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Market Overview
Propelled by rising transportation and logistics activities, the global Semi-Trailer Market is estimated to be valued at US$ 32.3 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Semi-trailers are non self-propelled vehicle that requires a truck or tractor unit to operate. They are essential for freight transportation and long haulage applications. The dry, refrigerated and liquid tank variants are widely used to transport goods across industries such as food and beverage, chemicals, oil and gas. They provide advantages of large load capacity, cost effectiveness over trucks and ease of interchangeability between tractor units. Rising industrial and international trade activities have augmented the demand for freight transportation, bolstering the need for semi-trailers in the market.
Market Key Trends
Rising transportation and logistics activities has been a major trend propelling the global Semi-Trailer Market. The market has witnessed significant growth due to increasing demand for transportation of various commodities across industries. According to the World Trade Statistical Review 2022, the value of world merchandise exports reached US$ 6.94 trillion in 2021, an increase of 23.5% compared to 2020. The recovery in global trade post pandemic has augmented freight activities especially cross border transportation. This has boosted the demand for advanced semi-trailers with features like enhanced payload capacity, safety and fuel efficiency to facilitate long haulage transportation of goods. Leading semi-trailer manufacturers have launched new product variants integrated with advanced technologies to capitalize on growth opportunities arising from rising global trade.
SWOT Analysis
Strength: Semi-trailers have high load carrying capacity and strength. They provide an economical transportation solution for freight over long distances.
Weakness: Maintenance of semi-trailers such as repairing and replacement of spare parts can be costly. They also require tractors for towing which increases operational expenses.
Opportunity: Growing e-commerce sector is leading to increase in freight transportation which is driving the demand for semi-trailers. Advancements in trailer technologies also offer opportunities for innovations.
Threats: Rising fuel costs and stringent emission norms pose challenges. Economic slowdowns can impact the production and sales of semi-trailers.
Key Takeaways
The global Semi-Trailer Market Growth is expected to witness high growth. The market size is projected to reach US$ 32.3 Bn in 2023 from US$ 30.5 Bn in 2021 registering a CAGR of 3.7% during the forecast period 2023 to 2030.
Regional analysis
North America dominates the semi-trailer market with the largest share owing to strong freight transportation industry in the region. The US accounts for the major demand for semi-trailers in North America. Europe is another major market for semi-trailers due to robust manufacturing activity and ports for freight transportation in the region.
Key players
Key players operating in the semi-trailer market are Schmitz Cargobull, China International Marine Containers (Group) Ltd., Polar Tank Trailer, Llc (Entrans International, Llc Company), Fontaine Commercial Trailer, Inc., Lamberet Sas (Xinfei France Sa), Great Dane, Krone Commercial Vehicle Group (Bernard Krone Holding), and Kogel Trailer Gmbh & Co.Kg. These players are focusing on new product development and expansion strategies to gain competitive advantage in the market.
