by The Semi-Trailer Market is estimated to be valued at Us$ 32.3 Bn in 2023 and is expected to exhibit a CAGR Of 3.7% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Semi-trailers are trailers without front axle that are towed behind trucks or tractor units to transport cargo over long distances by road. They are essential vehicles used for inter-state and international trade of goods. Common cargo carried through semi-trailers includes manufactured goods, construction materials, food & beverages, chemicals and more. Globally, developed regions like North America and Europe dominate the market due to high trade volumes between countries.
Market Dynamics:
Some of the major factors driving the semi-trailer market include rising industrial production and international trade activities. Growing e-commerce industry has also augmented the demand for transportation of goods. Expanding road network alongside rising vehicle fleet and trade corridors between countries facilitate efficient freight transportation.
Further, developing regions across Asia Pacific and Latin America are witnessing increasing preference for transportation of goods through road as against other modes, owing to cost efficacy as well as flexibility. For instance, trade agreements like NAFTA has boosted cross-border movements between the U.S., Canada and Mexico. This has propelled demand for heavy-duty trucks and semi-trailers for freight shipping.
Segment Analysis
The semi-trailer market can be segmented into refrigerated trailers, tanker trailers, flatbed trailers, and dry van trailers. Among these, the dry van segment accounts for the highest market share due to its versatility and ability to transport a wide range of goods. Dry van trailers are economical, durable, and easy to maintain and therefore dominate the semi-trailer market.
PEST Analysis
Political: Government initiatives aimed at infrastructure development and modernization of transportation networks are boosting demand for semi-trailers.
Economic: With rising industrial and manufacturing activity, the demand for transportation of goods is increasing which is driving growth of the semi-trailer market.
Social: Changing consumer lifestyles and preferences are influencing the consumption of perishable and packaged food items that require temperature-controlled trailers for transportation.
Technological: Developments in trailer design focused on improving fuel-efficiency, load capacity, and driver safety are gaining traction. Telematics solutions for fleet management and monitoring of semi-trailers are also gaining popularity.
Key Takeaways
The Global Semi-Trailer Market Size is expected to witness high growth, exhibiting a CAGR of 3.7% over the forecast period of 2023 to 2030, due to increasing industrial production and expansion of transportation networks. The market size for Semi-Trailer is estimated to reach US$ 32.3 Bn by 2023.
Regional analysis
North America dominates the global semi-trailer market owing to robust transportation networks and strong demand from sectors such as manufacturing, retail, and oil & gas in the US and Canada. Government investments to develop transportation infrastructure is also propelling the regional market.
Key players
Key players operating in the Semi-Trailer market are Schmitz Cargobull, China International Marine Containers (Group) Ltd., Polar Tank Trailer, Llc (Entrans International, Llc Company), Fontaine Commercial Trailer, Inc., Lamberet Sas (Xinfei France Sa), Great Dane, Krone Commercial Vehicle Group (Bernard Krone Holding), and Kogel Trailer Gmbh & Co.Kg.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
