Northbrook, IL 60062 -- (SBWire) -- 07/25/2022 --The global Semi-Trailer Market is estimated to be USD 29.5 billion in 2020 and is projected to reach USD 41.2 billion by 2025, growing at a CAGR of 5.6% from 2020 to 2025. The semi-trailer market is primarily driven by the ever-growing need for improved transportation operations across various essential as well as non-essential sectors. OEMs are integrating fuel-efficient designs in their new models to reduce air resistance and offer cost savings for fleet operators. The rising importance of fuel conservation and emission control has resulted in government authorities mandating technologies and emphasizing on improved designs. OEMs are therefore focusing on increasing the usage of lightweight materials to reduce weight and help fleet operators reduce carbon footprint and increase cost savings. These cost savings may result from reduced fuel consumption or extra-legally permissible load carrying capacity for semi-trailers. On a global level, the demand for semi-trailers is expected to grow significantly due to a positive economic outlook and expanding supply chain infrastructure. Due to the ongoing COVID-19 pandemic, an effective transportation chain has gained immense importance worldwide.
Implementation of advanced technologies in the logistics industry such as RFIDs, fleet management systems, and delivery process automation has improved the overall efficiency of the sector. One of the growing market trends in the use of advanced technologies such as telematics and stability control.
The semi-trailer market is dominated by global players such as China International Marine Containers (China), Wabash National (US), Schmitz Cargobull AG (Germany), Utility Trailer Manufacturing Company (US), and Fahrzeugwerk Bernard Krone (Germany).
Opportunity: Electric semi-trailers
In the last decade, the automotive sector witnessed a scientific innovation, which has brought a paradigm shift from a gas engine vehicle to an electric vehicle. Automotive manufacturers, such as Tesla, General Motors, Volkswagen, BMW, Ford, Toyota, Kia Motors, and Daimler, have launched electric cars in the past decade. Electric semi-trailers can create a fantastic opportunity for OEMs and semi-trailer manufacturers soon. The innovation was earlier limited to passenger cars only. However, continuous efforts and curiosity have resulted in the production of electric semi-trailers. In November 2020, DHL forged ahead with its emissions reduction and climate protection goals with the launch of four BYD Class 8 battery-electric semi-trailer trucks in the US. The semi-trailer truck allows the driver to stand as the steering wheel is placed in the centre with a touchscreen panel on both sides of the driver. Moreover, in November 2020, DHL expanded its green fleet with the launch of electric tractor-trailer vehicles in the US. Electric semi-trailers can create a tremendous opportunity for environment-friendly transportation.
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Logistics is estimated to hold the largest market share during the forecast period
The logistics segment is projected to be the largest during the forecast years. Increasing demand for third-party logistics by small & medium players of various industries would continue to drive the demand for semi-trailers. Most companies rely on third-party logistics companies to decrease investments in fleet, reduced workforce, and availability of various types of containers, tanks, and flatbeds as per the requirement of companies.
The increasing dependence of e-commerce companies on third-party logistics (3PL) providers to ensure transportation of goods through warehouse and distribution hub and increasing partnerships between manufacturers and semi-trailer service providers is driving the logistics market for semi-trailers. North America is estimated to be the largest region for the logistics semi-trailer market. The region's market is driven by the growing adoption of third-party semi-trailers service by key players of various industries, growing demand for reefers, and an increasing number of logistics service providers.
The North American market is projected to hold the largest share, in terms of value, by 2025
The North American Free Trade Agreement (NAFTA), which allows free trade between the US, Canada, and Mexico, would lead to increased fleet operations in the region. This is expected to create a push in freight transportation because of increased business activities and consumer spending. Wabash, Hyundai Translead, Great Dane, and Utility Trailer are the key players operating in the North American semi-trailer market. These players are focusing on collaborations to launch technologically advanced semi-trailers. For instance, in 2020, Wabash National, along with eNow and Carrier Transicold's all-electric refrigeration technologies, signed a partnership that offers thermally efficient, eco-friendly refrigerated hauling. The large gain in thermal efficiencies allows the customer to downsize the batteries required to haul cargo and increase the runtime on a battery setup. The North American semi-trailer market is currently in its replacement cycle, with an ageing semi-trailer population that needs to be replaced with technologically advanced semi-trailers. As a result, the North American semi-trailer market is estimated to dominate the market, in terms of value, during the forecast period.
The Asia Pacific is expected to emerge as the most promising market for construction and is projected to continue the trend during the coming years as well. Continuously increasing infrastructure activities coupled with supportive investments from domestic and foreign investors are factors leading to the growth of the Asia Pacific semi-trailer market. The region has experienced growth in terms of the number of dams, airports, and hydroelectric projects. Some of the major projects driving the construction equipment market are Songdo International Business district in South Korea, China-Pakistan Economic Corridor, and Clark Green City in the Philippines. These Megaprojects have led to an increase in demand for semi-trailers for the transportation of heavy machinery, thereby driving the market during the forecast period.
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Growth Opportunities and Latent Adjacency in Semi-Trailer Market
Semi-Trailer Market by Type (Flatbed, Lowboy, Dry Van, Refrigerated, Tankers and Others), Number of Axles (<3 Axles, 3-4 Axles, and >4 Axles), Tonnage (Below 25T, 25T-50T, 51T-100T, and Above 100T), Length, End-Use and Region