Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Semi-trailer market.
Trusted Business Insights presents an updated and Latest Study on Semi-trailer Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Semi-trailer market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Semi-trailer Market
The global semi-trailer market size was valued at USD 21.0 billion in 2018 and is expected to exhibit a CAGR of 3.1% over the forecast period. The market is expected to witness a steady growth rate on the back of growing logistics industry. Furthermore, the growing popularity of semi-trailers over full trailers can be attributed to superior features offered in terms of safety and reliability.
In addition to above mentioned factors, increase in natural gas production is anticipated to augment demand for tankers over the next few years. Transportation of goods and machinery in the retail, energy and industrial manufacturing sector is usually carried out through heavy duty vehicles. Growth in the aforementioned verticals and consequent increase in the industrial output will pave way for market growth over the forecast period. Moreover, expansion in breadth and offerings of logistics industry is expected to have positive influence on the semi-trailer market demand.
Manufacturers are investing huge amounts in enhancing semi-trailer designs in order to meet the growing demand for fuel efficient vehicles. In addition, increasing preference towards packaged food is also contributing towards market growth. Furthermore, increasing awareness among fleet operators regarding benefits offered by semi-trailers with respect to efficiency and productivity has led to greater adoption of such vehicles.
Besides, infrastructural developments in emerging economies are providing tremendous growth opportunities for manufacturers operating in the market space. Increasing R&D investments dedicated towards aerodynamics enhancement, tire safety, electrified axles, tractor-trailer integration, and semi-trailer telematics is further expected to fuel the market growth. The manufacturers are emphasizing on incorporation of ADAS in transport vehicles to enable fleet operators/logistics service providers track freight efficiently. Thus, technology advances such as ADAS integration and semi-trailer platooning will positively impact the demand among end users.
The market worldwide is mature, and challenges related to lowering the total cost of ownership (TCO) and maintenance cost may limit logistic service providers from expanding their existing fleet, thereby hampering the market demand. However, emergence of electric semi-trailer truck is anticipated to provide significant market growth opportunities for all participants involved in the value chain.
Type Insights of Semi-trailer Market
Based on type, the market is segmented into flatbed trailers, dry vans, refrigerated trailers, tankers, and lowboy trailers. The dry vans segment is estimated to witness a revenue-based CAGR exceeding 4% over the forecast period. The anticipated growth will be driven by expanding fast moving consumable goods (FMCG) industry. The retail and FMCG industries entail frequent transportation of dry products such as boxed goods, which, in turn is expected to favor market growth.
Further, the flatbed semi-trailer segment captured a sizeable share of the overall market revenue in 2018. This is due to the increasing demand for transportation of heavy cargo such as heavy machinery and construction materials and equipment. Moreover, rise in freight transportation worldwide is further fueling the market growth. On the other hand, the adoption of refrigerated semi-trailers is also expected to increase significantly due to the rising demand for packaged food.
Regional Insights of Semi-trailer Market
Asia Pacific is expected to exhibit a revenue-based CAGR of over 3.0% during the forecast period. The regional growth is accredited to an increase in inland transportation and improved cost-viability of transportation. Furthermore, the growing e-commerce industry in developing countries such as India and China is driving demand for fuel-efficient vehicles for bulk shipping. Reduced shipment charges have resulted in increased price competition among key players in this space.
North America accounted for more than 30.0% of the overall revenue share in 2018. The market in the region is witnessing healthy growth due to various factors such as robust road infrastructure network and growing transportation and logistics industry. Furthermore, relaxation in government regulations with respect to weight carrying capacity and dimensions of semi-trailer is further expected to lead to increased demand for light-weight transport vehicles, thereby driving the market demand. In addition, the California Air Resources Board (CARB) mandated the installation of SmartWay, a verified aerodynamic technology to improve fuel efficiency in tractors and semi-trailers.
Market Share Insights of Semi-trailer Market
Key players operating globally in the market include HYUNDAI Translead; Kogel Trailer GmbH; Schmitz Cargobull; Chassis King, Inc.; MANAC INC.; Wabash National Corporation.; Great Dane Fontaine Commercial Trailer, Inc.; Dorsey Trailer; Polar Tank; Utility Trailer Manufacturing Company; and China International Marine Containers (Group) Ltd. Companies are mainly focusing on manufacturing of transport vehicles with enhanced aerodynamics to help end-users improve their operational efficiency.
Furthermore, there is an increasing trend towards collaboration among component suppliers and OEMs. The OEMs are focusing on forming strategic partnerships with component suppliers in order to ensure consistent supply of inventory. With the advent of autonomous trailers equipped with advance telematics, demand for these variants is on a rise and manufacturers are hence compelled to scale up their production volumes to meet the growing demand.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Semi-trailer Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global semi-trailer market report based on type and region:
Type Outlook (Volume, Units; Revenue, USD Million, 2019 – 2030)
Flat Bed Trailer
Quick Read Table of Contents of this Report @ Semi-trailer Market Size & Share, Global Market Research and Industry Forecast Report, 2020-2026 (Includes Business Impact of COVID-19)
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