The Global Semi-Trailer Market is projected to reach US$ 59,836.8 Million in 2033. The surge in demand from numerous industrial sectors such as logistics, construction, retail, automotive, and food and beverages, etc. across the globe is driving the demand for Semi-Trailer.
According to FMI, the Global Semi-Trailer Market is estimated to be valued at US$ 34,738.7 Million in 2023 and is projected to increase at a CAGR of 5.6% in the forecast period from 2023 to 2033.
| Attributes | Details |
|---|---|
| Market Size 2022 | US$ 32,896.5 Million |
| Market Size 2023 | US$ 34,738.7 Million |
| Market Size 2033 | US$ 59,836.8 Million |
| Value CAGR (2023 to 2033) | 5.6% |
The semi-trailer is a freight vehicle without a front axle, with most of its weight supported by a tractor unit or a removable front axle and some of its weight partially supported by the semi-trailer itself. Semi-trailers can be relocated to the desired location. Rather than using full trailers, semi-trailers are more frequently used for cargo transportation. Detachable semi-trailers provide more flexibility than entire trailers. Most of owners use semi-trailers to transport both finished goods and raw materials. The semi-trailer incorporates the key trends, including logistics, electrification of vehicles, and autonomous trucks.
Rapid growth is being seen in the utilization of trucks and trailers for cargo transportation. People are more likely to demand the delivery of goods and products as a result of changing lifestyles and urbanization. Delivery to consumers is handled by suppliers, fast-moving consumer goods (FMCG) companies, e-commerce retailers, and suppliers. This has led to a rise in the demand for semi-trailers in the global market.
The analysis of Semi-Trailer demand from 2018 to 2022 showed a historical growth rate of 3.4% CAGR.
The demand for semi-trailers in the historic period has been impacted by the COVID-19 outbreak. Industries like manufacturing, logistics, automotive, restaurant, and hospitality have suffered a lot as a result of the introduction of lockdown and social distancing policies around the world. The pandemic has restricted semi-trailer sales and production around the world. Manufacturers of semi-trailers operating across the world have experienced losses as a result of the virus outbreak.
When semi-trailer manufacturing facilities had been resumed across the world after the end of the pandemic and global lockdown, the market shows a significant growth in recent years. The significant demand for semi-trailers in various end-use applications like the heavy industries sector, logistic industry, and FMCG transportation on a global scale, is the main factor driving the expansion of the Semi-Trailer market during the post-pandemic period. As a result, the global market for Semi-Trailer is expected to expand with a CAGR of 5.6% during the forecasted period.
The market growth of semi-trailers is being driven by rising manufacturing activity, urbanization, the demand for adequate transportation, and the widening of rural area road networks. Additionally, the market is expanding exponentially as a result of the growing adoption of cutting-edge technology to increase the demand for semi-trailer trucks and the potential for electric semi-trailer vehicles.
The demand for several cold chain products, including pharmaceuticals, poultry, fresh flowers, seafood, dairy products, fruits, and vegetables has increased as a result of the economic growth of the middle class. Furthermore, rising disposable income in developing nations has encouraged consumers to spend more on premium, organic, and fresh goods. The need for refrigerated trailers is increasing due to the cold chain industry's expansion in both developed and developing nations, that is boosting the global market for semi-trailers. Similarly, Sectors including e-commerce, trade, and heavy industries like the construction industry are experiencing high growth as a result of the growing industrialization and urbanization in developing countries, these semi-trailer vehicles are a crucial part of transportation solution in these businesses, which will increase their sales and generate lucrative growth opportunities of the targeted market.
The technological advancements in the transportation industry witnessed in the past few years have led to a switch from gas-powered vehicles to electric train vehicles globally. The development of electric semi-trailers is a similar result of ongoing efforts and research in the automotive sector. Electric semi-trailers are creating lucrative opportunities for OEMs and semi-trailer manufacturers globally. Similarly, rising fuel prices and strict environmental regulations have increased the demand for advanced trailer technologies among fleet owners. Fleet owners are gradually moving towards owning lighter semi-trailers which improve fuel efficiency, reduce operating costs, enhance fleet safety and expand asset connectivity and mobile resource productivity. These advancements in manufacturing technology also creating growth opportunities for demand of semi-trailers globally.
