The global semi-trailer market size is poised to reach USD 24.8 billion by 2025, as per a study conducted by Grand View Research, Inc. The industry is expected to advance at a CAGR of 3.1% over the forecast period. There has been a continued rise in demand for semi-trailers across the construction, defense, automotive, and energy sectors, which is presented as a key driver for the market growth. In addition, increasing dependence of e-commerce companies on third-party logistics providers to ensure transportation of goods through hub and spoke distribution model is another factor ushering in positive developments for the industry. Furthermore, the expanding cold chain and logistics industry is contributing significantly to the market growth. Less than truckload (LTL) and full truckload (FTL) freight shipping companies worldwide are increasingly adopting semi-trailers due to the versatility they offer in terms of load carrying capacity. Another advantage for semi-trailers over rigid trucks is the lower cost of transportation per ton per km, which has enhanced its adoption globally.
Over the last few years, the semi-trailer demand has witnessed strong growth coinciding with the advancements being observed in the oil & gas sector. In the coming years, the market is poised to witness a steady rise in demand due to relaxation of regulations regarding the length and load carrying capacity of semi-trailers. Government regulations supporting the introduction of lightweight and eco-friendly transport vehicles are expected to shape the future market demand. Manufacturers are increasingly incorporating advanced technologies such as driver assistance systems (DAS) and other connectivity solutions into their products to help their consumers enhance operational efficiency. Furthermore, growing preference for platooning and introduction of electric semi-trailer trucks are expected to create huge opportunities for the manufacturers in the coming years. Increasing R&D investments towards aerodynamics enhancement, tire safety, electrified axles, tractor-trailer integration, and semi-trailer telematics is further expected to augment industry growth.
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Semi-trailer Market Report Highlights
• Semi-trailers have witnessed widespread adoption across the globe, as they are highly flexible, have smaller turning circle when compared to full trailers, can handle longer and greater loads than full trailers, and are effectively manageable in adverse weather conditions
• In terms of type, the dry vans segment is expected to advance at a revenue-based CAGR of more than 4.0% in the semi-trailer market due to growth in the retail and FMCG industry, especially in developing economies
• The Asia Pacific region is expected to witness substantial growth in the semi-trailer market, owing to improving road infrastructure and anticipated growth in the automobile industry
• The global COVID-19 pandemic had a significant impact on the overall trucking and trailer industry in 2020, with reports from FTR Transportation Intelligence and ACT Research stating that new trailer orders showed a drop of 98% in April 2020, from April 2019, with notable manufacturers such as Wabash National Corporation suspending production to balance the demand shortage
• The market is highly consolidated with the presence of established players such as Wabash National Corporation, Schmitz Cargobull, Great Dane, and Koegel Trailer GmbH, who are focusing on R&D investments, acquisitions and mergers, and product innovation in order to strengthen their market presence
• In July 2020, Wabash National partnered with eNow and Carrier to utilize the former’s ‘Rayfrigeration System’ and Carrier Transicold’s engineless Vector 8100 unit in their MSC refrigerated trailer, which is a zero-emission transportation solution for the trucking industry
• Schmitz Cargobull introduced the EcoDuo concept in September 2020, which involves 2 standard curtainsider semi-trailers connected through a dolly trailer, and coupled to a tractor unit. The concept aims to reduce CO2 emissions, and relieve burden on the existing infrastructure
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Semi-trailer Market Segmentation
Grand View Research has segmented the global semi-trailer market based on type and region:
Semi-trailer Type Outlook (Volume, Units; Revenue, USD Million, 2015 – 2025)
• Flat Bed Trailer
• Dry Vans
• Refrigerated Trailers
• Lowboy Trailers
Semi-trailer Regional Outlook (Volume, Units; Revenue, USD Million, 2015 – 2025)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Latin America
• Middle East & Africa
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company based in India and the US, and headquartered in San Francisco. The organization offers syndicated and customized research reports in 46 industries across key regional markets, such as the US, Canada, Latin America, Europe, and Asia Pacific, among others.
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