March 1, 2024
Semi Trailer Market

Semi-Trailer Market Is Expected To Be Propelled By Vehicle Automation

Semi-trailers are a type of trailers that can be pulled by trucks, tractor units or other towing vehicles. They generally carry heavy cargo that cannot be accommodated on a pickup truck or truck tractor without a trail attached behind it. Some common examples of semi-trailers include dry vans, refrigerated truck trailers, flatbeds, tankers and dumps. These trailers are used for transporting goods such as consumer products, foods and beverages, construction materials and industrial equipment among various industries.

The global Semi-Trailer Market is estimated to be valued at US$ 37.21 billion in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Vehicle Automation: Vehicle automation is one of the key drivers propelling the growth of the semi-trailer market. Automated and autonomous trucks offer attractive mobility solutions for logistics players by increasing road safety and reducing the workload for drivers. Sensors, cameras and various advanced driver assistance systems are being incorporated in semi-trailers to achieve higher levels of automation such as driverless operation. This is expected to boost the demand for technologically advanced semi-trailers during the forecast period.

The other driver referred from the heading is Vehicle Automation. Automated trucks reduce driver workload and road accidents, thereby improving road safety. Various advanced systems are being integrated in semi-trailers to achieve higher automation levels such as driverless operation. This will fuel innovative product development and mass adoption of automated semi-trailers through the forecast period. However, the report does not cover any details on the key players operating in the semi-trailer market.

Segment Analysis

The global Semi-Trailer market is dominated by the dry van sub segment. Around 40% of the global semi-trailers deployed are dry vans as they offer versatility in cargo transportation and remain the most basic type. They can carry a wide variety of general freight loads while ensuring easy load accessibility.

PEST Analysis

Political: Government safety regulations regarding trailer dimensions and weight limits impact the design of new semi-trailers. Emission norms also influence adoption of fuel-efficient models.
Economic: Volatility in cargo volumes during economic downturns can negatively impact the demand for semi-trailers. However, growth in e-commerce is benefiting last-mile transportation needs.
Social: Driver shortages put pressure on logistics firms to adopt newer semi-trailer variants for optimized load capacity and ease of driving. Safety on roads remains a critical demographic concern.
Technological: Electronic stability control, advanced braking systems, and telematics solutions are gaining traction to enhance driving experiences, comply with regulations, and optimize fleet operations.

Key Takeaways

The Global Semi-Trailer Market Growth is expected to witness high over the forecast period of 2024 to 2031.

Regional analysis: The North American region currently dominates the global semi-trailer market with over 30% share owing to robust infrastructure and freight transportation needs. Growth in the Asia Pacific region is fastest aided by initiatives in countries like China and India to strengthen road networks.

Key players operating in the semi-trailer market are ESI Group, COMSOL, Numeca International, Ansys, EXA Corp., and Aspen Tech. Key players like ESI Group and COMSOL provide simulation software for virtual prototyping and testing of semi-trailers during design and manufacturing. COMSOL also develops software for thermo-mechanical, fluid structure interaction and multi-physics system modeling aiding design of various trailer components.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it