However, the recreational light car trailers is expected to experience highest growth rate during the forecast period.
According to the design, the global light car trailers market is categorized into open light car trailers and enclosed light car trailers. Open light car trailers segment is expected to hold a dominant share of the global market. This is attributed to the upsurge in popularity of open light car trailers as they are generally lighter in weight than enclosed trailers, making them easier to maneuver with the tow vehicle.
However, the enclosed light car trailers segment is expected to experience highest growth rate during the forecast period. This is due to surge in adoption of such trailers for traveling across the long distances. In addition, such trailers offers enhanced security as the user can lock up an enclosed cargo trailer. This factor further drives growth of the enclosed light car trailers segment in forecast period.
FEW KEY PLAYERS IN OXYTOCIN MARKET:
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