North and Latin America Cargo Control Strap Market Size By Type (Double Segment, Single Segment, Three Sections), By Application (Trucking, Air Transport), By Distribution Channel (Distributor, Retailer, Dealer), By Geographic Scope And Forecast

North and Latin America Cargo Control Strap Market Size And Forecast

North and Latin America Cargo Control Strap Market size was valued at USD 110.81 Million in 2022 and is projected to reach USD 145.30 Million by 2030, growing at a CAGR of 3.25% from 2024 to 2030.

Growing transportation industry and technological advancements in manufacturing process are factors driving the market. The North and Latin America Cargo Control Strap Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

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North and Latin America Cargo Control Strap Market Definition

Cargo Control Straps, also known as ratchet or lashing straps, are used to secure and fasten cargo during transportation. These straps are usually made from durable polyester webbing with little stretch. These webbings are ideal for outdoor environments as they absorb little water, making them resistant to molds and shrinking. The ratchet straps have two different parts: a fixed end and an adjustable end. The fixed end of the strap is the buckle of the strap and has a short webbing along with a hook attachment. The adjustable part of the strap is inserted into the buckle. The straps are primarily available in yellow color, while other colors such as blue, orange, and blue also being available in the market.

The straps are available in various widths, some being 1”, 2”, 3”, and 4”. Different width straps support different weights. For instance, the 1” Tie downs support smaller working loads up to 6,000 lbs. and are mainly used for motorcycle transport as they prevent bike damage. The straps are also used for gardening and moving ATVs. DIY applications and securing luggage onto the vehicle. On the other hand, the 3” and 4” tie-downs support heavier cargo up to 15,000 lbs. and are designed for industrial and commercial applications. These straps have various hook varieties, such as wire hook, flat hook, delta hook, and chain ends.

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North and Latin America Cargo Control Strap Market Overview

The “North and Latin America Cargo Control Strap Market” has been driven by factors such as growing transportation industry is anticipated to be a key factor driving the market growth in North America and Latin America. The road transport is witnessing an increased demand due to the cost efficiency and lower capital investment compared to other modes. Additionally, this mode also offers higher carrying capacity, making it a preferred choice for freight transport.

Moreover, the advancements in the materials used for manufacturing cargo control straps are a crucial factor driving the demand for these straps. Traditional materials such as polyester and nylon are being increasingly substituted with high-performance materials such as Dyneema and aramid, which are known for their durability and strength. These advanced materials offer enhanced resistance to abrasion, higher tensile strength, and increased load-bearing capacities, enabling them to withstand the demands of irregular and heavy-shaped loads. The advancements have also led to the development of high quality, custom ratchet straps designed to meet customers’ specific needs.

North and Latin America Cargo Control Strap Market Segmentation Analysis

The North and Latin America Cargo Control Strap Market is segmented based on Type, Application, Distribution Channel and Geography.

North and Latin America Cargo Control Strap Market, By Type

• Double Segment
• Single Segment
• Three Sections

The North and Latin America Cargo Control Strap Market is experiencing a scaled level of attractiveness in the Double segment. Double Segment accounted for the largest market share of 39.56% in 2022, with a market value of USD 43.84 Million and is projected to grow at a CAGR of 3.35% during the forecast period. Single Segment was the second-largest market in 2022, valued at USD 38.68 Million in 2022; it is projected to grow at the highest CAGR of 3.58%.

A double-segment cargo strap, often known as a “two-piece cargo strap,” is a significant deviation in cargo securing and transportation logistics. A double-segment cargo strap, in contrast to its single-segment version, comprises two separate segments or portions frequently joined by a dependable fastening mechanism. This design offers more versatility and flexibility in fastening a wide variety of cargo sizes and types. Buckles, hooks, or other connectors, which enable users to modify the length and configuration of the strap to the particular needs of the goods being transported, usually connect the two sections of the strap. Because of their versatility, double-segment cargo straps are a good choice for situations where the load’s dimensions can change.

