Introduction to Semi-Trailer
A semi-trailer is a kind of a trailer which has wheels on its back but is supported by a vehicle in front. Large proportion of semi-trailer’s weight is supported by a tractor unit or a dolly (detachable front axle assembly). It is normally equipped with land gears to support it when it is uncoupled. Semi-trailers carry large part of transport and offer good flexibility.
Semi-trailers are seen as a complimentary piece of equipment as compared to tractors and has witnessed consistently minimal innovation as consumers are not willing to pay for the technological advanced equipment. The market is expected to boom on the back of ongoing innovations through highly customized and engineered products with the focus on aerodynamics, tire safety/maintenance, light weighting, electrified axles, and trailer telematics.
Market Size and Forecast
The global semi-trailer market is anticipated to surpass more than USD 20 Billion by 2027 by expanding at a CAGR of around 3.3% over the forecast period i.e. 2019-2027 owing to increasing innovations, improving road infrastructure and expansion of industries.
The market is primarily driven by the consumers’ demand for goods and optimized road connectivity. On the back of increased fuel efficiency, reduced operating costs, and enhanced fleet safety combined with rise in the fuel prices and strict government regulations have increased the demand for trailer technology advancement among the fleet owners who are slowly moving towards owning lighter semi-trailers. The freight transport industry and government have their commitment to reduce the road congestion, improving the conditions for transportation, therefore ensuring the growth of the market.
The market is segmented by type, tonnage, axle, end use industry. The market is segmented by type into refrigerated trailer, flatbed trailer, dump trailer, dry trailer, curtain trailer/ stake trailer, tankers, out of which, the dry trailer segment is estimated to hold leading shares. This can be attributed to their extensive utilization in various countries with significant demand for semi-trailers owing to their attributes such as protection of the product from bad weather and theft.
Furthermore, the market is segmented by tonnage into below 25 tons, between 25-50 tons, between 50-100 tons and above 100 tons, out of which, 25-50 tons segment is anticipated to hold significant shares owing to its adequate capacity to handle freight or cargo.
In terms of axle, the market is segmented into less than 3 axles, 3 to 4 axles and more than 4 axles, out of which, more than 4 axles segment is estimated to grow gradually during the forecast period owing to its efficiency and strength. The market is further segmented by end users into heavy industry, construction, medical, food and beverage, oil and gas and textile, out of which, the food and beverage segment is anticipated to have significant growth on account of increase in the demand for consumer goods.
Based on the current trends and estimated future needs, the manufacturers are looking forward to reduce weight in semi-trailers. The prominent players are estimated to use it as an opportunity to sustain their position in the market. The increasing manufacturing activities in developed and developing regions are projected to stimulate the growth of the market in the future owing to their bifurcation into various industries such as mining, steel, chemical, and manufacturing industries that require significant number of trailers, which is further anticipated to increase the demand for the semi-trailers. Moreover, the construction and food & beverage segment are the other two leading segments that are expected to grow robustly owing to the utilization of a large number of semi-trailers for the transport of construction materials and equipment. CLICK TO DOWNLOAD FREE SAMPLE
Rising Global Population
The rising global population has led to increasing demand for consumer goods, thus, leading to the expansion of agriculture and manufacturing industries that are ultimately increasing the demand for semi-trailers for transportation, further supporting the growth of the market.
Cost Effectiveness & Government Initiatives
The high cargo carrying capacity of trailers and reduction in the operating cost has led to the growth of the market. The transportation through semi-trailers is low in cost and high in efficiency. Additionally, growing initiatives by government of different regions in improving the road connectivity is anticipated to boost the growth of the market during the forecast period.
Low Speed and Inconvenient Roads
Inadequate maintenance of roads deterring the demand for road freight transportation and lack of intent to improve transport facilities and, toll booths leading to time loss and slow freight transportation combined with low speed of semi-trailer, presence of smaller roads including sharp turns are some of the factors that estimated to hinder the growth the market.
Our-in depth analysis of the semi-trailer market includes the following segments:
By End Users
On the basis of regional analysis, the semi-trailer market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The North America market is estimated to hold prominent share in the global market owing to the noticeable truck industry with good road infrastructure and connectivity among all the states in the U.S. Growing construction activities and flexible inland transportation services are some of the major factors that are estimated to significantly drive the growth of the market in Asia Pacific region over the forecast period.
The semi-trailer market is further classified on the basis of region as follows:
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