The introduction of a telematics system in the semi-trailer is also one of the factors creating a market growth opportunity for the semi-trailer. The driver experience has been changed and improved because of telematics. Telematics has made it possible for drivers to have deeper knowledge regarding the visibility of trailers and real-time data. The adoption of telematics also makes it possible to schedule deliveries and communicate with in-cab telematics devices easily. Advanced trailer technologies including telematics and safety systems are also anticipated to create an opportunity for a significant demand for semi-trailers in the global market.
The East Asia and the North America are among the top regions in terms of consumption of semi-trailers, and they will collectively account for a significant share of the global Semi-Trailer market in 2022.
The expansion of the logistics sector is the main factors propelling the growth of the North America region in terms of Semi-trailer sales. The construction and FMCG industries, which have a high need for semi-trailers for transportation, are other sectors contributing to the expansion of the North America market.
Increased industrialization, the growth of the manufacturing and agricultural sectors have resulted in heavy dependency on road freight transportation in the countries of the East Asia region. The rise of the electronic, textile, and clothing industries is also a prominent driver of East Asian nation's rapid economic development as they move toward wider economic integration. Moreover, the transportation of these materials, products, or goods using roadways plays an integral role. This contributes to a rise in semi-trailer sales in the East Asian region.
Key players operating in the Global Semi-Trailer Market include Wabash National, Great Dane, Hebei Shunjie, Fahrzeugwerk Bernard Krone, Schmitz Cargobull, Liangshan Huayu, CIMC, Utility Trailer, Lamberet SAS, Sinotruk, Hyundai Translead, Vanguard National Trailer Corp, Stoughton Trailers LLC, MANAC, Timpte Inc., MAC Trailer Manufacturing, Strick Corporation, Heil Trailer International, Co., Con-way Manufacturing, Polar Tank Trailer, Pitts Enterprises, East Manufacturing Company, Trail King Industries, Doepker Industries, Fontaine Trailer Company, and Reitnouer Inc., etc.
The existing and newly established companies dominate the global semi-trailer market. An in-depth analysis of the statistics for the semi-trailer manufacturing industry shows that certain companies can lead the market by implementing newer, more cutting-edge technology and by consistently changing their business practices to increase their revenue share. Key companies are, however, strengthening their market positions through product portfolio development and smart mergers and acquisitions.
Some of the key developments are:
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.6% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million, Volume in Units, and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Tonnage, Number of axles, End-Use, Region |
| Regions Covered | North America; Latin America; Eastern Europe; Western Europe; East Asia; South Asia and Pacific; Central Asia; Russia & Belarus; Balkan & Baltic Countries; The Middle East and Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Argentina, Germany, The United kingdom, France, BENELUX, Nordics, Italy, Spain, Poland, Hungary, Romania, Czech Republic, China, Japan, India, ASEAN, Turkey, South Africa, Northern Africa, KSA, UAE, Israel, Australia & New Zealand |
| Key Companies Profiled | Wabash National; Great Dane; Hebei Shunjie; Fahrzeugwerk Bernard Krone; Schmitz Cargobull; Liangshan Huayu; CIMC; Utility Trailer; Lamberet SAS; Sinotruk; Hyundai Translead; Vanguard National Trailer Corp.; Stoughton Trailers LLC; MANAC; Timpte Inc.; MAC Trailer Manufacturing; Strick Corporation; Heil Trailer International; Con-way Manufacturing; Polar Tank Trailer; Pitts Enterprises; East Manufacturing Company; Trail King Industries; Doepker Industries; Fontaine Trailer Company; Reitnouer Inc. |
| Customization and Pricing | Available upon Request |
In 2022, the value of the Global Semi-Trailer Market reached over US$ 32,896.5 Million.
During the forecast period, the Global Semi-Trailer Market is estimated to expand at a CAGR of 5.6% during 2023 to 2033.
The Global Semi-Trailer Market is projected to reach US$ 59,836.5 Million by the end of 2033.
East Asia and North America are projected to lead the Global Semi-Trailer Market in the forecast period.
The key players operating in the Global Semi-Trailer Market are Wabash National, Great Dane, Hebei Shunjie, Fahrzeugwerk Bernard Krone, Schmitz Cargobull, Liangshan Huayu, CIMC, Utility Trailer, Lamberet SAS, Sinotruk, Hyundai Translead, Vanguard National Trailer Corp, Stoughton Trailers LLC, MANAC, Timpte Inc., MAC Trailer Manufacturing, Strick Corporation, Heil Trailer International, etc.
Semi-Trailer Market
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