North and Latin America Cargo Control Strap Market, By Application

• Trucking
• Air Transport
• Other

The North and Latin America Cargo Control Strap Market is experiencing a scaled level of attractiveness in the Trucking segment. Trucking accounted for the largest market share of 38.22% in 2022, with a market value of USD 42.35 Million and is projected to grow at the highest CAGR of 3.69% during the forecast period. Air Transport was the second-largest market in 2022, valued at USD 32.52 Million in 2022; it is projected to grow at a CAGR of 2.85%.

Trucking is a vital part of the transportation sector, which uses trucks to move goods along roads. Worldwide supply chains depend heavily on trucking services to transport goods, supplies, and commodities. Trucks provide effective distribution and logistics by moving cargo over short or extensive distances. For cargo to be transported by truck safely and steadily, cargo control straps are essential. These sturdy straps, usually nylon or polyester, are used tactically to fasten different kinds of cargo on truck beds or flatbed trailers. After looping them around the load, truck drivers fasten the straps to the vehicle’s approved tie-down locations.

North and Latin America Cargo Control Strap Market, By Distribution Channel

• Distributor
• Retailer
• Dealer
• OEM
• Private/Direct Sales

The North and Latin America Cargo Control Strap Market is experiencing a scaled level of attractiveness in the Distributor segment. Distributor accounted for the largest market share of 30.74% in 2022, with a market value of USD 34.07 Million and is projected to grow at the highest CAGR of 3.79% during the forecast period. Retailer was the second-largest market in 2022, valued at USD 28.39 Million in 2022; it is projected to grow at a CAGR of 3.39%.

Distributors deploy cargo control straps using a systematic and effective procedure. Distributors purchase cargo control straps in bulk from OEMs or manufacturers, serving as intermediaries. They meet the needs of end users, distributors, and retailers while managing inventory to guarantee a consistent supply. Distributors frequently offer extra services to accelerate the distribution process, such as packaging, warehousing, and logistics. These intermediaries are essential in closing the gap between producers and consumers, increasing the marketability and accessibility of cargo control straps. Their proficiency in logistics guarantees that the distribution network functions seamlessly, fulfilling the varied requirements of the supply chain.

North and Latin America Cargo Control Strap Market, By Geography

• North America
• Latin America

The North and Latin America Cargo Control Strap Market is experiencing a scaled level of attractiveness in the North America region. North America accounted for the largest market share of 80.76% in 2022, with a market value of USD 89.49 Million and is projected to grow at the highest CAGR of 3.46% during the forecast period. Latin America was the second-largest market in 2022, valued at USD 21.33 Million in 2022; it is projected to grow at a CAGR of 2.36%.

North America is the most developed region in the world in almost all industries, including automotive, manufacturing, infrastructure, and technology. Due to various driving factors, North America will hold the largest market share during the forecasted period. The United States, Canada, and Mexico have the most significant marketplaces. The region is well known for its innovation and acceptance. Cargo control straps are continuously needed in North America due to the expansion of freight transportation activities, which include the movement of completed goods and raw materials. These straps secure various types of cargo on trucks and other freight vehicles.

Several factors that support the expansion of the logistics and transportation sector have led to a constant increase in freight transportation activity in the United States. The Bureau of Labor Statistics (BLS) estimates that 195,000 logisticians were employed in the United States in 2021. As of 2022, 20,750 Third-Party Logistics companies were operating in the US, up 1.7% from 2021. With over 21,000 participants, the US logistics sector is highly fragmented. Some of the country’s top logistics providers include UPS, FedEx, Aeronet, TQL, and others.

Key Players

The major players in the market include Kinedyne, Peerless Industrial Group, Lift-All, Cargo Lift, National Webbing Products Co., Samco Sales Inc., Adrian Steel, New Haven Moving Equipment, Ancra International (The Heica Companies LLC), and Pacific Cargo Control Inc. and others. This section provides a company overview, ranking analysis, company regional and industry footprint, and ACE Matrix. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the segment that is majorly leading in the North and Latin America Cargo Control Strap Market. We cover the major impacting factors that are responsible for driving the industry growth in the given geography.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the North and Latin America Cargo Control Strap Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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